Requests for short-term extensions will only be considered in the case of illness or other cause considered valid by the iCentre Adviser. Please contact iCentre@lca.anglia.ac.uk. A request must normally be received and agreed by the iCentre Adviser in writing at least 24 hours prior to the deadline. See rules 6.56-6.65: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf Mitigation: The deadline for submission of mitigation in relation to this assignmen – Essaylink

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ASSIGNMENT INSTRUCTIONS
Assessment Written Coursework
Assessment code: 010
Academic Year: 2020/21
Trimester: 2
Module Title: Economics for Business
Module Code: MOD003327
Level: 4
Module Leader: Madeline R. Young
Weighting: 50%
Word Limit: 2,500
This excludes bibliography and other items listed in rule 6.81-6.83 of the
Academic Regulations:
http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
Assessed Learning
Outcomes
1 – 2
Submission Deadline: Friday 26th March 2021 at 14:00
WRITING YOUR ASSIGNMENT:
• This assignment must be completed individually.
• You must use Harvard referencing system. Failure to do so correctly will result in loss of marks up to 10%.
• Your work must indicate the number of words you have used on the first page, excluding references and
quotations. Written assignments must not go below the minimum or exceed the maximum number of
words by more than +/-10%. When a written assignment is marked, the insufficient or excessive use of
words beyond the word limit is reflected in the academic judgement of the piece of work which results in
a loss of mark awarded for the piece of work (regulation 6.81-6.83).
• Assignment submissions are to be made anonymously. Do not write your name anywhere on your work
including in the file title.
• Write your student ID number at the top of every page.
• Where the assignment comprises more than one task, all tasks must be submitted in a single document.
• You must number all pages.
SUBMITTING YOUR ASSIGNMENT:
In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late –
up to five working days after the published submission deadline – will be accepted and marked. However, the
element of the module’s assessment to which the work contributes will be capped with a maximum mark of
40% regardless of the quality of the work.
Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is a preapproved extension). Failure to submit within the relevant period will mean that you have failed the
assessment.
Requests for short-term extensions will only be considered in the case of illness or other cause considered
valid by the iCentre Adviser. Please contact iCentre@lca.anglia.ac.uk. A request must normally be received
and agreed by the iCentre Adviser in writing at least 24 hours prior to the deadline. See rules 6.56-6.65:
http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
Mitigation: The deadline for submission of mitigation in relation to this assignment is no later than five
working days after the submission date of this work. Please contact iCentre@lca.anglia.ac.uk
See rules 6.103 – 6.132: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
ASSESSMENT TOPIC: UK food supply challenges in 2020
“The effect of consumers stockpiling certain goods and the slow reaction of retailers
to ration them exposed the limitations of cost-efficient and streamlined supply chains
to be agile and adapt to unforeseen shocks. This suggests that changes may be
needed to make the supply chain more resilient. Specific problems arose from the
closure of parts of the catering sector and the lack of agility in redistributing supplies
from this sector to retail outlets or the food donation/charity sector. This was due to
challenges in packaging availability, logistics and labelling requirements, leading to
an increase in food loss. Agricultural food producers and the wider supply chain may
have incurred significant losses from the impacts of COVID-19. Food processing
facilities have been responsible for a number of localised COVID-19 outbreaks. The
immediate effects of COVID-19 on the food supply system are the current policy
concern, but the longer-term food system issues highlighted as a result of the
pandemic will have to be addressed by considering how to build resilience to
possible future shocks.”
Wentworth, 2020 (UK Parliament Post: https://post.parliament.uk/effects-of-covid19-on-the-food-supply-system/)
Task 1: Using economics theories from Krugman & Wells (2017), explain supply and demand
principles applied to the UK food supply in 2020. Support your explanation of the economic
concepts by providing basic supply and demand graphs, with analysis applied to the UK food
supply. Include relevant examples and references from the UK food supply market and UK
news in 2020 to support your explanations.
Task 2: Discuss the economic principle of market failure and government intervention in the
supply and demand of food-related goods in the UK economy in 2020, providing examples of
UK government interventions. Explain whether you believe that the UK government
interventions did or did not effectively address food supply market failures in 2020. Include
relevant examples and references from the UK food supply market, UK news, and UK
government publications to support your explanations.
Task 1: 50/100 marks (1,000+ words)
Use supply and demand economic theory and graphs to support your detailed explanations
of each of the following concepts. All supply and demand graphs must show both supply and
demand curves:
1. 3 graphs explaining the movement on the supply curve (1), shift left (2), and shift
right (3) of supply curve applied to UK food supply examples, providing a minimum
of one economic factor per graph to explain the changes in supply.
