Economics 1

Economics 1 Semester I: Oct 2015 – Jan 2016 Economics 1 - Coursework Assignment Brief Introduction This unit is for students on the Business, Economics, Law and Politics pathways. The purpose of the Economics 1 unit is to give students an understanding of basic principles, concepts and models of analysis in economics. It covers topics on basic economic problems, market demand and supply, the determination of market equilibrium, elasticity, different types of goods, price control, taxation and subsidy, economic efficiency in the market system and need for government intervention to correct market failure, theory of production, cost of production, concept of revenue and profit in business, and main features of different market structures. Basic mathematics and calculus are used in some sections. Unit Learning Outcomes On successful completion, students will be able to: 1. Demonstrate knowledge and critical understanding of the scope, concepts and microeconomics theories 2. Use economic concepts of opportunity costs, optimization, and cost and benefit analysis to make rational business and economic decisions 3. Collect and collate data and information, and analyse data and information to present in a written format 4. Demonstrate understanding of key concepts within the subject area and, use oral, written and presentation skills at an appropriate level to explain and make effective arguments on critical issues 5. Apply knowledge and understanding of key theories to practical situations, problem solving and complete formal assessments successfully 6. Plan, organize and complete group work and act as an effective team member Page 1 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Assessment Methods Method of Assessment Percentage (%) towards Final Mark Case Study Assignment 15% Coursework Discussion and Presentation 15% Coursework Report 20% End Semester examination – closed book 50% Total 100% Coursework Assessment Schedule: Activity Deadline Case Study Assignment Tuesday 10th November 2015 at 4:00pm Coursework discussion To be completed in week commencing 30th November 2015 Coursework presentation To be completed in week commencing 14th December 2015 Coursework report Tuesday 8th December 2015 at 4:00pm Coursework Feedback Schedule: Activity Deadline Feedback on Case Study Assignment Week commencing 30th November 2015 Verbal feedback on discussion Week commencing 30th November 2015 Verbal feedback on presentation Week commencing 14th December 2015 Final written feedback Week commencing 11th January 2016 Page 2 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Assignment Brief The coursework for Economics 1 consists of four tasks you need to complete; a case study analysis, a discussion, a group presentation and final written report. Case Study Analysis (Total 60 marks) Answers to this case study with a coursework coversheet must be submitted by Tuesday 10th November 2015 at 4:00pm to the ISC office. The Case Study: Driving growth in the car market Global car sales increased by 4% in the first half of 2013. This is largely a result of increased employment and economic growth in Asia and South America leading to rising incomes. With low interest rates across the world and improving financial markets it is easier to borrow money to purchase a car. In the USA, car manufactures are planning to employ more engineers, technicians and factory workers. Car factories are operating at about 95% capacity. Some car companies are adding floor space and buying new equipment. The car industry created 167500 jobs between 2009 and 2013. Figure 1: New car sales in selected countries and the world (millions) USA China India World Total 2010 11.55 11.17 1.87 58.58 2011 15.22 12.16 1.95 60.80 2012 17.07 13.18 2.02 64.94 China has launched a subsidy for environmentally friendly electric cars to reduce the external costs caused by private car usage. Each electric car can receive up to RMB 60000 (US$ 800) in subsidies, while petrol-electric hybrid cars can get up to RMB 35000. The programme seeks to develop the electric car industry and reduce emissions. The impact of subsidy could be limited. In 2012 the previous subsidy, which was larger, led to 11375 electric cars being sold, which is a very small proportion of total car sales. Sales of electric cars will be limited by underdeveloped batteryrecharging infrastructure and a higher price compared to petrol cars. Page 3 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 The Chinese government also plans to increase indirect taxes on fuel. This could reduce demand for big cars and distances travelled by drivers. It will prompt carmakers to develop more fuel-efficient vehicles. In Beijing, the capital of China, the indirect tax on large engine cars was doubled to 40% whilst the tax on small engine cars was lowered from 3% to 1%. As a result, car manufactures are likely to develop more fuel-efficient vehicles. Sources: adapted from Wall Street Journal, South China Morning Post and Global Economics 