Business Economics

Business Economics

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

Business Economics

Write an essay reflecting on a variety of economic concepts/theories that impact an organisation — RIO TINTO (International Mining Co.).

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 analyse current 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 proposes 2 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.
•    Provides clear insightful recommendation/s to address the identified key strategic issue.
•    Outlines important practical implementation measures.
•    (4 marks)

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