You are tasked with examining the influence of both micro and macroeconomic environments on businesses, using relevant economic theory, real-world exa
Module Title: Global Business and Economics
Component 1 : Group Report
Words : 2500
Assignment Task:
This assignment requires you to explore the impact of microeconomic and macroeconomic factors on business operations, decision-making, and strategies. You are tasked with examining the influence of both micro and macroeconomic environments on businesses, using relevant economic theory, real-world examples, and critical analysis. You must use examples of UK and another country in your discussions.
You should consider:
- Supply and demand, pricing mechanisms, and price elasticity of demand (PED), with diagrams illustrating these concepts in action.
- Decision-making influenced by market structures (perfect competition, monopoly, etc.) and addressing market failures.
- Social costs of consumption and production, supported by diagrams where relevant.
- International trade concepts such as the law of comparative advantage, trade restrictions, and balance of payments.
- Analysis of the circular flow of income and its implications.
Ensure your analysis includes examples from both the UK and one other country.
Diagrams and graphs containing relevant statistical data should be used where appropriate. Take care to present clear arguments that are supported by economic theory and appropriate evidence from academic and other sources. It is also expected that your work should not be too descriptive but should focus on critical and analytical discussion.
Your assignment must not exceed 2500 words. Remember to consider the accuracy of the information that you use and to reference your sources correctly using the UoS Harvard format. Please note that any words included as part of a diagram or table are not included in the word count.
