Business Economics Assignment- Marriott Hotel
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Added on 2020-06-06
Business Economics Assignment- Marriott Hotel
Added on 2020-06-06
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BUSINESS ECONOMICS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Economic problem scarcity and demand with resource allocation to manage economy .....11.2 Role of supply and demand in economy and explain equilibrium in the market..................31.3 Importance of different market system ................................................................................41.4 Role of opportunity costs .....................................................................................................51.5 Means of elasticity of demand and its importance in market................................................5TASK 2............................................................................................................................................62.1 Implications of pricing and corporate objectives in the operations......................................62.2 Compare prices which set in different market structure in perfect competition,monopolistic environment and oligopolistic competition...........................................................62.3 Market structure and operational decisions of selected business .........................................72.4 UK regulations that affect the market power of the selected business unit .........................7TASK 3............................................................................................................................................83.1 Structure of the UK economy that changed in 21st century that affect to the businessenvironment.................................................................................................................................83.2 Tools available to meet with macroeconomic policy ...........................................................83.3 Performance of the economy in global market with using key indicators in GDP growthrate, inflation and unemployment...............................................................................................93.4 How economic performances affect to the selected business unit........................................9TASK 4............................................................................................................................................94.1 Theory of comparative advantages using relevant illustration.............................................94.2 Advantages and disadvantages of free trade which affect to the selected business............104.3 Impact of emerging economics such as BRICS on developed economies in general.........104.4 Impact of recent domestic and global economic to the economy.......................................10CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIn order to determines effective results in business, economy play vital role that enhanceoutcomes in positive way. It is very important for the enterprise to identify future demand,capital requirement and cost as well. Therefore, it is the important aspect to accomplish businessobjectives and create growth in country. In this aspect, present report based on the Marriott hotelwhich determines several kinds of services such as bookings of hotel, accommodation, etc. Theydeal in international market to provide several kinds of services such as 6000 branches in morethan 122 countries. In order to focus on the present report, it covers economic problem ofscarcity and demand for resource allocation to manage economy. Furthermore, it assists tocompare prices that set for different market for implicating to accomplish corporate objectives.Moreover, it focuses on performance of UK economy in global market with specific keyindicators. At last, report analysis impact of emerging economies to developed in generalaspects. TASK 11.1 Economic problem scarcity and demand with resource allocation to manage economy In the UK market main issue is limited resources that create wide problem in the country.Therefore, government unable to allocate resources to different businesses. Scarcity also requireat workplace to set production, distribution and goods consumption as well. For instance, whensociety is unable to make choice towards the production, consumption, distribution, they aresuffers from the various problems that are take place in business. Beside this, there are severalother problems exists in country that face by UK are as follows:Unemployment: It is the major problem in UK tat face by government to allocate theirproper resources. In the country, social division is the another problem that consist incountry which directly impact on Marriott hotel. This is because, they have few skilledmembers in the nation. 1
Diminishing in economic growth: Low economic growth of the country also createmajor impact on the country operations that make problems to cater wages at workplace.From last 9 years, economic growth highly fluctuating in which in 2008 it wascomparative low as compare to other years. Hence, Marriott also have less availability ofthe raw material that impact on its functions and outcomes. 2Illustration 1: UK unemployment Source: (Unemployment in the UK 2012, 2012)
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