In a team of no more than 4 members, you will examine a UAE business and apply key Economic concepts to its performance, covering the first 5 Learning Outcomes of the course.
In BUS 1103 Economics, you will be graded as follows:
- There will be one Individual written defense worth 10%
- A formal written academic report summarizing findings as a result of research as outlined worth 20%. Pay attention to your spelling, grammar and headings as these will affect your marks.
- 10 percentage point of the written report will count towards the collection of your primary data by week 9 with a meeting discussing your progress on the project.
The group task as a whole is worth 30% of your total course marks.
Project Instructions
Introduction
The team will first need to identify a UAE business to examine in terms of Economic concepts. It is strongly recommended that you choose a local small business to conduct your research, as you will need to interview a manager at the business later in the project. If you have difficulty, please speak immediately to your instructor who will assist you.
There is a list of online sources at the end of the project outline to help you with your research, but you should not depend only on these resources.
Research Presentation/project Outline (content and instructions)
- Main Products & general characteristics of the firm
- Give brief background information about the business, including, total revenue/sales and the location of its headquarters. How many employees are working in the company? Who are the company’s main competitors?
- Identify two or three important products / services that this business sells. Describe the products. Research how the prices of these two/three products/services have changed in the last two years. You need to explain the reason of the change in the prices of your product. It will be useful to ask about that during the interview. List these prices and, the amounts sold (estimate, if actual amounts are not available.) Create an Excel worksheet as shown below. Worksheet instructions will be given in BUS 1203 Software.
- Discuss two opportunity costs your firm needs to consider in its business decisions.
- Describe one scarcity issue your firm has to deal with on a regular basis. How do they deal with the issue?
- Analysis of the firm’s supply and demand:
Choose one of the products/services you identified in ‘a’ above. Use demand and supply diagrams to explain the items below. Note that you do not need numbers to do this, just show the shifts that take place.
Be sure to label all parts of your diagrams, including equilibrium prices and quantities.
- Consumers’ income: In your explanation, identify if the product/service is a normal or an inferior good by indicating how changes in consumers’ income would affect the product’s demand.
- Prices of competing products/services: In your explanation, identify a competing product/service and indicate how changes in the price of the competitor would affect the product’s demand.
- Number of consumers: In your explanation, identify what type of consumers (e.g. age, sex, income level) use this product/service and how a change in the demographics would affect the product’s demand curve.
- Technology: In your explanation, identify how a change in the company’s technology would affect this product/service supply curve.
- Number of competitors: In your explanation, identify who the competitors are how the entry or exit of companies in this industry would affect this product/service market.
- Costs of production: In your explanation, identify one of the types of cost of production and indicate how a change in these costs would affect the supply curve.
- Indicate one other non-price determinant can change either the supply or the demand for this product and show this change in a diagram.
- Analysis of the Price Elasticity of Demand for one of the products.
Choose one of the products/services you identified in ‘2a’ above. - How would you characterize the price elasticity of demand (PED) for this product/service? Refer to the ‘determinants’ of elasticity mentioned on pages 146 and 147 of your textbook.
- Draw a diagram showing the price elasticity of demand you identified. If you don’t have actual figures, use page 145 charts: which one would best represent the PED for the product you chose?
- Calculate price elasticity of demand for your product.
References
- You must include a Bibliography or ‘Works Cited’ page to show your sources using APA format. Also, include a minimum of three (3) citations (references) in your report to show your sources.
- Some companies also may require a letter that shows that your research is for academic purposes. Inform your teacher as soon as possible so there will be no delays. If necessary, ask your teacher for a confidentiality letter as well.
