Reference no: EM134025655

Principles of Economics

Learning Outcome 1: Apply principles of microeconomics to consumers and businesses' behaviour in various settings, including competitive and monopolistic markets.

Learning Outcome 2: Discuss how economic principles can aid decision-making in everyday life and promote positive citizenship behaviours.

The word limit for this assignment is 2,000 words (±10%). The 2,000 (±200) word count excludes cover page, headings, figures/tables (and captions), appendices, and the reference list. The marker may stop reading after the maximum threshold.

This assignment is divided into TWO TASKS and consists of both practical and problem-solving questions.

Any use of software, including artificial intelligence tools, should be appropriately attributed, and a declaration detailing how AI was used (including screenshots of prompts) should be included as an appendix. Please note that while AI may be used as a tool for idea generation, it should be used with integrity, as with any other source. Upon submission, your assignment will be checked for copied materials as well as the use of AI (artificial intelligence), with penalties to be applied where appropriate and if not referenced. Please refer to the next page for more information about how to use AI in this assignment.

ASSIGNMENT 1 Part B: Artificial Intelligence (AI) Use Statement

The use of AI is permitted but limited for this assignment, which means you are only allowed to use AI in the specific ways stated in this brief. Any use outside the permitted scope is not allowed and may be treated as academic misconduct.

AI tools may be used only for the purposes listed in the "Permitted AI use for this assignment" section of this brief. Any AI use outside these purposes is not permitted and may be treated as academic misconduct under AIS policies.

You are responsible for every word you submit. Even when you use AI in a permitted way, you must check the accuracy, relevance, and referencing of any information before including it in your work.

Support: You are allowed to use Studiosity and to seek help from the Learning Support Advisors if you have questions about your work.

Declaration: You must submit a completed Academic Integrity Declaration with your assignment. In that declaration, you must acknowledge whether or not you used any form of support in preparing your work. If you used AI in a permitted way for this assignment, you must also attach an AI Use Appendix that identifies the AI tool used, what you used it for, the prompts or instructions you entered, and the date or dates of use.

Detection and verification: Assignment submissions may be reviewed where there is concern that AI has been used in a way that is not permitted for this assignment, or where the level or style of the work does not appear consistent with a student's usual performance. A student may be required to complete a work verification task, such as a brief interview, quiz, or supervised writing exercise, to confirm that the submission reflects their own understanding and skills.

Assignment 1

The purpose of this assessment is to demonstrate your understanding of microeconomic principles and their application to consumer and business behaviour in different market settings. You will analyse and compare the behaviour of consumers and businesses in different markets, highlighting the key factors that influence their decision-making processes. As well as discussing microeconomic principles and how they can be applied to decision-making in your everyday life. It also helps in imparting skills in research and analysis of economic issues.

YOU ARE REQUIRED TO:

TASK 1:

(a) Provide an overview of both a perfect competitive and a monopolistic competition market structure, outlining the nature of competition within the different market structure and highlighting the significant differences and similarities between them and support your discussion with examples from New Zealand industries. (LO1)

(b) Apply any two microeconomic concepts to compare:

How consumers behave in the perfect competitive and monopolistic competition market settings, referring to the examples identified in part (a). (LO1)

How businesses operate within the selected perfect competitive and monopolistic competition market settings, referring to the examples identified in part (a).

TASK 2:

Select any two microeconomic principles and explain how they can be applied to everyday decision-making to encourage responsible citizenship actions. Provide examples to support your discussion.

Part A - Report Plan/ Mind Map:

You are required to submit a paper-based plan for your report in the form of a mind map. This will be completed under supervision, in class time. Further instructions will be provided on the day.

Part B

Your report should show your understanding of the concept or topic. You need to develop an appropriate way of thinking about the topic, showing insight, understanding and application.

Ensure your work is well-supported by credible sources. You are expected to cite sources you use in the report (in-text citation) and include a reference list at the end of your report.

Guidelines for a report format can be found on the Study Skills Resources Moodle page.