Business Economics : Doc

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Added on 2020-12-09

Business Economics : Doc

Added on 2020-12-09

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BUSINESS ECONOMICS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Economic problem of scarcity and demand source demand resource allocation to manageeconomy......................................................................................................................................11.2 Role of supply and demand in an economy and elaborate how equilibrium in the market isachieved.......................................................................................................................................11.3 Importance of diverse market system and the role of opportunity cost subject to economicdecision.......................................................................................................................................21.4 The role of opportunity costs in determining howeconomies make decisions.........................................................................................................21.5 Importance of Elasticity in market interactions....................................................................3TASK 2............................................................................................................................................32.1 Implications of pricing and corporate objectives on operations of business........................32.2 Compare how prices are set in different market structures...................................................42.3 Analyse how firm's behaviour is affected by market structure and operations.....................42.4 Impact of regulation on market power in given situation.....................................................4TASK 3............................................................................................................................................53.1 Structure of an economy changed in 21st century................................................................53.2 Tools available to meet macroeconomic policy change.......................................................53.3 Measurement the success of a government's policies in achieving macroeconomicobjectives.....................................................................................................................................63.4 Economic performance of an economy in the global market...............................................6TASK 4............................................................................................................................................74.1 Theory of comparative advantage using relevant examples form emerging economics......74.2 Clarify the advantages and disadvantages of free trade for development.............................74.3 Impact of emerging economies on the developed economies...............................................84.4 Impact of recent domestic and global economics shocks to the economy...........................8CONCLUSION................................................................................................................................8

REFERENCES..............................................................................................................................10

INTRODUCTIONBusiness and organisation plays crucial role in respect of enhancing the economicstructure of nation. This is one of the essential aspect in terms of dealing with the study of thefinancial challenges scarcity faced by the corporation (Stuetzer, Goethner and Cantner, 2012).This report is prepared to define the aspects of business management, organisation strategy,expansion. Economy of the UK is dramatically development and market oriented. Tesco plc isconsidered to explain contribution to economy of the UK. Role of effectively business strategiesand economic theories are carried out in this context. How business in UK are working andgrowing by understanding culture and nature of economy. TASK 11.1 Economic problem of scarcity and demand source demand resource allocation to manageeconomyScarcity simply indicates towards shortage of resources and elements which helps toassist business operations smoothly. For any country it is required to manage the availableresources to meet the requirement and needs. Good and quality products are services are theprime needs of society which only be fulfilled and managed with perfect utilisation andallocation of resources. High demand of products influence price structure of raw products andbasic resources. Management of scarce resources is one of the key functional areas for aneconomy because lack of scarce resources fails to fulfil the demand of society, and this becomethe reason of high price. Net effect fall upon the supply management of organisation.For example Tesco plc is one of the largest retail industry in the UK and contributingvaluable efforts to improve and develop the economic structure of UK. To fulfil the demand ofsociety it has to pay attention upon proper management of scarce resources such as soil, labour,fuel, capital and natural resources. 1.2 Role of supply and demand in an economy and elaborate how equilibrium in the market isachievedMarket equilibrium indicates towards the stage and steps where the demand of productremain equal to supply of the product (Chandler, 2012). The price of demanded product remainequal to the quantity of the supplied product is considered as equilibrium price. As per thisconcept demand of the product decrease when the product price remain high. Theory of economycontains the concept of equilibrium price or market clearing price to balance demand and supply.1

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