FE4061 Understanding the Business and Economic Environment Islington College

COURSEWORK: QUESTION PAPER (Re- Sit)

Spring 2023 Semester-long

Module Code:	FE4061
Module Title:	Understanding the Business and Economic Environment
Module Leader:	Rupak Aryal (Islington College)

Coursework Type:	Individual Coursework- 1500 Words 1500 ± 5% works is recommended. (Minimum 1425 and  maximum 1575)
Coursework Weight:	This coursework accounts for 100% of your total module  grades.
Submission Date:	TBA
When Coursework is  given out:	TBA
Submission  Instructions:	Submit the following to Islington College RTE department  before the due date: ● 1 x Final Submission PDF ● File name example: 12312324 Darshan Gyawali
Warning:	London Metropolitan University and Islington College takes  Plagiarism seriously. Offenders will be dealt with sternly.

© London Metropolitan University

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Section A: Learning outcomes of the assessments 

LO 1. Understand the business context of firms, research well-known  organisations and the business environment in which they operate, and apply  business principles and analysis within chosen sector/s; 

LO 2. Understand the economic context of firms, research well-known  organisations and the economic environment in which they operate, and apply  economic principles and analysis within chosen sector/s 

Section B: Introduction 

Your academic performance is assessed by means of your classroom  participation, formative assessments, and summative assessments in this  module.  

This is the only summative assessment in this module. The assessment is  developed with the aim of testing the module’s learning outcomes. Formative  assessment takes place in tutorial or workshop sessions through learning  activities that support development of this summative assessment. Students are  required to reflect the classroom discussion, case studies and examples from  industry to get a better score. 

Section C: Assessment Strategy 

The assessment includes 3 parts: 

Part 1– Students are required to research well-known organisations and the  business/ economic environment in which they operate, and apply business/  economic principles and analysis within chosen sector/s. 

Part 2– Students are required to answer three questions from this part. 

Part 3– Students will also be assessed on the basis of their participation in  classroom activities like simulations, formative assessments, and case study  analysis.  

Section D: Assessment submission 

Assessment question paper will be handed to students 4 weeks prior to the  submission. The deadline to submit the assessment will be finalised by the RTE  department. 

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Please note- all the submissions must be converted to the PDF format. Any  submissions in other formats will not be accepted.  

Section E: Assessment Requirements 

You are required to develop an individual report as per the structure and  instruction provided below:

S.N .	Section	Weight	Detail
1	Cover Page	1	● Must follow the cover page template provided  by the module lecturer 1 page
2	Table of  content	1	1 page
3	Introduction	5	● The purpose of the paper (2 marks) ● The structure of the paper (3 marks) 50 words
4	Company  Background	23	● Identify one public limited company (PLC) that  is based in the UK from the retail industry. (3  marks) ● Briefly discuss the nature of the chosen  company (5 marks) ● Briefly discuss the structure of your chosen  industry. (7 marks)  ● Apply the SCP framework on the chosen  industry. (8 marks)   300 words

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5	STEEPLE  Analysis	28	Use the Social, Technological, Environmental,  Economic, Political, Legal and Ethical (STEEPLE)  factor analysis to analyse the external business  environment of the chosen company over the last 5- 10 years.  You are expected to discuss each factor separately,  for example, consider in what ways technology (T)  might influence the organisational structure of a  business.  Explain any four (4 x 7 marks) of the following  factors:  ● Social Factor Analysis ● Technological Factor Analysis ● Environmental Factor Analysis ● Economic Factor Analysis ● Political Factor Analysis ● Legal Factor Analysis ● Ethical Factor Analysis You must identify three points for each of the four  chosen factors and explain one of the points in  detail.  400 Words
6	Economic  Factor:  Micro economic	12	● Identify the determinants that affect the  demand for goods and/or services of your  chosen company. (2 marks) ● Draw a demand curve diagram to illustrate  your answer. (2 marks) ● Identify the determinants that affect the supply  for goods and/or services of your chosen  company. (2 marks) ● Draw a supply curve diagram to illustrate your  answer. (2 marks)

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			200 Words
	Economic  Factor:  Macro economic		● Identify the impacts on businesses because of  national policies- fiscal policy, monetary  policy, and/or supply-side policy. (4 marks) 100 Words
7	The business  problems  and  challenges	5	Discuss the business problems and challenges  the chosen company faces because of the  contemporary issues like- ● Russian invasion on Ukraine; ● The pandemic; ● The increase in dollar rate; ● The shortage of fuel/ rise in price of fuel;  etc. 150 words
8	Problem 1:  Profit  Maximisation	5	Answer Problem: 1 from section F. 100 words
9	Problem 2:  Social costs  and benefits	5	Answer Problem: 2 from section F. 100 words
10	Problem 3- Circular flow  of income	5	Answer Problem: 3 from section F. 100 words
11	References	5	● In text citation and Bibliography must be  developed using Harvard referencing  method ● References must be evaluated on  qualitative and qualitative aspects Note: Points and/or arguments presented and made  should be substantiated with data/evidence. I am  interested in your own views but it should be clear  through the referencing system whether they are

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			personal or evidenced by the views/data of others.
12	Appendix

Section F: Three problems from Part 2. 