2013 Required: You are required to study the above case and answer the following questions. Use diagrams and examples, and information from you own independent research and the case study itself to illustrate and support your explanations and arguments. i. Outline the reasons for the rise in global car sales in 2013. (10 marks) ii. Explain the likely impact on consumer surplus of the change in demand for new cars between 2010 and 2012 using a demand and supply diagram. (10 marks) iii. Explain whether cars are a normal good or an inferior good. (10 marks) iv. Evaluate the possible effects on the Chinese car market of the government’s subsidy for electric cars. (15 marks) v. Evaluate the likely impact of the planned increase in indirect taxes on fuel on the level of Car emission in China using an appropriate diagram in your answer. (15 marks) Guidance Notes: ? ? ? ? You must prepare your answer in a report format. The number of words requirement of the report is 800 – 1000 words. Read the case study carefully and analyse all information and facts about the global car markets. Consider these when completing your answers. Do further reading and research about the topic of the case study before writing your answers. The case study analysis is 15% of the Final Mark for the Economics 1 Unit Page 4 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 The Presentation Your group is required to create a power point presentation on topics related to microeconomics. Your presentation must include the following, ? ? ? ? ? A clear explanation of the scarcity and opportunity costs A clear explanation of derived demand and composite demand A clear explanation of the relationship between the price elasticity of demand and consumer expenditure A clear explanation of the difference between Giffen goods and inferior goods A clear explanation of the difference between diminishing marginal returns and returns to scale (You must always use clear examples and diagrams to explain and illustrate your arguments) Your tutor will decide which groups you will be in. The presentations will take place week commencing 14th December 2015. Your group must create a PowerPoint Presentation and will be required to give a copy of your group presentation (six-slides per page, two-sided) to your tutor at the start of the presentation. Each group will be given 20 minutes to complete the presentation Presentation must be clearly organised and power point slides must only be used as a guide in your presentation. Reading directly from the notes or slides is not encouraged. It is the responsibility of individual student to make the content his/her part of presentation is relevant to the topic as evidence of independent research. Even though you will be performing in a group presentation, each member of the group will be assessed and marked individually. Therefore each group member must take part in the presentation. The presentation is 10% of the Final Mark for the Economics 1 Unit Page 5 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 The Discussion During week commencing 30th November 2015 (two weeks before the presentations) your group will have a discussion with your tutor about your research and preparation for the presentation. All students will be expected to participate in the discussion. The discussion will be a good opportunity for you to ask your tutor any questions, and to find out whether your research is enough for you to complete your presentation successfully. All students in your group will be given the equal marks for the discussion. You must bring an outline plan of your power point presentation and all other preparation materials including any research and discussion notes related to the discussion. You must keep research and discussion notes and must submit them together with your final coursework report. The Discussion is 5% of the Final Mark for the Economics 1 unit Guidance Notes: It is very important that you keep all of your notes, including any research notes, for both the discussion and the presentation. You must keep a record of all of your sources and you must create a bibliography. If you use any paraphrasing or direct quotations in your presentation, these must be fully referenced. Remember that it is always a good idea to use different sources when conducting your research, not just the internet. You should also be looking at books, journals etc. Page 6 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 The Report (Total 60 marks - See page 10 for detailed mark allocation) For the final part of your coursework you are required to write a report on the following topics related to microeconomics; ? ? ? ? ? A clear explanation of the difference between renewable resources and non renewable resources (10 marks) A clear explanation of joint demand and joint supply (10 marks) A clear explanation of the difference between income effect and substitution effect of a change in the price of a good (10 marks) A clear explanation of the difference between