This first assignment requires students to develop a concept map of the key economic and regulatory forces impacting on their business. Students will link the key economic trends with one regulatory issue and explain the impact of this regulation on their business
Due Date:
Sunday April 5, 11:55pm
Weighting:
25%
Length and/or format:
1250 words
Purpose:
Understand the role of regulatory, political and economic environments as they effect organisations operating in the private sector and seeking to design and implement business strategies.
Learning outcomes assessed:
LO1 and LO4
How to submit:
Turnitin on LEO
Return of assignment:
Electronically, within three weeks after submission.
Assessment criteria:
Refer to rubric appended to Unit Outline.
Imagine you are about to open a pizza shop in your local vicinity. How do the broader regulatory and economic forces impact on your decision making? Make sure you identify 3 key pieces of legislation (one from each tier of government (local, state and federal) (eg law, by-law, statute, Act, regulation, ordinance) and identify 3 key economic concepts and how they are all relevant to your new venture.
Suggested Structure
1. Diagram of your Concept Map plus brief 50 to 100 word description of your pizza shop. your concept map should be separate from the rest of the essay. It’s just a simple diagram to explain the relationships between the various elements you are discussing. it should go at the beginning of your essay.
2. Discussion of relevant regulation and its importance (approximately 500- 650 words)
You do not need to quote sections of the law (unless you specifically wish to make a point); eg -Section 18 of the Competition and Consumer Act 2010 provides a person must not engage in misleading or deceptive conduct.- You could just say that in half the word count; ie, -The Competition and Consumer Act 2010 regulates against misleading or deceptive conduct.- That would be fine because your word count is limited. (This is why drafts are important.)
3. Discussion of economic concepts and their importance (approximately 500 - 650 words.
Any 3 of the following Economic concepts may be used to analyse this topic:
· Interest Rates
· Trade
· Inflation
· Supply and Demand
· Elasticity
· Market Structures and Pricing
Please note: Use of graphs and diagrams in your essay is highly encouraged, as this will display to the marker your understanding and ability to apply and analyse various theories of economics. When incorporating graphs into your essay, please adopt the following three criteria:
1. original (not a screenshot from your text) incorporating labels;
2. correctly applied; and
3. adds to your analysis
It is also expected that you include at least 5 sources in your essay. Suggested sources include your textbook, journal articles from the ACU library's online databases, and websites, as long as they are reputable (major media sources, government websites (ABS, RBA, IMF etc)).
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