Unit 55 Business Economics - level 5 in business

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Unit Name: Unit 55 Business Economics

Level: level 5 in business

Task 1

P1.1 explain the economic problem of scarcity and resource allocation

P1.2 explain how equilibrium in a market is achieved

P1.3 evaluate the importance of differing market systems

P1.4 evaluate the role of opportunity costs in determining how economies make decisions

P1.5 assess the importance of elasticity in market interactions

Task 2

P2.1 explain the implications of pricing and objectives on a business firm's operations

P2.2 compare how prices are set in different market structures

P2.3 how a firm's behaviour is affected by their market structure and operations

P.2 4 identify some UK regulations and evaluate the impact of those regulations on BT's market power

Task 3

P3.1 analyse how the structure of UK economy has changed in the 21st Century giving the arguments for the following factors of change

P3.2 evaluate the tools available to meet macro-economic policy challenges

P3.3 evaluate the success of UK government's policies in achieving macroeconomic objectives

P3.4 evaluate the economic performance of the UK economy in the global market

Task 4

P4.1 demonstrate the theory of comparative advantage using relevant illustrations from emerging economies such as BRIC or MIST

P4.2 justify the advantages and disadvantages of free trade for development using example from EU

P4.3 analyse the impact of emerging economies on the developed economies

P4.4 evaluate the impact of recent domestic and global economic shocks to the UK economy

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