positive externalities and negative externalities (10 marks) A clear explanation of the difference between perfect competition and monopolistic competition. (10 marks) (You must always use clear examples and diagrams to explain and illustrate your answer and points) The number of words requirement of the report is 1200 – 1500 Clear sections and paragraphs must be used in each topic. Information used from other sources need to be clearly referenced in your report to the original sources. You must provide a list of reference or a bibliography in the report as evidence of your research. Important: Additional 10 marks will be awarded for the introduction, structure, organisation and content of the report. The deadline for submitting the Final Coursework Report is at 4pm on Tuesday 8th December 2015. The final report with a completed coursework coversheet must be submitted to the ISC office. The final written report is 20% of your final mark for the Economics 1 Unit Page 7 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Guidance Notes: When appropriate you must include appropriate examples, diagrams and illustrations to support and explain your points. For this written report you are expected to complete some research using a good range of sources. You must keep a record of all of your sources and you must create a bibliography. If you use any paraphrasing or direct quotations in your essay, these must be fully referenced within the body of the report. Remember that it is always a good idea to use different sources when conducting your research, not just the internet. You should also be looking at books, journals, periodicals etc. You must only write your student number and group in your coursework. Do not write your name. N.B: Refer to the attachments to this assignment brief for assessment criteria used at the discussion, presentation and coursework written report, and for additional information on global assessment criteria for the International Foundation Year. Page 8 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Economics 1: Assessment criteria – Semester I, Group Discussion Oct 2015 – Jan 2016 Group: Names of Group members: Marks to be awarded as below for each group Comment Content Accuracy & appropriateness of subject knowledge Mark /5 Participation Responses to other students, responses to questions asked, opinions expressed, level of inclusion and participation of group /5 Use of Research Depth of notes, use of different sources, information collected, responses to research findings Presentation Plan/Outline Organisation of presentation plan, relevance and appropriateness of outline plan Task Achievement Have the requirements of the task been met? Has the task been achieved? /5 /5 /5 Total Mark /25 Percentage 100% Convert to 5% Page 9 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Coursework Results & Tutor Comments Student Number: Group: B Final Marks Coursework Overall Coursework % Discussion % Presentation % Report % Total Presentation Comments & Marks Convert to % Convert to 5% Convert to 10% Convert to 20% Comments Content Accuracy & appropriateness of subject knowledge Use of Research Range of different sources, data collected, response to data collected Participation Involvement in task, relevance & appropriateness to task, turn taking skills Communication & Fluency Organisation of points, continuity of delivery & appropriate style Task Achievement Have the requirements of the task been met? How much of the task has been achieved? Presentation Final Mark / 5 /10 /20 /35 Mark /10 /5 /5 /5 /5 Total Mark Percentage 100% Convert to 10% Page 10 of 14 /30 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Student Number: Final Coursework Report Comments & Marks Comments Mark renewable / nonrenewable resources /10 Joint demand / joint supply /10 Income effect / substitution effect /10 Positive / negative externalities /10 Perfect competition / Monopolistic competition Content: Organisation of points & argument, appropriateness of content, overall meaning conveyed to the reader. Use of Research Range of Methods, data collection, use of relevant quotations, referencing & bibliography /10 When awarding marks consider the clarity of introduction, structure & organisation, and relevance of content /10 Evidence of research ( use of referencing in the body of text, list of reference or bibliography – Harvard style) _ Total Mark /60 Percentage 100% Convert to 20% Page 11 of 14 Unit: EC 1 Economics 1 Semester I: Oct 2015 – Jan 2016 Additional Information: The following provides details of the global assessment criteria for the IFY. Subject Knowledge 85%- ? 