Economics for Business

Economics for Business

Executive Summary
The United Kingdom is a hybrid capitalist economy that exists on a market that is partly
dominated and run by the government of a nation. It works on the marketplace with both the
demand and supply powers for goods and services. Government action is successful where there
is an unusual occurrence and where people's health is at a decreasing risk. It is a globalised world
environment with a robust capitalist infrastructure and a financial framework and a highly
integrated social environment. Thanks to the global corona virus epidemic, the global economic
crisis has had a dramatic impact. The UK market is showing major economic damage as a result
of the shutdown and numerous business controls imposed by the state. The economy has seen
significant changes in demand and the production of consumer products. This is expressed in the
varying variations in consumer spending on retail products. It has produced both positively and
negatively shifts in the economy of a nation. Some forms of consumer purchases have been
boosted, whilst others have been decreased. Thanks to this unusual situation, the nation has been
plagued by distressing circumstances affecting the lives of its people.

Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Task 1...........................................................................................................................................4
Task 2...........................................................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Consumption of goods and services in the industry is important to the growth and growth of
economies. The economic situation of a nation is influenced by the degree of demand and
consumer spending. Volatility in the economic growth for goods and services is contributing to
a transition in the overall economy of a region (Macroeconomics, 2017). The market powers of
demand and supply are two determining factors for global development and prosperity. Thus any
fluctuations or differences in consumer spending on retail products have an influence on the
business of the world as a whole. It can be encountered during a corona virus epidemic
contributing to a global economic downturn. As a result, the United Kingdom has different
ethnicities shifts in customer retail demand leading to an economic recession. The positively and
negatively change in increased competition for retail products and services is addressed with the
aid of production and consumption research. Various policy decisions and efforts to improve the
market are also listed below.
MAIN BODY
Task 1
Unique changes occurred in UK's consumer retail expenditure during pandemic-
The UK has experienced huge swings in market retail demand in different sectors as a result of
the corona virus epidemic. Strong and detrimental shifts have emerged in the retail market. The
economy is run by a hybrid capitalist and market economy, wherein the public owns and
manages some firms and the free movement of production and consumption powers on the
market.
Demand and Supply function
Economics is referred to as the field of social science with core elements such as scarcity and
preference. It is focused on the fact that assets in a nation are limited and small. These services
include property, labour, capital and an investor regarded as a factor of development (ARUL BEC
lectures, 2020). Consequently, due to lack of money, consumers must make decisions that
include the cost of opportunity, which is the next best option. Consumer appetite is thus
influenced by different variables, depending on finite capital, contributing to the option of
substitutes. They select alternatives that have optimum marginal benefit and fulfilment. In the