Problem: 1 

The AgroFarm pvt. ltd. Produces potatoes and brings it every day to sell in the  Kalimati Tarkari Bazaar. As of today, tomatoes are priced at Rs 50 per kg by the  Kalimati Tarkari Bazaar. The following table shows the quantity, fixed cost, and  variable cost for producing tomatoes: 

Quantity (kg)	Fixed Cost (FC)	Variable Cost (VC)
1	100	20
2	100	30
3	100	50
4	100	85
5	100	135
6	100	205
7	100	300

Question 1: 

The market for tomatoes in Kalimati Tarkari Bazaar is close to which of the  market structures? [2 marks] 

Question 2: 

Complete the following table from the information provided in the question: [2  marks] 

Quantity  (kg)	Total  Revenue	Marginal  Revenue	Average  Revenue	Fixed  Cost	Variable  Cost	Total  Cost	Marginal  Cost	Profit
1				100	20
2				100	30
3				100	50
4				100	85
5				100	135
6				100	205
7				100	300

Question 3: 

At what quantity would the firm be able to maximize its profit? [1 marks]

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Problem 2: 

Government is considering building a park in the middle of the city. Assume, you  are appointed as an economist to help the government to decide whether to build  the park or not.  

A. Identify the social costs and social benefits of building the park in the  middle of the city. [4 Marks] 

B. Comparing the social costs and benefits, what do you think, should the  government build the park? [1 Marks]  

Problem 3: 

Explain the consequences if withdrawals are greater than injections in the  circular flow of income. 

Section G: Marking Criteria: How will you be evaluated? 

The paper will be evaluated on the following major criteria.  

● Evidence of understanding of the selected question 

● Evidence of understanding of relevant concepts 

● Critical application of theory 

● Demonstration of analytical independent thinking 

● Evidence of research (In classroom and external) 

● Use of relevant examples to support the argument 

● Collection and sound use of relevant information 

● A coherently structured argument 

● Well supported conclusions 

● A sound professional quality presentation 

● Citation and Referencing

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Section H: Recommended Reading for references 

Books 

• Sloman, J., Garratt, D., Guest, J., & Jones, E. (2019) Economics for  Business. 8th edition. Harlow, United Kingdom: Pearson Education  Limited. 

• Worthington, I. and Briton, C. (2018) The Business Environment: A  Global Perspective 8th edn, London: FT/Prentice Hall. 

• Sloman, J., Guest, J. and Garratt, D. (2018) Economics. 10th edition,  Pearson Education Limited.  

• Wetherly, P. and Otter, D. (2018) The Business Environment: Themes  and Issues in a Globalizing World, 7th edn, UK: Oxford. 

Journals 

• European Research on Management and Business Economics. • Harvard Business Review. 

• International Journal of Management and Economics.  

Websites 

• www.bankofengland.co.uk 

• www.bbc.co.uk 

• www.ft.com 

• www.theguardian.com/uk/business  

• www.independent.co.uk/news/business/news 

• www.stats.gov.uk 

• www.studyingeconomics.ac.uk 

• www.uk.reuters.com/business

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Section I: Assessment Grade Description 

GSBL UNDERGRADUATEGENERAL GRADE DESCRIPTORS

	Level 3/4	Level 5	Level 6
General	Acquisition of broad  knowledge Evaluate information Use information to plan,  develop and problem solve	Generate ideas through  analysing concepts Demonstrate a command of  specialised skills Formulate responses to well  defined and abstract Analyse and evaluate  information	Critically review, consolidate  and extend a body of  knowledge using specialised  skills Critically evaluate concepts  and evidence from a range of  sources Transfer and apply skills and  exercise significant  judgement in a range of  situations
70-100  (A)	Very good Demonstration of very good  comprehension of the task  with evidence of analysis,  synthesis, evaluation and  critical appraisal Use of a wide variety of  appropriate sources Transformation of knowledge Independent thinking and  development of ideas Ability to  communication very clearly  and effectively Very good evidence of  preparation Very good organisation,  structure and presentation of  work – minimal errors Good references, appropriate  sources (quality and	Excellent Advanced scholarship Goes beyond the material  provided Excellent link to research Excellent analysis, synthesis,  evaluation and critical  appraisal Excellent evidence of  preparation Comprehensive and critical  understanding of the topic Excellent ability to  communicate clearly and  effectively Excellent organisation,  structure and presentation of  work Good references, appropriate  sources (quality and  quantity). No errors in  reference list or citations.	Excellent – Outstanding (for  use at far end of range) Outstanding understanding,  exploration and insight Strong evidence of originality  and development of own  ideas Develop a highly complex  argument Outstanding ability to  communicate topics clearly  and concisely Advanced organisation,  structure and presentation of  work Good references, appropriate  sources (quality and  quantity). No errors in  reference list or citations. References well utilised and  critiqued

