Understanding Microeconomics Dynamics Written Assignment | University for the Creative Arts

Introduction

To succeed in the modern global economy, understanding microeconomic principles is crucial, achieving and sustaining success necessitates a strategic approach characterized by clearly defined microeconomics. For businesses to thrive in today's global economy must adopt a strategic approach. Microeconomics have emerged as indispensable components of the global economy. A critical facet of modern business practice involves understanding of microeconomics methodologies and their versatile application. This assignment will assess your comprehension of fundamental microeconomic principles, including their application in areas like supply chain management, illustrating a holistic understanding of how these concepts function in practice.

Learning Outcomes:

LO 1 Explain and deal with the current theories and practices of microeconomics
LO 2 Develop a sound understanding and describe the fundamentals of microeconomics and relevant behaviours 
LO 3 Demonstrate an understanding of key theoretical explanations of organisation and industry behaviour

Assessment Criteria: Weighting 50% 1500 words

Tasks (All tasks are equally weighted):

Task 1 –

LO 1: Explain and deal with the current theories and practices of microeconomics

If a student spends time studying for an exam instead of working a part-time job, the opportunity cost is the wage they would have earned. Discuss the merit and demerit of Opportunity cost. Illustrate with examples Resource allocation and efficiency involves distributing available resources to various uses in a way that maximizes efficiency in industries. List down five such resources and explain its significance

What are the different types of economic systems and define each of them. Give examples for each system

Task 2 –

LO 2: Develop a sound understanding and describe the fundamentals of microeconomics and relevant behaviours

How does the government intervene to correct market failures. Summarize the key points about market failures, government intervention mechanisms, and the evaluation of such interventions.

Taxes can be used to discourage negative externalities, while subsidies can encourage activities with positive externalities. Discuss The main Government sources of income are Taxes. Give 3 such type of Taxes and explain their practicalities

Task 3 – LO 3: Demonstrate an understanding of key theoretical explanations of organisation and industry behaviour

The Government has three arms of branches. Mention them and give functions of each. Give one good example of position in each branch Most governments have one bank regulatory organisation. Give the name of the regulatory and its functions. Regulation refers to the rules set by government or regulatory bodies to control the way businesses operate. Give three types of regulation and explain what does each get involved with?