MARKING PROFORMA – BUS 1103 Economics for Managers
Assessment: Project – Presentation (15%)
| TOTAL MARKS AVAILABLE: 50 marks | ||||||||
| Main Products and General Characteristics of the firm 20 marks | ||||||||
Description of TWO
| Met criteria to an excellent standard q | Met criteria to a very good standard q | Met criteria to a satisfactory standard q | Did not meet criteria | ||||
| Comments: | ||||||||
| Firm’s Supply and Demand, Market Equilibrium & PeD 20 marks | ||||||||
| Met criteria to an excellent standard q | Met criteria to a very good standard q | Met criteria to a satisfactory standard q | Did not meet criteria | ||||
| Comments: | ||||||||
| English, Research and Organization (2X5) = 10 marks | ||||||||
| Met criteria to an excellent standard q | Met criteria to a very good standard q | Met criteria to a satisfactory standard q | Did not meet criteria q | ||||
| Comments: | ||||||||
MARKING PROFORMA
BUS 1103 Economics for Managers
Assessment: Project – Oral Defense (15%) worth 50 marks total
| Criteria | Suggested Question | LO | 0 – 2 (think F) | 3 (think D) | 3.5 (think C) | 4 (think B) | 5 (think A) | TOTAL |
1Main Products & general characteristics of the firm
Must answer |
| 1 | No/ too little understanding of the business represented in the project | Limited explanation of the business represented in the project.
| Satisfactory explanation of the business represented in the project. with a good knowledge of the firm and products represented in the project Limited understanding of the laws of supply/demand | Good explanation of the business represented in the project with a Good understanding of the laws of supply/demand | Exceptional explanation of the business represented in the project with a sound knowledge of its relevance to the project | |
2Products Chosen
Choose one of the three to be answered
|
| 1
2 | No/ too little understanding of the business and displays little or no knowledge of the project requirements such as type of business or their products
No information on prices given
No/ too little understanding of the relationship between price changes and the law of demand | Limited explanation of products represented in the project
Limited explanation of price changes but no reasoning.
Some understanding of the relationship between price changes and the law of demand | Satisfactory explanation of the firm and products represented in the project Limited understanding of the laws of supply/demand
Satisfactory explanation of price changes with some clear reasoning for changes.
Satisfactory understanding of the relationship between price changes and the law of demand with prompting given | Good explanation of the products represented in the project with a sound knowledge of the prices and other features of the products
Good explanation of price changes with clear reasoning for changes
Good understanding of the relationship between price changes and the law of demand with clear reasoning given. | Exceptional explanation of the products represented in the project with a sound knowledge of the prices and other features of the products
Excellent explanation of price changes with full and clear reasoning for changes
Excellent understanding of the relationship between price changes and the law of demand with thorough and extensive reasoning given |
3Opportunity Cost and ScarcityChoose one of the two to be answered
|
| 1 | No/ too little understanding of opportunity costs or its relationship to the chosen firm | Some understanding of opportunity costs but no relationship to the chosen firm | Satisfactory understanding of opportunity costs with some relationship to the chosen firm with prompting | Good understanding of opportunity costs with some relationship to the chosen firm with no prompting | Excellent understanding of opportunity costs with clear and concise relationships made the chosen firm | |
| 1 | No/ too little understanding of scarcity or its relationship to the chosen firm | Some understanding of scarcity but no relationship to the chosen firm | Satisfactory understanding of scarcity with some solutions given with prompting | Good understanding of scarcity with clear solutions given with a little prompting | Excellent understanding of scarcity with clear solutions given | ||
4Overview of your firms Supply and Demand Determinants
Choose one of the three to be answered |
| 2, 3 & 4 | No/ too little understanding of the difference between change in quantity demanded and change in demand | Limited explanation without any reference to the project | Satisfactory explanation of the difference between change in quantity demanded and change in demand with limited knowledge of how this might affect the business that is represented in the project | Good explanation of the difference between change in quantity demanded and change in demand with a basic understanding of how this might affect the business that is represented in the project | Excellent knowledge and explanation of the difference between change in quantity demanded and change in demand with a thorough understanding of how this might affect the business that is represented in the project | |
| No/ too little understanding of the variables that shift market demand. | Limited explanation of variables that shift market demand with little or no explanation of how this might be relevant to the project | Satisfactorily explanation of variables that shift market demand with a basic explanation of how this might be relevant to the project | Good explanation of the variables that shift market demand with a clear explanation of how this might be relevant to the project | Excellent explanation of the variables that shift market demand with a clear explanation of how this might be relevant to the project | |||
| No/ too little understanding of the variables that shift supply | Limited explanation of variables that shift supply with little or no explanation of how this might be relevant to the project | Satisfactorily explanation of variables that shift supply with a basic explanation of how this might be relevant to the project correctly | Good explanation of the variables that shift supply with a clear explanation of how this might be relevant to the project | Excellent explanation of the variables that shift supply with a clear explanation of how this might be relevant to the project |
GRADE DESCRIPTORS
Grade A: Excellent
Overall, a very impressive and excellent piece of work. Includes the majority of the following features:
· Demonstrates an understanding of the task which may be beyond what is expected, but which is always relevant.