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	quantity). No errors in  reference list or citations.
60-69 (B)	Very good Demonstration of very good  comprehension of the task  with evidence of analysis,  synthesis, evaluation Use of a wide variety of  appropriate sources Transformation of knowledge Independent thinking and  development of ideas Ability to communication  clearly and effectively Very good evidence of  preparation Very good organisation,  structure and presentation of  work – minimal errors Good references, appropriate  sources (quality and  quantity). Minimal or no  errors in reference list or  citations.	Very good Demonstration of very good  comprehension of the task  with evidence of analysis,  synthesis, evaluation Use of a wide variety of  appropriate sources Transformation of knowledge Independent thinking and  development of ideas Ability to communication  clearly and effectively Very good evidence of  preparation Very good organisation,  structure and presentation of  work – minimal errors Good references, appropriate  sources (quality and  quantity). Minimal or no  errors in reference list or  citations.	Very Good Advanced scholarship Goes beyond the material  provided Very good link to research Very good analysis,  synthesis, evaluation and  critical appraisal Very good evidence of  preparation Comprehensive and critical  understanding of the topic Very good ability to  communicate clearly and  effectively Very good organisation,  structure and presentation of  work Good references, appropriate  sources (quality and  quantity). No errors in  reference list or citations.
50-59 (C)	Adequate – Satisfactory Some analysis but limited Some insight and exploration  of ideas Sound conclusions No significant inaccuracies or  omissions Some analysis, evaluation or  synthesis of information Lacking clarity at times Some evidence of  preparation Referencing is sound. Mostly  appropriate sources.  Numerous errors or  inconsistencies	Adequate – Satisfactory Some evidence of thinking  independently to develop  own ideas Evaluation of relevant  theories or literature Reasonable ability to  communicate clearly and  effectively Report information in a  structured way Use of an appropriate format Quite comprehensive  knowledge Satisfactory evidence of  preparation Satisfactory referencing,  appropriate sources. Numerous but minor errors in  references	Adequate- Satisfactory Evidence of thinking  independently to develop  own ideas Evaluation of relevant  theories or literature Ability to communicate  clearly and effectively Report information in a  structured way Use of an appropriate format Reasonably Accurate, quite  comprehensive knowledge Satisfactory evidence of  preparation Coherent and well presented  – minor errors Satisfactory referencing,  appropriate sources. Minor errors in references
40-49 (D)	All learning outcomes met Competent (practical) May be incomplete in  knowledge (some errors or  omissions) Insufficient analysis,  evaluation or synthesis Limited application of  theories/knowledge	All learning outcomes met Competent (practical) May be incomplete in knowledge (some errors or  omissions) Weak or no analysis,  evaluation or synthesis Some application of  theories/knowledge	All learning outcomes met Competent (practical) May be incomplete in  knowledge (some errors or  omissions) Weak or no analysis,  evaluation or synthesis Some application of  theories/knowledge

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	An awareness of appropriate  principles/theories/technique s Irrelevance to the task at  times Disorganised work with weak  standard of presentation Numerous aberrations from  the requirements of the task Referencing is attempted  although may be  inconsistent, many errors,  weak sources	An awareness of appropriate  principles/theories/technique s Irrelevance to the task at  times Disorganised work with weak  standard of presentation Aberrations from the  requirements of the task Referencing is attempted  although may be  inconsistent, many errors,  weak sources	An awareness of appropriate  principles/theories/technique s Irrelevance to the task at  times Disorganised work with weak  standard of presentation Aberrations from the  requirements of the task Referencing is attempted  although may be  inconsistent, many errors,  weak sources
Condone d Pass  30-39  (R2/F1)	Learning outcomes not met Little relevant knowledge Lacking structure Numerous errors in structure  and form Limited understanding of  concepts/theories No appropriate analysis,  evaluation or synthesis Significant  inaccuracies/omissions Not competent Little or no attempt to use  references and if so very  weak with errors	Learning outcomes not met Little relevant knowledge Lacking structure Numerous errors in structure  and form Limited understanding of  concepts/theories No appropriate analysis,  evaluation or synthesis Significant  inaccuracies/omissions Not competent Little or no attempt to use  references and if so very  weak with errors	Learning outcomes not met Little relevant knowledge Lacking structure Numerous errors in structure  and form Limited understanding of  concepts/theories No appropriate analysis,  evaluation or synthesis Significant  inaccuracies/omissions Not competent Little or no attempt to use  references and if so very  weak with errors
Under 30  (R2/F2)	Little engagement with the  task No basic understanding of  the subject matter Poor communication (written  or verbal) Lacking or no structure Significant errors in structure  and form Many significant  inaccuracies/omissions – very little correct Little or no attempt to use  references and if so very  weak with many significant  errors	Little engagement with the  task No basic understanding of  the subject matter Poor communication (written  or verbal) Lacking or no structure Significant errors in structure  and form Many significant  inaccuracies/omissions – very little correct Little or no attempt to use  references and if so very  weak with many significant  errors	Little engagement with the  task No basic understanding of  the subject matter Poor communication (written  or verbal) Lacking or no structure Significant errors in structure  and form Many significant  inaccuracies/omissions – very little correct Little or no attempt to use  references and if so very  weak with many significant  errors
(0%)	No submission Nothing of relevance in the  work submitted	No submission Nothing of relevance in the  work submitted	No submission Nothing of relevance in the  work submitted

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