Business Economics Assignment Solved
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Added on 2020-10-04
Business Economics Assignment Solved
Added on 2020-10-04
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Business Economics
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Economic problem of scarcity and demand allocation ....................................................11.2 Identification of process of equilibrium at market place attain........................................21.3 Importance of differing market system and role of opportunity cost in taking appropriatedecision...................................................................................................................................41.4 Importance of elasticity in market interaction..................................................................5TASK 2............................................................................................................................................62.1 Implications of pricing and objectives on business firm operations................................62.2 Comparison of setting prices in different market structure..............................................72.3 Impact of market structure and operation on different firm behaviour............................82.4 Evaluation of impact of regulation on market power.......................................................8TASK 3............................................................................................................................................93.1 Analysis about the structure of UK economy which get changed in 21st century and itsimpact on BE..........................................................................................................................93.2 Analysis of tools available to meet macroeconomics policy challenges........................103.3 Identification of success of government policies in accomplishing macroeconomicsobjectives..............................................................................................................................103.4 Economic performance of an economy in global market ..............................................11TASK 4..........................................................................................................................................114.1 Theory of comparative advantage .................................................................................114.2 Advantages and disadvantages of free trade for development ......................................114.3 Analyse the impact of emerging economies on developed economies..........................12CONCLUSION .............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONEvery economy consists various number of resources which are scare in nature and haveto optimally utilise by personalities so that they effective and appropriate outcome would begain. Every business person requires several resources which enable them in manufacturing andproduction of variety of goods and services to deal with various wants and desires of human. Itenables in distributing the wealth among different number of individual whom are helpful inascertaining targets with long term context (Acosta, Coronado and Flores, 2011). This project isbased on business economics on Waitrose, whom are going to identify UK economic system andits impact on business organisation. This project includes a better and effective understanding ofmicroeconomics theory in context of market place. Along with this, it will also evaluate aboutimpact of market power on economy. Moreover, government play an appropriate role inmacroeconomics context by applying theory of economy on globalisation trade of business. TASK 11.1 Economic problem of scarcity and demand allocation Resources are the input which facilitate an opportunity to manufacture different variety ofgoods and services so that an individual get satisfied properly. According to economics, it isclearly determining that all resources are scare in nature but human wants are unlimited which donot get extinct to a particular course of fact. Thus, a basic fundamental economic problem isscarcity of resources and unlimited needs and desires of human beings. Scarcity is a basiceconomic problem in which resources are limited in nature or consider as limited availability of acommodity which demanded in the market. The notion of scarcity refer as that human wants areunlimited in nature which never get satisfy even at using advanced human technology. Factors ofproduction are consider as resources which get finish one day like land, labour and capital. Thus,it is essential for an organisation to understand this fact properly and take suitable decisionrelated with this major economical issue.This thing is considering as major economic issue which made a vast impact on manybusiness associations through which chances of differentiation are high in nature. Every factorsof production will get extinct one day but needs and demands get maximise day after day.Although, every factor has alternative which enable in making production process appropriateand aid in dealing with this major issue (Cader and Leatherman, 2011). Thus, in UK economy, it1
is clearly get analysed that Waitrose have limited number of resources which restrict them ingenerating more and more profit for business expansion. Hence, managers have to betterunderstand about all essentials properly and then produce quality based products which willfurther serve to ultimate consumer. Waitrose do not have unlimited resources which directlyleads to satisfy their various number of customers. As their capital is limited in nature along withthat they have limited land for production as well but human wants are getting maximise daysper days. Hence, management have to utilise and understand scarcity of resources approachproperly in order to frame appropriate strategies and use suitable actions. 1.2 Identification of process of equilibrium at market place attainDemand: It is considering as economic process under which an individual willingness to pay aspecific amount for a particular product is identify. Increase in price for a particular product willlead to decrease its demand in market which is not beneficial and made a vast impact on abusiness and its existence. Supply: It is a fundamental economy process which underpin about the availability of productsand service to target market. Increase in demand will lead to enhance supply as well whichindicate a positive relationship between demand and supply or vice versa. Equilibrium: Whenever supply and demand curve intersect each other then it is considering as aprocess of equilibrium where no profit and no loss situation get arise. Thus, business have toanalyse this consent properly and then take further decision in this. 2
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