- Original perspective on the problems in question. Contextualization of sources and viewpoints and comprehensive evaluation of contributions. Insightful application of relevant theories in addressing the issues/questions.
- Use of wide range of relevant sources, which are integrated and critically evaluated.
- Well structured and organized with a clearly developed line of reasoning. Appropriate length.
- Referencing follows consistent academic conventions with all references fully and accurately cited.
- Clear, articulate style with accurate spelling, word choice and grammar. Target band level surpassed by 1.0
Grade B: Good
Overall, a good and commendable piece of work. Includes the majority of the following features:
· Demonstrates sound understanding of the task. Presentation of points and arguments generally relevant to the question.
- Sustained commentary on evidence and materials used. Inclusion of appropriate critical perspective. Use of theoretical models in a relevant way to address the issues/questions.
- Sound understanding of main sources of literature, well summarized and used in a critical and relevant way.
- Clear structure and presentation. Control of length.
- Generally consistent and accurate referencing.
- Generally accurate spelling, word choice and grammar. Target band level surpassed by 0.5.
Grade C: Satisfactory
Overall, a satisfactory piece of work. Includes the majority of the following features:
- Understands main point of the task. Most points and arguments presented are relevant to the question.
- Adequate commentary on evidence and materials used. Some evidence of critical awareness. Use and understanding of theoretical models, but in a fairly pedestrian way.
- Adequate range of source material consulted. Clear understanding of the literature used.
- Good structure and presentation, minor problems in organization do not impede communication. Control of length
- Generally consistent referencing.
- Comprehensible spelling, word choice and grammar, inaccuracies do not impede meaning. Target band level achieved.
Grade D: Marginal Pass
Overall, a bare pass. Includes the majority of the following features:
· Understanding of basic concepts and effort made to relate them to the question.
- Argument mainly descriptive points and/or points which requires greater substantiation. More development of ideas needed to sustain an argument. Identification of main issues, but little critical awareness.
- Some evidence of reading and understanding of the literature, but range and /or relevance very limited.
- Attempt made at coherent presentation, but ideas not well integrated. Length may be considerably off target.
- Some attempt at consistent referencing.
- Comprehensible spelling, word choice and grammar, although inaccuracies may sometimes impede meaning. Below the target band level.
Grade F: Failure
Overall, a very poor piece of work. Includes the majority of the following features:
- Inadequate or misunderstanding of task. Purely descriptive account with little or no analysis.
- Irrelevant comments and/or assertions, which are not supported by meaningful evidence. Little evidence of integration of various sources to sustain an argument. Lack of any critical or appreciative framework.
- Few relevant sources used and/or little use of literature.
- Unstructured presentation and/or lack of coherence, which impedes understanding. Length problematic.
- Little or no attempt at consistent referencing.
- Major inaccuracies in grammar, word choice and spelling. Well below the prescribed proficiency IELTS. Click Order now to have a similar paper completed for you by our team of Experts.
