ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT

Pearson BTEC Level 5 HND in Business

Unit 55 Business Economics QCF L5
Session: September 2016
Programme title

NJW10 Pearson BTEC Level 5 HND in Business

Unit number and title

55

Assignment number & title 1 of 1

Business Economics
Understanding and responding to the Economic
Environment of an organisation

Assessor (s)

Dr Gilbert Zvobgo

Issue Date

26 September 2016

Final assignment
submission deadline

9-14 January 2017

16-21 January 2017

Late submission deadline

The learners are required to follow the strict deadline set by the College for
submissions of assignments in accordance with the BTEC level 4 7
submission guidelines and College policy on submissions. They should
also refer to Merit and Distinction criteria that require evidence of meeting
agreed timelines and ability to plan and organise time effectively without
which the learner may not expect to receive a higher grade.

Resubmission deadline
In-class feedback will be available from draft submissions on a
task-by-task basis as a formative feedback and also for initial submission.
Feedback
Final feedback will be available within 2 weeks of the assignment
submission date.

General

Guidelines

The work you submit must be in your own words. If you use a quote or an
illustration from somewhere you must give the source.
Include a list of references at the end of your document. You must give all
your sources of information.
Make sure your work is clearly presented and that you use readily
understandable English.
Wherever possible use a word processor and its spell-checker.

Internal verifier

Mr Nazimudeen Saleem

Signature (IV of the

brief) *

Nazimudeen Saleem

Department of Business

Date

22 September 2016

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ICON College of Technology and Management

Pearson BTEC Level 5 HND in Business (QCF)
Unit 55: Business Economics (L5)
Session: September 2016
Resubmission Coursework
Recommended Word limit: 3,500
This Unit will be assessed by a single written coursework assignment.
You are strongly advised to read Preparation guidelines of the Coursework
Document before answering your assignment.

ASSIGNMENT
Assignment Context and Business Scenario
In your role as a consultant, this written coursework assignment requires you to investigate the
nature and characteristics of the UK economy and the economic system to analyse how it affects
the UK business organisations. You will also need to research and apply relevant economic theories
and concepts while carrying out the tasks given below. A one-page summary of the UK economy,
its economic system and characteristics may be presented as an introduction (excluded
from recommended word count).
What you must do
The following tasks are required to be carried out:
Task 1
A. Explain the economic problem of scarcity and demand resource allocation in managing an
economy with examples drawn from the UK and using your chosen organisation. [P1.1, M1]
B. Discuss the role of supply and demand in an economy and explain how equilibrium in the
market is achieved. [P1.2]
C. Evaluate the importance of differing market systems in general and evaluate the role of
opportunity costs in determining how an organisation of your choice makes economic
decisions. [P1.3, 1.4, M2]
D. Using an organisation of your choice, explain what is meant by elasticity of demand and
assess the importance of elasticity in market interactions. [P1.5]
To achieve M1, you will have made an effective approach in explaining the economic
problem of scarcity and demand resource allocation using the UK economy as an example.
To achieve M2, you will have applied relevant theories and techniques in your evaluation of
the differing market systems and how they affect your organisation.

