Instructions: Need 1000 words. Your assignment needs to be uploaded to Turnitin before the submission deadline above. On submitting, you will receive a digital receipt. Make sure you keep a screenshot or download of this for your records, as proof of your submission. You must save your work in one of the formats accepted by Turnitin, such as: Microsoft Word (doc/docx); OpenOffice Text (.odt); Plain text (.txt). NOTE: Adobe PDF (.pdf) files must contain highlightable text and Apple Pages is NOT compatible. You should observe the word count stated on the assignment brief. A 10% margin is allowed above or below the limit. You will lose marks if this is not followed.

This essay is worth 50% of the overall mark for the module. For this essay assignment you need to answer the question set out above. The word limit for this essay is 1000 words (±10%) The aims of this assignment are to test your ability to accurately describe how a market operates and how markets help to allocate scarce resources. You should submit your work during the session on the date specified. Marks for work submitted after this date will be reduced in line with the college’s policy on late submissions. You must ensure that this assignment is your own work and in your own words. Any ideas/theories based upon the work of other writers must be fully acknowledged and correctly referenced both within the text and the bibliography. It is not acceptable to quote major sections of text, even if it has been fully referenced.

Marking Criteria - Marks for this assignment will be given according to the following criteria: a)how accurately you describe and explain the theory of markets and price determination b) how well you describe the role of markets in the allocation of scarce resources c) whether you use diagrams to help explain your ideas and the quality and relevance of any diagrams you use and how well you introduce these into your work; d) the quality and depth of research you carry out for this piece of work; e) the accurate referencing of any texts and data sources that you have used in answering the questions (a referencing guide is given below); f) the quality of grammar and the structure of your answers;

Hints and Tips - Marks will be awarded (or withheld) according to how well your response answers the question set out in the previous box. You should think very carefully about the content of your work and whether this is relevant to the question. Half of your marks for the entire module will be determined by how well you complete this task. You should set aside a significant amount of time to plan, research, write and (if necessary) edit and review your work. As a guide, you should expect to spend a minimum of 20 hours preparing this assignment. This is an essay assignment. An essay is a continuous piece of writing and should not include any sub-headings or bullet pointed or numbered lists. As with all written assignments your essay should be word processed.

You need to think very carefully about how you communicate your ideas. Work which is not clear will not be awarded a high mark. If work is very unclear it may not be possible to award it a pass mark! Consider very carefully how you structure your essay. To answer the essay question you will have to include a large number of different ideas so you should think very carefully about how these ideas fit together. You must think very carefully about the research you conduct and the resources that you use. Marks will be awarded according to the quality of the research material that you use. ou should also consider very carefully how you introduce the work of others into your work as marks will be awarded for the quality of the referencing and your skills at providing in-text citations. The word limit for this assignment is 1000 words (±10%) so your essay should be between 900 words and 1100 words in length. (This limit does not include your reference list or diagram labels).

The essay question specifically requests that you use diagrams as part of your answer. Marks will be withheld if you do not include diagrams! Marks will be awarded for both the accuracy and appropriateness of the diagrams you use. You should create the diagrams yourself. This can be done ether by drawing them with a pencil and a ruler or by using a computer (for example using MS Word or MS PowerPoint).