Posted: August 5th, 2015

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)

2. 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)

3. 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)

4. 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)

5. 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)

6. 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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