This assignment must be submitted no later than 7th August 2014 2359

BUSINESS ECONOMICSASST 2

You are required to type up and submit a Word document file which will include your answers to the above two questions.

In preparing your answers to the assignment, you are required to follow the specific guidelines below: You are to work on this assignment individually without the help of others. Your answer should be grounded in relevant economic theories. The word limit for Question 1 is between a minimum of 800 and a maximum of 1000 words, and for Question 2 a minimum of 400 and a maximum of 500 words. Use Times New Roman or Arial 12 pt with 1.5 spacing between lines. Pages must be numbered. Headings and sub-headings should be clear and visible. The text should flow smoothly, with each section leading naturally and logically to the next one. This assignment is due one day before the end of the course end date. Late submissions will not be accepted. Reference all sources appropriately using the Harvard Referencing system. Note that although you may include direct quotes from various sources of information, your answer should not merely be other people’s work. That is, even if you identify the sources of information that you use, you should not copy too much information directly from other sources. Try to paraphrase as much as possible and include your own thoughts in your answers. Even if you paraphrase you still need to identify the source of information. When you copy directly be sure to identify the pages. Finally, when you include your own thoughts be sure to justify them with supporting references. All assignment answers will be checked for plagiarism using TurnItIn. This assignment comprises 30% of your total course grade. To pass the course you must obtain an overall grade of at least 60%

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Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation: Rio Tinto. International Mining Company.

Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation — RIO TINTO (International Mining Co.).

Economic Theory:
•    Supply and Demand
•    Elasticity
•    Economic Efficiency and Market Failure
•    Profit Maximising and Competitive Market
•    Monopoly and ACCC (Australian Consumer Competition Committee)
•    Monopolistic Competition
•    Macro Economics, an introduction
•    Aggregate Demand and Aggregate Supply
•    Fiscal Policy

Word Count:
•    2,500 (including 400 words in Executive Summary)

THE ASSIGNMENT:
1.    Executive Summary
•    The name and brief background of company.
•    The economic concepts and theories that form the basis of the critical economic analysis of past and current performances of the company.
•    The key strategic issue the company faces and options to address the issue.
•    The conclusion of the analysis.
•    Propose recommendation/s to address the key strategic issue and implementation measure.
•    400 words
•    (6 marks)

2.    Background information on company.
•    Provide companies name and background details.
•    Integrate relevant economic terminology and concepts to set the scene for following analysis.
•    Sets the scene for following analysis.
•    (3 marks)

3.    Critical Analysis using economic concepts.
•    Uses economic theory (incorporating graphs/data/relevant calculations) to critically analyse past performance of the firm and the market it operated in.
•    Uses economic theory (incorporating graphs and relevant calculations) to critically analyse current performance of the firm and the current market it operates in.
•    Relates to the market the company operates in and incorporates internal and external analysis findings as relevant.
•    (12 marks)

4.    Reflections and key strategic issue.
•    Based on the critical analysis, reflect on what was learnt, what was confirmed, and what remains puzzling.
•    The key strategic issue the firm faces, now or in the near future, is clearly stated.  It relates to, and emerges from, the critical analysis.
•    (8 marks)

5.    Analysis of options to address key strategic issues.
•    Clearly proposes 2 options (clear & different) that could be implemented to address the key strategic issue using economic theory.
•    Evaluate both options outlining the benefits to the company (incorporating graphs/data/relevant calculations).
•    Assesses the assumptions made when evaluating both options.  Evaluate the impacts of the firm of implementation either option should any assumptions prove to be incorrect.
•    (12 marks)

6.    Conclusion and recommendation/s.
•    Draws a conclusion from the analysis.
•    Provides clear insightful recommendation/s to address the identified key strategic issue.
•    Outlines important practical implementation measures.
•    (4 marks)

Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation: Rio Tinto. International Mining Company.

Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation — RIO TINTO (International Mining Co.).

Economic Theory:
•    Supply and Demand
•    Elasticity
•    Economic Efficiency and Market Failure
•    Profit Maximising and Competitive Market
•    Monopoly and ACCC (Australian Consumer Competition Committee)
•    Monopolistic Competition
•    Macro Economics, an introduction
•    Aggregate Demand and Aggregate Supply
•    Fiscal Policy

Word Count:
•    2,500 (including 400 words in Executive Summary)

THE ASSIGNMENT:
1.    Executive Summary
•    The name and brief background of company.
•    The economic concepts and theories that form the basis of the critical economic analysis of past and current performances of the company.
•    The key strategic issue the company faces and options to address the issue.
•    The conclusion of the analysis.
•    Propose recommendation/s to address the key strategic issue and implementation measure.
•    400 words
•    (6 marks)

2.    Background information on company.
•    Provide companies name and background details.
•    Integrate relevant economic terminology and concepts to set the scene for following analysis.
•    Sets the scene for following analysis.
•    (3 marks)

3.    Critical Analysis using economic concepts.
•    Uses economic theory (incorporating graphs/data/relevant calculations) to critically analyse past performance of the firm and the market it operated in.
•    Uses economic theory (incorporating graphs and relevant calculations) to critically analyse current performance of the firm and the current market it operates in.
•    Relates to the market the company operates in and incorporates internal and external analysis findings as relevant.
•    (12 marks)

4.    Reflections and key strategic issue.
•    Based on the critical analysis, reflect on what was learnt, what was confirmed, and what remains puzzling.
•    The key strategic issue the firm faces, now or in the near future, is clearly stated.  It relates to, and emerges from, the critical analysis.
•    (8 marks)

5.    Analysis of options to address key strategic issues.
•    Clearly proposes 2 options (clear & different) that could be implemented to address the key strategic issue using economic theory.
•    Evaluate both options outlining the benefits to the company (incorporating graphs/data/relevant calculations).
•    Assesses the assumptions made when evaluating both options.  Evaluate the impacts of the firm of implementation either option should any assumptions prove to be incorrect.
•    (12 marks)

6.    Conclusion and recommendation/s.
•    Draws a conclusion from the analysis.
•    Provides clear insightful recommendation/s to address the identified key strategic issue.
•    Outlines important practical implementation measures.
•    (4 marks)