BU6.01 Economic THINKING | My Assignment Tutor

SCHOOL OF BUSINESS PORTFOLIO PART 1 and 2 Term 1, 2021 BU6.01 Economic THINKING Part 1: Microeconomics INDIVIDUALTasksLengthDue datesMarksWeightingLOA500 – 800 wordsWeek 3, Tuesday, 2 March, 11:30 am20 marks10%1B500 – 800 words20 marks10%2C500 – 800 wordsWeek 5, Tuesday, 16 March, 11:30 am20 marks10%3Part 2: Macroeconomics PAIR OR INDIVIDUALD500 – 800 wordsWeek 7, Tuesday, 30 March, 11:30 am20 marks10%4E500 – 800 words20 marks10%4TOTAL100 marks50% The School of Business has a policy of no late assignments. However, an assignment handed in up to 24 hours late will be marked. A deduction of 20% of the total marks available will be made. Any assignments received more than 24 hours late will not be marked. OVERVIEW: The objective of this portfolio is to build a record of how you are learning to think like an economist as you progress through the course. Research has shown that students better understand and retain the material they are learning if they have the opportunity to reflect on the concepts, recognise them as they apply to their everyday lives and the world around them, and write about them. This process of reflection and writing enables you to develop an economic way of thinking. The real value of the portfolio tasks and reflection is for you to process and record your thoughts, questions, feelings and insights about what you are learning and how you see them manifesting in your life. This includes an ability to reflect upon the processes of your learning and how you are moving through the challenges to understand new concepts in the subject of economics. INSTRUCTIONS: Complete all portfolio tasks by analysing relevant, current examples (within the last 6 months), which are related to events you have witnessed in the world around you. Your choice of example should relate to real events which may be sourced from a variety of situations – current news media articles, the business world or your own/family experiences/activities. For each task you are to: apply the economic theory to the real-world situation, illustrate your application using economic terminology and models (eg graphs) and explain your applicationreflect on your personal application of the economic ideas/concepts and demonstrate how your thinking about the world around you has been transformed by learning about the economic way of thinking Application of economic terminology and models, as well as evidence of your reflection and insights are essential. PART 1: This is your own INDIVIDUAL work PART 2: These tasks may be completed per PAIR or INDIVIDUAL. If you complete these as a pair please ensure you complete the pair peer assessment form too. 1. Discuss in your pair and work out how you will tackle this task. It is recommended that you assign responsibility to tasks D and E between you. 2. Once each person has identified a relevant article analyse the situation and discuss how you can apply relevant economic concepts/models to the examples. 3. Complete drafts for each task and send to your partner for feedback and improvement suggestions. Focus on constructive criticism highlighting areas that may require clarification or improvement. Also, proof read the draft to ensure a high quality of academic writing (spelling, grammar, sentence structure, correct APA referencing – in-text and reference list). 5. Reflect on your peer feedback and re-visit your draft to prepare your final version for submission. 6. Complete peer evaluation document to submit to the lecturer. How to PResent your answer: STRUCTUREAction1.Provide a date for each answer/entry and identify the example you have chosen.2.Briefly explain your topic/issue/real world example you are about to discuss.3.Consider and explain what any of the key words mean to you before you studied economics? For example, what would you have said demand meant before studying economics? How would you have viewed your selected real-world issue prior to studying this subject?4.Define key terms in relation to the topic eg you could say something like I now understand demand to mean “………..” (reference*). Build your definitions into your explanations (do not just list key terms and definitions as bullet points) and make sure you include in-text references. * Refer to the APA system (7th ed.).5.Discuss how your problem or issue relates to the terms defined and demonstrate the application by using an economic model. In your explanation you should refer to the illustration of your model (for example: your model is labelled ‘Figure 1’ so in your written explanation include ‘see Figure 1’).6.Include your applied model (use an online drawing programme, or photo and scanned pdf). This model must be customised to your actual example. This could be a graph (most likely), a table, a flow diagramme, a formula or a process. Provide a title and a figure number relevant to the entry*. Relate your customised model to your discussion above (where you explain what your model shows), as it should clearly assist the development of your reflection and what you are trying to say. NB the model should not be a copy and paste from the text book, but adapted to your example. * Refer to the APA system (7th ed.).7.Reflect upon your learning. How has it changed from what you thought at the beginning of the entry or before the economics course? Comment on any aspects that were troublesome to you and what you did to break through the threshold. How would you apply this new learning in the future to integrate to other entries (possibly that you have already covered)? How are you feeling about this topic now? How complete do you feel your understanding is at the end of this reflection?8.Check through your entry Professional presentation structured as outlined above? Are there any spelling or grammar errors (use the free online tool Grammarly)? Is your graph correctly labeled, with a correct title? Have you