100% Demonstrates Application of Knowledge ? ? Exceptional breadth and depth of material displaying presentation using an knowledge that is exceptional ability in expansive range of exceptional and conveying issues identified resources which informed by extremely high levels ? inform the work but Conveys Exceptional do not dominate application of theoretical and of reading ? Goes beyond the source Academic Skills technical knowledge to ? Demonstrates an Demonstrates and achieve learning outcomes. excellent ability to awareness of the full Displays originality in thought convey a coherent and range of appropriate concise argument principles, theories, within the level of evidence and study; techniques 75% ? -84% ? Demonstrates an ? ? Written and oral work excellent grasp of range of relevant ideas, show excellent the subject content theories and models with command of format, excellent levels of accuracy, structure, language analysis and synthesis (including lexis) and Demonstrates excellent breadth and depth of content ? Identifies new information from appropriate ? ? Makes consistently sound judgements on using techniques and methods how to complete work confidence and accuracy consistently ? variety of source material with excellent levels of sources which are referencing Consistently selects, evaluates and responds to a knowledge ? Draws on a wide range the full ? Is nearly always able to address tasks Makes extensive use of new independently and information- has the ability to reflects fully upon read efficiently and critically feedback Work demonstrates an ? Demonstrates excellent response to the excellent time demands of the assignment management Page 12 of 14 Unit: EC 1 Economics 1 65- ? 74% ? Demonstrates a very Semester I: Oct 2015 – Jan 2016 ? ? Written and oral work good grasp of the relevant ideas, theories and show very good subject content models with very good levels command of format, of accuracy, analysis and structure, language synthesis (including lexis) and Demonstrates a very good understanding of the breadth or ? Draws on a good range of ? referencing Generally selects, evaluates depth of content and responds to a variety of knowledge source material using judgements on how to techniques and methods with complete work Identifies new very good levels of confidence information from and accuracy sources which are generally appropriate ? ? Generally makes good Is in most cases able to address tasks Makes some use of new independently and information- has the ability to reflects fully upon generally read efficiently and feedback critically ? ? ? Demonstrates very Work demonstrates a very good time good response to the demands management of the assignment ? 5564% ? Demonstrates a good Draws on a range of relevant ? Written and oral work understanding of the ideas, theories and models show good command subject content with some level of accuracy, of format, structure, analysis and synthesis language (including Demonstrates an awareness of the ? ? ? lexis) and referencing Can select and respond to a breadth or depth of variety of source material content knowledge using techniques and methods make judgements on with some level of confidence how to complete work Identifies new and accuracy information from selected or given ? sources ? ? ? Is sometimes able to Is sometimes able to Makes use of new address tasks information- has the ability to independently but read efficiently and critically only occasionally though may require guidance reflects on feedback Work demonstrates a good response to the demands of the assignment Page 13 of 14 ? Demonstrates some time management Unit: EC 1 Economics 1 ? 4054% ? Demonstrates some Semester I: Oct 2015 – Jan 2016 ? ? Written and oral work understanding of the relevant ideas, theories and show restricted subject content models with some level of command of format, accuracy but no independent structure, language analysis or synthesis (including lexis) and Demonstrates little awareness of the breadth or depth of ? Has a limited ability to identify new information from ? ? ? Needs guidance to be methods with limited able to make accuracy judgements on how to complete work Makes little use of new information- the ability to selected sources referencing Can respond to given source material using techniques and content knowledge ? Draws on a limited range of ? Is dependent on read efficiently and critically others to address is limited tasks and is rarely reflective Work demonstrates a limited response to the demands of ? Lacks consistent organisation and time the assignment management 0- ? 39% ? Demonstrates little Draws on limited ideas, ? Written and oral work or no understanding theories and models with show little or no of the subject occasional accuracy but no command of format, content independent analysis or structure, language synthesis (including lexis) and Demonstrates no awareness of the ? ? ? breadth or depth of material using techniques and content knowledge methods with limited accuracy Is unable to identify new information from ? selected sources ? referencing Responds to given source ? Needs support to be able to complete work ? Is entirely dependent Makes no use of new on others to support information- is unable to read learning and critically participation in tasks Work demonstrates a poor response to the demands of the assignment Page 14 of 14 ?