Economics Assignment Help UK

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Sample Question And Solution Of Economics Assignment

Question:

MOD003327 Economics For Business

Writing an essay showing the understanding of Supply and demand analysis, allows us to investigate and understand the operation of markets or sometimes the failure of markets.

Required:

(i) Using supply and demand analysis identify which you believe to be the main factors in determining the price of bottled water in the UK.

(ii) Identify and explain what are the main economic policies that the government can use to reduce the use of 'single-use plastic' in the U.K.

Solution:-

Introduction:

Water is acknowledged as life and without water life wouldn't have sustained on the planet earth. Without having water for drinking not a single living organism would have sustained in the earth and all of the living beings are dependable on the water source of the planet earth for a living (Shiva 2016). Well, it is good to know that there is more than enough water to drink in the earth, however, overexploitation of the drinking water has made it a scare resource. Out of total water resources in the earth 3% in consumable, which is far more sufficient for the 700 billion population of the earth (Hisar, Kale and Ozen 2015). Now, is the situation really tensed! Yes, it is; due to the fact that out of total drinkable water only 1 part is available in liquid form and the remaining 2 part is available in the form of ice in the glaciers (Bennett et al. 2016). 1 part water, which is present in liquid form is available from the surface or groundwater free of cost because it is a common resource. However, overexploitation has made it scare resources and on the other hand, water is an essential good cannot be substituted. Thus under this scenario, bottled drinking water has come into existence, yet the issue has not resolved due to the high price of the same. Read More

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Most Popular FAQs Searched By Students:

Q.1: What is an economics assignment?

Ans: An economics assignment is an assignment that is assigned to each student of economics. They have to complete these assignments on the basis of the knowledge that is imparted during their lectures. These assignments can be:-

Essays

Thesis

Case study

Research paper

You have to complete these assignments within the deadline allotted by your academic institutes

Q.2: How do you make an assignment in economics?

Ans: Economics assignment is compulsory for all the students pursuing economics. Here are tips to make your economics assignment:-

Research is a must. You have to conduct research according to your topic. Find references that will support your point of view in the assignment. Write your assignment in simple language. Maintain the word count of your assignment Revision is unavoidable.

Q.3: What are the 5 concepts of economics?

Ans: There are 5 concepts in economics. They are:-

Supply and Demand Scarcity Opportunity Cost Time value of money Purchasing Power

These are the basis on which major economic rules are set. Hence you need to learn them and their uses in this field.

Q.4: What is the basic principle of economics?

Ans: Economics is a subject that runs on principles and rules. Although there are several principles in economics but there are three basic principles that are followed in economics.

These are the 3 basic principles:-

Principle of Scarcity

Supply, Demand and Market Price

Efficiency

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