referenced correctly (in-text and reference list)? Refer to the APA system (7th ed.). Recommended size 12 font and 1.5 spacing. Ensure each task is only approximately 500- 800 words plus graphs9.Include your reference list at the end – follow the APA referencing format! Attach the actual article (scanned as a pdf) at the end of your submission MICROECONOMICS, PART 1, INDIVIDUAL, TASKS A & B due 2 March, 11:30 am A: Forces of demand and supply (LO 1) Consider a current (occurring in the past six months) real-world example demonstrating the forces of demand and supply in a particular market. Analyse the example, apply and discuss the relevant economic concepts and terminologies, illustrating your application through models/graph(s). Discuss how your understanding of these events changed due to your new knowledge from the course. Clearly demonstrate the development of your economic way of thinking in your reflection. Please include a scanned copy of the example source/news media item. B: Unintended consequences/market failure and government intervention (LO 2) Consider a current (occurring in the past six months) real-world example related to government intervention in the market to solve major problems in the world today, such as pollution, the exploitation of resources or income inequality. Show how your thinking has changed about the policies the government applies to solve major problems and demonstrate how you would now use a relevant economic model to assist you in understanding and applying solutions to the unintended consequences of market failure. Please include a scanned copy of the example source/news media item. MICROECONOMICS, PART 1, INDIVIDUAL, TASK C due 16 March, 11:30 am C: Business decision-making in different market structures (LO 3) Choose only ONE of the below: Explain how your understanding of the economic concepts of short-run and long-run production costs have affected the way you think businesses make decisions. Provide a real-world example to demonstrate your understanding of how the factors of production can be combined together to indicate your new way of thinking. Apply models(s) to assist you in your answer. OR Select an organisation that is an example of one of the economic market structures in New Zealand, e.g. perfect competition, monopolistic competition, oligopoly, or monopoly. Explain why you have classified the organisation under that market structure, and reflect upon any implications for both the business owners and the consumers in that market structure. Apply models(s) to assist you in your answer. MACROECONOMICS, PART 2, PAIR or INDIVIDUAL, TASKS D & E due 30 March, 11:30 am D: Fiscal policy (LO 4) Consider the May 14, 2020 Budget document titled ‘Rebuilding Together’. Select at least one major change the Government has made in that budget and explain the effect this change could have on your household(s) in general. From how you view this change on your household(s), extrapolate how this change will affect the macro economy using aggregate demand and supply graph(s) to assist you. Hint: you may wish to just focus on the ‘highlights’ and the COVID-19 response. E: Monetary policy (LO 4) The Reserve Bank (RBNZ) is responsible for the monetary policy in New Zealand. Read the latest RBNZ Official Cash Rate statement, which informs the New Zealand financial sector of the Reserve Bank’s direction in the medium term. Use a transmission mechanism model to explain how the Reserve Bank has attempted to influence this direction through the statement. As an economist, reflect upon whether you agree with the stance taken by the Reserve Bank in this monetary policy statement providing a justification for your answer. MARKING SCHEDULE for each task: Levels of AchievementPerformance Criteria for level of understandingOutstandingAccomplishedCapableNeeds improvementMark1. Understanding of key economic terms and applied to business or personal situation (basic terms)Can define and discuss the appropriate terms accurately and apply at least one very rich real-world example to the terms. Can distinguish clearly between the basic economic terms.Can define and discuss most appropriate economic terms and apply at least one real world example to the terms. Minor errors noted.Can define some appropriate economic terms in a simple way. Some inaccuracies occur. Attempts to relate terms to a real-world example.Does not attempt to define appropriate economic terms at this level. Real world example is not appropriate./65-6430-22. Use of an appropriate model or procedure e.g. a graph, flow chart, formula, rule, table (models and procedures)A sophisticated and appropriate economic model is applied and adapted to the example provided. Labelling is correct. No errors or only minor errors are present in the model.An economic model is demonstrated and a sound attempt is made to apply and adapt the model to the example provided. Labelling is mostly correct. Some errors are presentA simple model is attempted that is not entirely appropriate. Many errors in the model including labelling aspects.Appropriate model is not clearly demonstrated. Labelling shows misunderstanding of economic concepts at this level./65-6430-2 3. Transformation of thinking to the economic way; integration of concepts, and possibly beyond; recognition of troublesome knowledge (threshold concepts)Has shown considerable ability to evaluate and draw conclusions. Thought processes are showing real transformation and integration of a number of economic concepts. Clearly recognises troublesome knowledge aspects of economic thinking but has emerged through the threshold. Shows real reflection on learning processes.Has shown some ability to evaluate and draw conclusions. Thought processes showing transformation and integration of economic concepts is beginning to occur. Recognises troublesome knowledge aspects of the economic concepts and is emerging through