Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation: Rio Tinto. International Mining Company.

 

Economic Theory:

  • Supply and Demand
  • Elasticity
  • Economic Efficiency and Market Failure
  • Profit Maximising and Competitive Market
  • Monopoly and ACCC (Australian Consumer Competition Committee)
  • Monopolistic Competition
  • Macro Economics, an introduction
  • Aggregate Demand and Aggregate Supply
  • Fiscal Policy

 

Word Count:

  • 2,500 (including 400 words in Executive Summary)

 

THE ASSIGNMENT: 

  1. Executive Summary
  • The name and brief background of company.
  • The economic concepts and theories that form the basis of the critical economic analysis of past and current performances of the company.
  • The key strategic issue the company faces and options to address the issue.
  • The conclusion of the analysis.
  • Propose recommendation/s to address the key strategic issue and implementation measure.
  • 400 words
  • (6 marks)

 

  1. Background information on company.
  • Provide companies name and background details.
  • Integrate relevant economic terminology and concepts to set the scene for following analysis.
  • Sets the scene for following analysis.
  • (3 marks)

 

  1. Critical Analysis using economic concepts.
  • Uses economic theory (incorporating graphs/data/relevant calculations) to critically analyse past performance of the firm and the market it operated in.
  • Uses economic theory (incorporating graphs and relevant calculations)to critically analysecurrent performance of the firm and the current market it operates in.
  • Relates to the market the company operates in and incorporates internal and external analysis findings as relevant.
  • (12 marks)

 

  1. Reflections and key strategic issue.
  • Based on the critical analysis, reflect on what was learnt, what was confirmed, and what remains puzzling.
  • The key strategic issue the firm  faces, now or in the near future, is clearly stated. It relates to, and emerges from, the critical analysis.
  • (8 marks)

 

  1. Analysis of options to address key strategic issues.
  • Clearly proposes2 options (clear & different) that could be implemented to address the key strategic issue using economic theory.
  • Evaluate both options outlining the benefits to the company (incorporating graphs/data/relevant calculations).
  • Assesses the assumptions made when evaluating both options. Evaluate the impacts of the firm of implementation either option should any assumptions prove to be incorrect.
  • (12 marks)

 

  1. Conclusion and recommendation/s.
  • Draws a  conclusion from the analysis.
  • Providesclear insightful recommendation/s to address the identified key strategic issue.
  • Outlines important practical implementation measures.
  • (4 marks)

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