Department of Business

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Task 2
A. For a business organisation of your choice that is operating in the UK, explain the
implications of its pricing and corporate objectives on its operations. [P2.1, M3]
B. Compare how prices can be set in different market structures such as perfect competition,
monopolistic environment, and oligopolistic competition and analyse how the market
structure and operational decisions of the chosen company affect its performance. [P 2.2, P
2.3]
C. Evaluate how UK regulations affect the market power of your chosen organisation, that is,
how regulations affects the market structure and your organisation [P 2.4, D1].
To achieve M3, you will have used an appropriate methods/approaches in your explanation
of the implications of pricing strategies on the performance of your organisation.
To achieve D1, you will have justified the conclusions on how regulations in the UK affect
market structure and your chosen organisation through synthesis of ideas and facts.
Task 3
A. Analyse how the structure of the UK economy has changed in the 21st Century and how it
has affected the business environment of your chosen organisation.[P3.1]
B. Evaluate the tools available to meet macroeconomic policy (monetary and fiscal policy
making in the UK and the success of the UK governments policies in achieving
macroeconomic objectives and how these changes affect your chosen organisation. [P3.2,
P 3.3]
C. Evaluate the performance of the UK economy in the global market using specific key
indicators such as the GDP growth rate, inflation and unemployment, etc. and how the
economic performance affects your chosen organisation. [P 3.4, D2]
To achieve D2, you will have planned and managed some substantial activities to evaluate
impact of the UK economic performance on your chosen organisation.
Task 4
A. Demonstrate the theory of comparative advantage using relevant illustrations from
emerging economies against the UK economy and justify the advantages and
disadvantages of free trade using a UK-based case study, including how globalisation
affects your chosen organisation? [P4.1, P 4.2]
B. Analyse the impact of emerging economies such as the BRICS on the developed
economies in general and evaluate the consequences of the recent domestic and global
economic shocks on the UK economy. How do the emerging economies affect your
organisation? [P 4.3, P 4.4, D3]
To achieve D3, you will have applied convergent and lateral thinking in your analysis of the
impact of emerging economies on developed economies and your organisation.

Department of Business

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Relevant Information
1.

Outcome of the Unit

On successful completion of
this unit a learner will:
L01. Understand
microeconomic theory relating
to markets

L02. Understand the impact of

market power on an economy

L03 Understand the role of

government in the
macroeconomic environment

L04. Be able to apply economic

theories to the globalisation of
trade

Department of Business

Assessment criteria for pass:

Questions reflecting
To achieve each outcome a learner must demonstrate;
the Outcome
1.1 explain the economic problem of scarcity and demand
resource allocation;
1.2 explain how equilibrium in a market is achieved;
Task 1
1.3 evaluate the importance of differing market systems;
1.4 evaluate the role of opportunity costs in determining how
economies make decisions;
1.5 assess the importance of elasticity in market interactions.
2.1 explain the implications of pricing and objectives on a
business firms operations;
2.2 compare how prices are set in different market structures;
Task 2
2.3 analyse how a firms behaviour is affected by:
their market structure;
operations;
2.4 evaluate the impact of regulation on market power in
given situations.
3.1 analyse how the structure of an economy has changed in
the 21st Century giving the arguments for this change;
Task 3
3.2 evaluate the tools available to meet macroeconomic
policy challenges;
3.3 evaluate the success of a governments policies in
achieving macroeconomic objectives;
3.4 evaluate the economic performance of an economy in the
global market.
4.1 demonstrate the theory of comparative advantage using
relevant illustrations from emerging economies;
4.2 justify the advantages and disadvantages of free trade for
development using appropriate case studies;
Task 4
4.3 analyse the impact of emerging economies on the
developed economies;
4.4 evaluate the impact of recent domestic and global
economic shocks to the economy.

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2. Grading Criteria for Merit and Distinction of this coursework

Descriptors

Merit (M1, M2, M3)

Indicative characteristics

M1
Identify and apply
strategies to find
appropriate
solution
M2
Select/design and
apply appropriate
methods/techniqu
es
M3
Present and
communicate
appropriate
findings

Descriptors

Distinction (D1, D2, D3)

Indicative characteristics

You will have made an effective

approach in explaining the
economic problem of scarcity
and
demand
resource
allocation using the UK
economy as an example.
Yu will have applied relevant
theories and techniques in your
evaluation of the differing
market systems and how they
affect your organisation.

D1
Use critical reflection to
evaluate own work and
justify valid conclusions

You will have used appropriate

methods or approaches to
explain the implications of
pricing strategies on the
performance
of
your
organisation.

D3
Demonstrate
convergent/lateral/creativ
e thinking

D2
Take responsibility for
managing and organising
activities

You will have justified the

conclusions
on
how
regulations in the UK affect
market structure and your
chosen organisation through
synthesis of ideas and facts.
You will have planned and
managed some substantial
activities to evaluate impact
of
the
UK
economic
performance on your chosen
organisation.
You
will
have
applied
convergent
and
lateral
thinking in your analysis of
the impact of emerging
economies on developed
economies
and
your
organisation.