2. 3 graphs explaining the movement on the demand curve (1), shift left (2), and shift
right (3) of demand curve applied to UK food supply examples, providing a minimum
of one economic factor per graph to explain the changes in demand.
3. Explanation of equilibrium price and quantity, and how equilibrium shifts with supply
and demand curve shifts, applied to the examples used in the graphs above.
4. Explanation of shortage & surplus, applied to the examples used in the graphs
above.
Graphs can be originally drawn by the student (use Powerpoint, Word, or other free
computer graphic program), copied from the Krugman & Wells textbook, ARUL EFB
lectures, or from the approved reference literature list on the condition that they are edited to
fit the food supply examples selected for your graphs, with correct labelling, source citation,
and Harvard referencing. Supporting evidence should be related to the UK food supply and
food market only, and only from the approved reference literature list. Higher marks awarded
for effective discussion of price and income elasticities, supported by supply and demand
graphs.
Task 2: 40/100 marks (1,000+ words)
Discuss market failures and UK government interventions for food supply and demand
issued in 2020, what it meant for the UK economy and the UK public in the past year.
Identify and explain the main UK governmental and economic policies that were used to try
and address the market failures in food supply and demand, analysing if they were effective
or not. Discuss and analyse at least four UK government strategies, such as:
1. Quotas
2. Price controls
3. Government transfers
4. Taxation
5. Fiscal policies
6. Poverty programmes
7. Other social welfare strategies……
Explain whether you agree or disagree that the UK government effectively addressed food
supply market failures in 2020 and why. Support your answer with factual UK policy
examples from the approved reference literature list.
Referencing: 10/100 marks
Correct Harvard style referencing, clear formatting (including spelling, punctuation), and
effective communication.
Total marks available: 100
Assignment instructions:
1. The coursework should begin with a cover page including your student ID, the
module name and code, date, coursework title, and your word count. Do not include
your name anywhere on the document or in its title to allow for anonymous marking.
All pages must be numbered, and your student ID should appear at the top of each
page (excluding the cover page).
2. Following the cover page, write a brief executive summary that addresses issues in
the topic statement above (no more than 200 words). The executive summary counts
within the word limit.
3. Provide both an introduction paragraph and a conclusion paragraph for the full
coursework, both of which must also be aligned to your executive summary.
4. Base your coursework on the content from lectures 1-14 of ARUL Business Economics
and the required reading from chapter 1-14 in the Krugman & Wells (2017) textbook
on Kortext. Using further relevant content from the Krugman & Wells textbook will add
to the quality and of your coursework. The textbook is a required reference for this
assessment, lack of use of course materials will result in a significant loss of marks.
5. After the final conclusion paragraph, you must finish your coursework with a Harvard
style list of references or bibliography with the approved data sources in alphabetical
order by author surname (only one reference listing per source, regardless of number
of times used in the coursework). Students should use at least five different approved
data sources listed below and this must include the Krugman & Wells (2017) EFB
MOD3327 textbook.
6. Plain formatting is preferred throughout. Avoid unnecessary coloured text, or
decorative images that are not directly providing data (avoid decorative cover pages
as they are not academically necessary or useful). A simple table of contents after
the cover page is acceptable but not required. You must check spelling, formatting,
graph labels, in-text citations, referencing, and grammar before submission to avoid
loss of marks (up to 10% loss for formatting errors).
Approved data sources:
(Do NOT use any external sources that are not on this list or you will risk the loss of
significant marks. These sources provide more than sufficient information to complete the
assessment):
1. ARUL EFB MOD2237 textbook on Kortext: Krugman & Wells, 2017
2. ARUL EFB MOD3327 lectures, PowerPoint slides, & videos: Young, M. 2020 (use
correct in-text citation and Harvard reference format for university lectures).
3. ARUL Digital Library sources available online (include ARUL website URL for any
ARUL Digital Library sources in references)
4. Tutor2U website & videos
5. Investopedia
6. Financial Times newspaper
7. The Guardian newspaper
8. BBC News
9. UK Office of National Statistics
10. UK Government websites ending in “gov.uk” and “parliament.uk”
Any data sources used outside of the above may be subject to investigation for
plagiarism, possible failure of the assessment, and will result in loss of marks.
Task one assessment criteria – Students must demonstrate:
• Knowledge and understanding of the language of economics.
• Knowledge and understanding of the basic methodology and models used in
economics and their application to real-world situations.
Task two assessment criteria – Students must demonstrate:
• Knowledge and understanding of the basic methodology and models used in
economics and their application to real-world situations.
• Intellectual, practical, effective and transferable skills, which is achieved through
demonstrating the ability to analyse hypothetical and/or real-world situations that
occur in economics.

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