the threshold. Reflection demonstrates insight.Beginning to demonstrate transformation and integration of thought processes and draw some simple conclusions. Maybe having difficulty passing through the threshold but is beginning to recognise the troublesome knowledge aspects of economic concepts. Shows development in the process of reflection.Little transformation of thought processes demonstrated, e.g. no evaluations or conclusions drawn. No real attempt to reflect on learning taking place. May be having some challenges passing through the threshold. Does not recognise troublesome knowledge aspects in their answer. Little refection shown about the economic terms and models used./65-6430-24. Professional presentation, clearly structured, coherent, logical, succinct and well-written (correct grammar and spelling). Adequate and correct APA referencingExcellent level of competency in professional writing and academic standards demonstrated. All sources accurately referenced.Acceptable professional and academic standards demonstrated. However, clarity and readability lacking/ inadequate referencing.Professional and academic writing/APA referencing is lacking and requires further development.210/2Total/20 TOP TIPS DO THISDO NOT DO THISPlan your entries. Determine how and when you are going to write out the next three entries (No’s 3, 4 & 5) so you can submit them by the due dates.Leave them all to the last week and just write down anything that seems vaguely to do with the topic.Do read the question in the journal carefully. It has been set to assess a particular skill/element of the learning outcome. Your answer should be in response to the question set.Don’t just try to answer what is in the prescription (course outline) for that learning outcome. There are several elements in each LO and you could easily be off track.Always use an appropriate model which will most likely be a graph, but could be a flow diagram or some other process. Again, check with me if you are not sure which model to use.Don’t just fall back on a table or a tidy looking bar graph because it looks good! I would expect relevant and appropriate models.Label your models correctly and give your model a figure number and title. Explain your model fully applying it to the example you have chosen.Don’t just use scrappy sketches. Hand drawn is fine but it must be of a reasonable size and tidiness for me to read easily. You can then scan and upload your answers to Turnitin.Ensure that your writing is consistent with the model e.g. if you are discussing a supply curve shifting right then ensure that is what is drawn on your graph.Don’t think of the graph as a separate entity. It should reflect the picture of what you are saying.Your writing should be formal and academic, for example no contractions such as don’t and numbers up to ten in full.Don’t make it just a set of your personal stories. Don’t use slang. The happenings should also be linked to the theory.Ensure that you define new economic words as you first introduce them. I would suggest using the text definition with quotation marks and appropriate APA ‘in text’ referencing and then we are all on the same page.Don’t try to write the economic ideas without reference to the text. Don’t try to invent your own! For example, ‘excess demand’ or ‘shortage’ are the only terms to use to describe a situation when the quantity demanded of a good/service exceeds the quantity supplied at the current price.Please APA reference correctly throughout. If you do not at least attempt APA referencing you will lose many marks. Referencing correctly takes time, so use the library resources to guide you. Please provide just one full list at the end of the journal.Don’t think this doesn’t matter. It does! Don’t provide three separate reference lists.Always use real world examples to illustrate the theory. These will be from your own world, business/work or in the media.Don’t make the economics examples up.Write clear paragraphs which are logically linked together. If you plan each entry first this will be easier. A good approach is to: Tell the story of your example (or summarise a newspaper article) first in paragraph form. One example should cover all the key concepts from one question. You don’t need different stories or articles for each concept or element within a question. Define each key word and concept when you first use them, weaving the explanation into your story. Bring in the appropriate model and explain how your story or article can be explained using the model. Fully explain the model you are using applying the example. Reflect on your learning at the end.Do not write single one- two line sentences or phrases which are not linked and therefore do not explain anything let alone illustrate your understanding of the concept. Don’t forget – your journal is an exercise in showing how well you understand and can apply the economics you have been taught. You cannot show understanding using short unconnected phrases or sentences.Do close with a reflection on what you have learnt, how it all integrates together and how you might use the ideas in the future. You could also discuss what has been challenging to you and how you broke through the ‘troublesome knowledge’.Don’t just end with a graph, especially a graph that is not connected through the text to the example.Draw on your strengths and previous knowledge but make sure you apply the language, models and principles of the course. Be humble in your reflections.Don’t be too confident that you know all about economics at this stage of the course. I have been studying/teaching it for 30+ years (or is it longer?) and I am still learning every day and with each new class! There are many people with PhD’s who have failed economics 101 on first sitting! Source: Janet Turvey, Donna Petry, Barbara Stokes Good luck with your journal


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