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Business Economics INTRODUCTION 4 Overview of UK Economy

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Added on  2019-12-28

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8 Explaining the elasticity of demand and assessing the importance in market interactions 8 Task 29 A Explaining the implications of its pricing and corporate objectives on Hilton's operations 9 B Comparing the prices set in different market structure. Analysis on how the UK economic structure has changed in 21st century 12 B Evaluation of tools available to meet changes in macroeconomic policies 12 Evaluation of the success of UK government on achievingmacroeconomic objectives 13 C. Analysis of the impact on developed economics by emerging economies 15 Evaluation of

Business Economics INTRODUCTION 4 Overview of UK Economy

   Added on 2019-12-28

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Business Economics INTRODUCTION 4 Overview of UK Economy_1
TABLE OF CONTENTSIntroduction......................................................................................................................................4Overview of UK economy...............................................................................................................5Task 1...............................................................................................................................................6A Explaining the economic problem of scarcity and demand resource allocation in managingeconomy.......................................................................................................................................6Explaining how equilibrium in the market can be achieved.......................................................6B Evaluating the importance of different market system ...........................................................7Evaluating the role of opportunity cost in determining economic decisions..............................8Explaining the elasticity of demand and assessing the importance in market interactions........8Task 2...............................................................................................................................................9A Explaining the implications of its pricing and corporate objectives on Hilton's operations....9B Comparing the prices set in different market structure..........................................................10Analyzing the market structure and operational decision of the Hilton...................................11C. Evaluation of regulation on market power of the organisation.............................................11Task 3.............................................................................................................................................12A. Analysis on how the UK economic structure has changed in 21st century..........................12B Evaluation of tools available to meet changes in macroeconomic policies...........................12Evaluation of the success of UK government on achieving macroeconomic objectives........13C. Evaluating the performance of the economy in Global Market............................................14Task 4.............................................................................................................................................14A. Demonstrate comparative advantage theory using relevant illustration...............................14B. Analysis of the impact on developed economics by emerging economies...........................15Evaluation of consequences in recent domestic and global economic on UK.........................15CONCLUSION..............................................................................................................................16References......................................................................................................................................172
Business Economics INTRODUCTION 4 Overview of UK Economy_2
Index of TablesTable 1: UK Economy Data.............................................................................................................5Illustration IndexIllustration 1: Market Equilibrium...................................................................................................8Illustration 2: Price elasticity of demand.......................................................................................103
Business Economics INTRODUCTION 4 Overview of UK Economy_3
INTRODUCTIONBusiness economics deal or concerned with the issues like business organization,management, economics, strategy etc (Galí, 2015). It is a field of economics that includes theimpact of entrepreneurs, how and why corporation make decisions, role of government inregulations etc. The present report is based on the Hilton hotel and resorts, an international chainof full service hotels and resorts in UK and also a flagship brand of Hilton Worldwide.Furthermore, report lays emphasis on UK economy and its economic system, the problem ofscarcity and demand resources in managing an economy. It also covers the structure of UKeconomy and the tools available to meet the macroeconomic changes in UK. Moreover, theimplications of prices and corporate objectives on UK's operations are covered in this report.OVERVIEW OF UK ECONOMYAccording to measured by the nominal GDP, UK has the fifth largest national economy(UK Economic Forecast, 2016). It is the ninth largest in the world according to the purchasingpower parity and also the third largest economy in Europe, it terms of leading trading power andfinancial center after Germany and France. Agriculture in intensive and efficient by the Europeanstandards, as about 60% of the food is produced by this sector. In 2005, UK became the importerof energy but now they have large coal, natural gas and oil resources.The key growth of British GDP is because of banking, insurance and through businessservices (United Kingdom Economy – overview, 2015). In G7, UK is the fastest growingeconomy, for the three consecutive years from October 2015. It is one of the largest globalizedeconomics.Table 1: UK Economy Data20112012201320142015Population63.363.764.164.564.9GDP per capita4104941436423664641243875GDP25982640271529942849Economic growth21.22.22.92.24
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