Home Solutions an explanation of the importance of the micro-economic environment to business organisations
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Unit 6.3 Economics for Business
Level 6 15 Credits
As you are in the final year of study for your degree you are actively looking at possible career options. You are fortunate to have reached the next stage of an application for a post in an international company. In order to reach the interview stage in the selection process you have been asked to prepare a paper.
You must submit a paper prior to the interview date which demonstrates your understanding of the micro-economic business environment. In this submission you must include:
The appointments panel have expressed interest in the paper you submitted and you have received an invitation to attend for interview. At this stage of the selection process you are expected to make a presentation to show your understanding of the macro-economic environment in the domestic context of the country where the business has its head office. Produce a PowerPoint presentation with an accompanying hand out. You must include:
You have been told that one part of the interview will focus on your understanding of the implications for business of operating in the international economic environment. To support your answers to questions on this topic you have decided to prepare detailed notes which cover:
Guidelines for assessors
The assignments submitted by students must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. The suggested evidence listed below is how students can demonstrate that they have met the required standard.
1.1, 1.2, 1.3
The paper must meet the needs of the recipients and demonstrate that the student has a full understanding of the micro-economic environment, including a definition. The student should demonstrate knowledge and understanding of economic terms and concepts such as supply and demand, price elasticity etc.. The analysis in the paper should be detailed and clear showing for example differing business objectives and behaviour. There should also be analysis of the range of market structures using diagrams and examples to show understanding.
2.1, 2.2, 2.3
The PowerPoint materials and notes should meet the needs of the audience. There should be a range of determinants of national income which are clearly explained in the national context of the head office. There should be a comprehensive explanation of the impact of different strands of government policy. In the analysis of market structures on business organisations students should use SWOT and PESTLE.
The detailed notes must show the student understands of the implications of operating in an international economic environment. Their analysis must cover multinational operations including trade, exchange rates etc. There must be reference to international organisations. The analysis of the implications of operating in a global context should cover emerging economies, competition, collaboration