Guide to student
3. Preparation guidelines of the Coursework Document
a. All coursework must be word processed.
b. Document margins must not be more than 2.54 cm (1 inch) or less than 1.9cm (3/4 inch).
c. Font size must be within the range of 10 point to 14 point including the headings and body
text (preferred font size is 11).
d. Standard and commonly used type face such as Arial should be used.
e. All figures, graphs and tables must be numbered.
f. Material taken from external sources must be properly refereed and cited within the text
using Harvard standard.
g. Do not use Wikipedia as a reference.

4. Plagiarism and Collusion

Any act of plagiarism or collusion will be seriously dealt with according to the College
regulations. In this context the definition and scope of plagiarism and collusion are presented
below:
Plagiarism is presenting somebody elses work as your own. It includes copying information
directly from the Web or books without referencing the material; submitting joint coursework
as an individual effort.
Collusion is copying another students coursework; stealing coursework from another
student and submitting it as your own work.
Suspected plagiarism or collusion will be investigated and if found to have occurred will be
dealt with according to the College procedure. (For details on Plagiarism & Collusion
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please see the Student Handbook)

5. Submission
a. Initial submission of coursework to the tutors is compulsory in each unit of the course.
b. Student must check their assignments on ICON VLE with plagiarism software Turnitin to
make sure the similarity index for their assignment stays within the College approved level. A
student can check the similarity index of their assignment three times in the Draft
Assignment submission point located in the home page of the ICON VLE.
c. All Final coursework must be submitted to the Final submission point into the unit (not to
the Tutor). A student would be allowed to submit only once and that is the final
submission.
d. Any computer files generated such as program code (software), graphic files that form part
of the coursework must be submitted as an attachment to the assignment with all
documentation.
e. Any portfolio for a unit must be submitted as a hardcopy to the Examination Office.
f. The student must attach a tutors comment in between the cover page and the answer in the
case of Resubmission.
6. Good practice
a. Make backup of your work in different media (hard disk, memory stick, etc.) to avoid distress
due to loss or damage of your original copy.
7. Extension and Late Submission
a. If you need an extension for a valid reason, you must request one using an Exceptional
Extenuating Circumstances (EEC) form available from the Examination Office and ICON
VLE. Please note that the lecturers do not have the authority to extend the coursework
deadlines and therefore do not ask them to award a coursework extension. The completed
form must be accompanied by evidence such as a medical certificate in the event of you
being sick.
b. Late submission will be accepted and marked according to the College procedure. It is noted
that late submission may not be graded for Merit and Distinction.
c. All Late coursework must be submitted to the Late submission point into the unit (not to
the Tutor). A student would be allowed to submit only once and that is the final
submission.
8. Submission deadlines
Submit to:

Online to the ICON VLE only

Final Submission date:

Late Submission date:

Department of Business

9 14 January 2016
16 21 Janaury 2016

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Glossary:
Analyse: Break an issue or topic into smaller parts by looking in depth at each part. Support each
part with arguments and evidence for and against (Pros and cons).
Compare: Identify the similarities and differences between two or more phenomena. Say if any of
the shared similarities or differences are more important than others. Compare and contrast will
often feature together in an essay question.
Critically Evaluate/Analyse: When you critically evaluate you look at the arguments for and
against an issue. You look at the strengths and weaknesses of the arguments. This could be from
an article you read in a journal or from a text book.
Demonstrate: Show how, with examples to illustrate.
Discuss: When you discuss you look at both sides of a discussion. You look at both sides of the
arguments. Then you look at the reason why it is important (for) then you look at the reason why it is
important (against).
Explain: When you explain you must say why it is important or not important.
Clarify a topic by giving a detailed account as to how and why it occurs, or what is meant by the use
of this term in a particular context.
Evaluate: When you evaluate you look at the arguments for and against an issue.
Provide evidence taken from a wide range of sources which both agree with and contradict an
argument. Come to a final conclusion, basing your decision on what you judge to be the most
important factors and justify how you have made your choice.
Identify: When you identify you look at the most important points.
Justify: Make a case by providing a body of evidence to support your ideas and points of view. In
order to present a balanced argument, consider opinions which may run contrary to your own before
stating your conclusion.

Department of Business

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