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MOD003327 Economics for Business EFB ARU London

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This module deals with the miceconomics key aspects which would help the learners to make wise household decisions impacting UK households. Cost benefit analysis and their impacts on the microeconomic decision making process would also be dealt in the present module. One of the key course book which needs to be dealt with is Krugman and wells texbook. So learners are advised to take complete help of the prescribed textbook and avoid referring to any other external material. Punjab assignment help experts are well versed with the guideline and concepts of MOD003327 Economics for business and can help students with the high quality assignment for their economics degree.

ASSESSMENT QUESTION: Understanding microeconomics and the principles of individual choice

The following four “Principles of Individual Choice” are fundamental aspects

of microeconomics:

1.  People must make choices because resources are scarce.
2. The opportunity cost of an item—what you must give up to get it—is its true cost.
3.  “How much” decisions require making trade-offs at the margin: comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less.
4. People usually respond to incentives, exploiting opportunities to make themselves better off.

(Table 1.1: Krugman & Wells, 2020: p. 49)

Task 1: 45/100 marks: Answer the following question

“Using MOD3327 module content and the Krugman & Wells textbook, explain how resource scarcity and opportunity cost impact microeconomic decision making for households and individuals in the UK. Explain these economic concepts using real examples from within the UK economy and social environments within the past three years (2019-2021). Analyse and explain what you perceive to be the biggest challenge for some households with respect to resource scarcity and opportunity costs.”

Task 2: 45/100 marks: Answer the following question

“Using MOD3327 module content and the Krugman & Wells textbook, explain how cost-benefit analysis and incentives impact microeconomic decision making for households and individuals in the UK. Explain these economic concepts using real examples from within the UK economy and social environments within the past three years (2019-2021). Analyse and explain how the market economy uses consumer habits of cost-benefits analysis and desire for incentives to drive their business profits.” Get Diploma Assignments with best experts !!

·       References & formatting: 10/100 marks TOTAL MARKS: 100/100

ASSESSMENT CRITERIA:

For both Task 1 and Task 2 – Students must demonstrate the following assessed learning outcomes:

  • Knowledge and understanding of the language of economics.
  • Knowledge and understanding of the basic methodology and models

used in economics and their application to real-world situations.

  • Intellectual, practical, effective and transferable skills, which is achieved through demonstrating the ability to analyse hypothetical and/or real- world situations that occur in economics. Get HND Assignments with affordable cost now !!