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Explain the four different types of economic systems

    Assignment Instructions

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    Business Environment

    Learning Outcome

    LO1 Understand the organisational purposes of businesses   

    1.1 Identify the purposes of different types of Organisation
           
    1.2 Describe the extent to which an organisation meets the objectives of different stakeholders

    1.3 Explain the responsibilities of an organisation and strategies employed to meet them

    LO2 Understand the nature of the national environment in which businesses operate   

    2.1 Explain how economic systems attempt to allocate resources effectively

    2.2 Assess the impact of fiscal and monetary policy on business organisations and their activities

    2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation

    LO3 Understand the

    behaviour of

    organisations in their

    market environment   

    3.1 Explain how market structures determine the pricing and output decisions of businesses

    3.2 Illustrate the way in which market forces shape organisational responses using a range of examples

    3.3 Judge how the business and cultural environments shape the behaviour of a selected organisation

    LO4 Be able to assess the

    significance of the

    global factors that

    shape national

    business activities   

    4.1 Discuss the significance of international trade to UK business organisations

    4.2 Analyse the impact of global factors on UK business organisations

    4.3 Evaluate the impact of policies of the European Union on the UK business organisations

    Assignment Type – Summative Report

    Unit Aim:

    The aim of this unit is to provide learners with an understanding of different organisations, the influence of stakeholders and the relationship betweenbusinesses and the local, national and global environments.

    Scenario

    You have been employed as an economic advisor for a new government committee exploring business environment locally and globally. You will have to create an overview of business organisations that you have examined for further understanding and information. You must pay special attention to the interaction of businesses with stakeholders in the wider community. In addition to this, you are required to provide a discussion on the external business environment and how it shapes organisational operations and responsibilities, in light of what ownership each business has.

    You must show that everyorganisation has a set of objectives which it needs to achieve in order to assess success or failure. For different types of organisations, these objectives differ widely. You must also outline the main purposes of different types of organisations, study how monetary, fiscal, resource allocation and government policies affect a company.

    You will also have to consider organisational behavior in light of factors like market structures culture, other global factors, and show your understanding of how these may shape your organisation.

    Task-1 Understanding Organisation purpose of business (AC 1.1, 1.2, 1.3)

    You need to identify the purposes of different types of organisation. In this section of the report will include the following:

    1.1 Identify the purpose of two contrasting businesses as part of your role as an economic advisor to the government committee.
    Purpose includes organisation Mission, Vision, Aims and objectives etc. (1.1)

    1.2In your capacity as an advisor to the government committee mentioned in the scenario, describe what are the objectives of stakeholders in the two contrastingorganisations and the extent to which each organisation is meeting those objectives..
    Different stakeholders are: Owners, Customers, Suppliers, Employees, Trade Unions and Employer Associations etc. (1.2)

    1.3As part of your role as an economic advisor, choose one organisationof your choice and explain the responsibilities of the organisation and strategies employed to meet them.
    These could be legal responsibilities, employment responsibilities, social responsibilities and environmental responsibilities. Think of responsibilities that arise as a result of objectives.

    Task-2 Understand the nature of the National Environment in which business operates (Ac 2.1, 2.2, 2.3)

    2.1In your capacity as a consultant government committee, explain the four different types of economic systems that exist and how they affect your selected organisation.

    Discuss this within the context of the UK economy and give all examples from the UK economy(WHERE APPLICABLE)- talk about the allocation and use of resource when explaining each of these economic systems (financial, natural and human resources).

    2.2As part of your consulting work, assess the effect of the fiscal policy and monetary policyonyour selected UK basedorganisation.

    2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of yourselected UK organisation and present your findings in your capacity as an economic advisor.

    Task-3 Understand the behaviour of organisations in their market environment

    3.1Explain how your selectedorganisation may behave in each of the basic types of market structures and how can it determine the pricing and output decisions in each of the cases, in your capacity as an economic advisor.

    3.2Illustrate with one example for any three market forces, the way in which they shape the behavior of a given organisation  of your choice and its responses. You may consider the following market forces when discussing your organisational behavior.

    1.Supply and demand

    2.Customer perceptions and actions

    3.Research and development

    4.Economies of scale

    5.Labour Market Trends

    Include this information in your capacity as an advisor to the government committee. (3.2)

    3.3In your capacity as an economic advisor, judge how the business and cultural environments shape the behavior of the selected organisation.

    Task-4 Be able to assess the significance of the global factors that shape national business activities

    4.1Asan  economic advisor to the government committee, Discuss the significance of international trade and the UK economy to the UK business organisation.

    4.2  Analyse the impact of any three global factors on the selected UK business organisation and include this information as a part of your government consultation.

    Global factors could include:

    1.Market opportunities

    2.Global growth

    3.Protectionism

    4.World Trade Organisation (WTO)

    5.Emerging markets

    4.3.In your capacity as an economic advisor, Evaluate the impact of policies of the European Union on the UK business organisation and discuss the impact of BREXIT.You may choose any three policies from the list below:

    1.Business

    2.Competition

    3.Environmental

    4.Economic

    5.Employment

    6.Education

    7.Cultural

    8.Trade

    A pass grade is achieved by meeting all the requirements listed in the assessment criteria above. Additionally, you may achieve higher grades as below.

    In order to achieve a Merit the learner must achieve all three merit descriptors:   

    Indicative, characteristics   

    Guidance

    M1: Identify and apply strategies to find appropriate solutions    Complex problems with more than one variable have been explored

    Effective judgments have been made   

    To achieve M1 you will have to apply appropriate strategies that describe the extent to which an organisationmeets the objectives of its stakeholders.

    For e.g. cost effective production methods to keep price low, quality controls to ensure that customer gets best quality at reasonable price

    M2: Select/design and apply appropriate methods/techniques   

    Relevant theories and techniques have been applied

    Complex information/data has been synthesized and processed   

    To achieve M2 you will have to apply appropriate methods to realize and explain corporate responsibilities and the strategies employed to meet them.

    M3: Present and communicate appropriate findings   

    The appropriate structure and approach has been used

    The communication is appropriate for familiar and unfamiliar audiences and appropriate media have been used.

    Communication has taken place in familiar and unfamiliar contexts   

    To achieve M3 you will have to present and communicate your findings in an appropriate way using different models and charts.

    In order to achieve Distinction the learner must achieve all three merit descriptors in addition to these distinction descriptors:   

    Indicative characteristics   

    Guidance

    D1: use critical reflection to valuate own work and justify valid conclusions   

    Self-criticism of approach has taken place

    Conclusions have been arrived at through synthesis of ideas and have been justified

    Realistic improvements have been proposed against defined characteristics for success

    To achieve D1 you will have to critically evaluate your own work and justify valid conclusions about the effect of market forces mentioned earlier.

    D2: Take responsibility for  managing and organizing activities

    Autonomy/independence has been demonstrated

    The importance of interdependence has been recognized and achieved   

    To achieve D2 you will have to organise and manage your findings about the effect of international trading on a UK organisation

    For e.g. show the interdependence of relevant trade factors affecting the organisation.

    D3: Demonstrate  convergent/lateral/creative thinking   

    Self-evaluation has taken place

    Problems have been solved

    Effective thinking has taken place in unfamiliar contexts     

    To achieve D3 you will have to critically analyse and evaluate the impact ofEU policies and BREXITonyour selected organisation.

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