|Coursework 1 task: In April 2016 the United Kingdom introduced a `National Living Wage’ (NLW) for those aged 25 and over which is automatically adjusted in April each year. With the use of economic analysis, provide a brief analysis of the likely effects of this policy
Self-reflection 1 task: Once you have written your answer, use the file the ‘Coursework 1 Shell’ to complete the following:1) Place you answer on page 2 (onwards) of ‘Coursework 1 Shell’2) Provide a short explanation of how you demonstrate the learning outcomes (1 to 3).3) Give yourself a grade.4) Ask the marker a specific question that you are unsure of in your answer.
Word Limit: 500 words excluding references, diagrams or tables.
Submitting: Submit a single Word document (use Coursework 1 Shell’) to the Coursework 1 Turnitin drop box on the Economics Moodle page, this appears in the Assessment Information box. The name of your document must be your Student Number.
Feedback return date: Feedback in the form of written comments on your submitted assignment along with the awarded grade will be returned to you before the Coursework workshop, week commencing 12-Nov-18. This coursework workshop will help you to use the feedback to inform your work for Coursework 2.
Grade weighting: Coursework 1 counts towards 30% of the Economics unit grade. Graded and moderated by David Bibby and Paul Lovejoy.
Cheating, Collusion and Plagiarism: This is an individual assignment. The University takes a serious stance against the use of purchased essays. All work submitted must adhere to the University Policy on ‘Cheating, Collusion and Plagiarism’.
Reasoning: In a decision making role in a firm, your decisions may be affected by forces external to the organisation. For example, consumer behaviour, the value of currency, interest rate, unemployment, and business confidence. Being able to apply an economic model or tool to help simplify and provide a solution to a problem in and dynamic and competitive environment is vital. You will also need to be aware of the limitations these tools have when interpreting your findings. This assignment requires you to choose an appropriate economic tool to solve a real world problem and have a critical mind of its usefulness.
Learning Outcomes: 1) Evaluate key economic theories and principles. 2) Formulate business decisions by application of economic theory. 3) Synthesise arguments based on economic theory.
General and Employability Skills Outcomes: Problem solving and analysis. Written communication skills. Critical thinking analysis and synthesis. Research economic and business issues.
General advice on choosing and presenting diagrams:
You need to choose a tool to analyse the problem in the question. The tool you choose is probably presented as a diagram in the text book. If you use a diagram(s) as part of your answer, draw the diagram(s) by hand. Take a digital scan or a clear photograph of your diagram and place these in your Word document.
General advice on choosing and presenting data:
You may wish to make use of data as part of your answer. If you do so, please do not copy and paste readymade graphs into your essay. Obtain the original data and present them using a sensible method in Microsoft Excel. Some things to consider:
- Consider whether it would be more appropriate to show data monthly, quarterly or Furthermore, consider whether you should be showing seasonally adjusted data (if available).
- Forecast data can be useful, but it is not the same as historic
- Consider whether you should be presenting real or nominal data. This may be a
- Trends can add value to a presentation of data over time, consider whether it is appropriate to show one trend line over the whole length of the timeline or it needs to be broken up g. pre-financial crisis and post.
- Manipulation of the raw data can take many forms e.g. converting a series into an index, changing the base year of an index, converting data/indexes into percentage, percentage change or using
- Calculations may help try to quantify the difference between the two entities (companies / countries)
General advice on ‘report’ style writing:
An ‘analyst report’ is a factual and logical narrative that clearly presents the method used to solve the problem, the results from this method, and provides a solution based on these results. This type of report is used to brief directors/CEOs or Government ministers, who have very little time to read, process and understand what you have written. Assume that you are writing for these people, who are of high intelligence but may not have an in depth training in economics. A ‘good’ conclusion presents no new information or surprises. It completes the circle by referring back to the original question/topic and briefly summarises key findings.
Ideally, write in the third person e.g. “this report shows” but it doesn’t matter too much as long as you are consistent. Keep the writing style formal and professional, no slang, colloquialisms/sayings.
Caption/title every figure/table, show the source and identify any manipulations you have made to the data. Rule of thumb, the figure should still make sense be a standalone item. Keep the title simple and factual; include units (e.g. £) and the time period.
- Example of a title/caption: Figure 1. Average wages in UK (£, 2008 prices), 1999-2017.
- Example of source to be placed directly below figure/table: Source: OECD (2017) Average wages (indicator), author’s own calculations: conversion to £ in 2008
- The reference list would include the following info: OECD (2017), Average wages (indicator). doi: 10.1787/cc3e1387-en (Accessed on 28 September 2017).
Use APA 6th edition, see http://referencing.port.ac.uk/
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