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Business Economics on Asda Store Ltd- Report

Assignment on understanding the economic behaviour of a UK-based organisation for the Business Economics course at ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT

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Added on  2020-02-05

Business Economics on Asda Store Ltd- Report

Assignment on understanding the economic behaviour of a UK-based organisation for the Business Economics course at ICON COLLEGE OF TECHNOLOGY AND MANAGEMENT

   Added on 2020-02-05

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BUSINESS ECONOMICS1
Business Economics on Asda Store Ltd- Report_1
EXECUTIVE SUMMARYASDA Group Ltd is a subsidiary organization of American owned enterprises named Wal-Mart. It was established in the year 1949 and headquartered in Leeds, West Yorkshire, England(UK). Company offers wide range of grocery products to large customer base. It is a largest foodand grocery company of United Kingdom. Economic system is the process of distribution, resourceallocation, exchange and distribution of foods and services in wider geographical place. There arevarious types of economic system such as free, command and mixed economy. In free economy, all the decisions are taken by consumers and producers without anyintervention of government. In command economy, all the decisions are taken by government so asto allocate scare resources effectively. UK is a mixed economy which combines characteristics ofboth the free and command economy. In private sector, decisions are taken by the intervention ofproducers and consumers. However, in public sector such as police and defence, resources areallocated by UK government. 2
Business Economics on Asda Store Ltd- Report_2
TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................4TASK 1.................................................................................................................................................4A. Explain the economic problem of scarcity and demand resource allocation and explain that how...................................................................................................................................................4equilibrium can be achieved............................................................................................................4B. Evaluate the importance of different market system and evaluate the role of opportunity costs in determining the economic decisions............................................................................................5C. Explain elasticity of demand and assess the importance of elasticity in market interactions.....6TASK 2 ................................................................................................................................................7A. Explain the implications of pricing and corporate objectives on its operations.........................7B. Compare how prices can be set in different market structure and analyse the market structure and....................................................................................................................................................8operational decisions and on company's performance.....................................................................8C. Evaluate the impact of UK regulations on market power...........................................................8TASK 3 ................................................................................................................................................9A. Analyse how the structure of UK economy has changes in 21st Century and its impact on the business environment.......................................................................................................................9TASK 4...............................................................................................................................................11A. Demonstrate theory of comparative advantage using relevant illustrations from emerging economies against the UK economy and justify the advantage and disadvantage of free trade with impact on the organization.....................................................................................................11B. Analyse the impact of emerging economies such as the BRICS on developed economies and evaluate the consequences of the recent domestic and global economic shocks on the UK economy and its impact on the organization..................................................................................11REFERENCES...................................................................................................................................133
Business Economics on Asda Store Ltd- Report_3
INTRODUCTION Present project report will address the business economics on Asda Store Ltd. It is asupermarket retailer established in the year 1949 and headquartered in Leeds, West Yorkshire,England. It provides grocery, general merchandise and financial services to large number ofconsumers and it is the subsidiary of Wal-Mart. Present report will explain the different marketstructure, pricing decisions, elasticity of demand and its impact on Asda Ltd. TASK 1A. Explaining scarcity of economic problemScarcity is the term which means limited quantity of sources available in the economy. Thesituation due to which Asda cannot acquire resources in required quantity is called scarcity of lackor lack of resources (Mehta, 2013). Therefore, they allocate resources in such a manner so that bestuse of these can be assured. In order to make optimum resource allocation, following 5 things areconsidered by Asda, listed below:1. What to produce?2. How much quantity of goods will be produce?3. How goods will be produce means production process?4. When goods will be produce means time?5. How goods will be distributed to the community?Equilibrium point meaningEquilibrium point is the point at which demand and supply curve intersects with each other.It is the optimum level at which Asda's product market price will generate equal amount of itsdemand and supply as well (Miller, Friesz and Tobin, 2013). Achieving equilibriumIt can be achieved by comparing supply and product market demand. In this context, supplymeans the quantity of goods which is available in the market for sale. 4
Business Economics on Asda Store Ltd- Report_4

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