Economic Environment of Business

Learning Outcome 1: Apply economic analysis and models to real-world issues affecting businesses and other sectors of the economy;
Learning Outcome 2: Evaluate the potential impact of the macroeconomic environment on business decisions, outcomes and vice versa;
Learning Outcome 3: Evaluate the potential impact of different market structures on business decisions and outcomes;
Learning Outcome 4: Communicate economic ideas, principles, and arguments in a clear, precise and applied manner.

Task Details/Description:
Write short briefing notes on TWO of the following concepts explaining each concept with reference to their real-world significance. They should be written as if addressing a young entrepreneur who is starting up their first business, but who has no formal training or background in economics. As a young businessperson, they are particularly interested in the real-world significance of these concepts to businesspeople. Alternatively, they can be addressed to the general public where, again, you are demonstrating their real-world significance and important.
a) The rate of inflation
b) The volatility of economies
c) Elasticity (of a variable to a change in a determinant)
d) The distinction between nominal and real values
e) A change in supply

Presentation Requirements:
The individual coursework is to test your ability to explain fundamental economic concepts in a clear, concise, and applied manner. This recognises the importance of application and communication in evidencing subject knowledge.

You are required to produce TWO briefing notes of up to 600 words each and therefore up to 1,200 words across the two briefing notes.
These should explain what the concepts are by bringing out their real-world significance. The briefing notes need be concise, precise, and engaging and must evidence not only what the concepts are but also why they are relevant.