Project Description
brief and instruction – Principles of Economics
Assessment consists of 2 components:
• 1-hour Online test (40%)
• 2000-word individual essay (60%).
1-hour Online test: 40 Multiple choice questions. You will practise multiple choice questions at Clinics Sessions and seminars.
Individual essay:
The summative assessment requires you to submit a 2000-word essay. You are expected to use fundamental principles of economics and economic concepts that you learn through the course of Principles of Economics to make analyses in the one of topic that you choose for your essay.
You need to prepare 5-slide presentation for the formative assessment, bringing to the seminar class at week 7. You will receive comments and suggestion from the lecturer/tutor. This will guarantee you are on the right track.
The 5-slide presentation should include a proper cover page with your details and the title of the report (1st slide). You should provide a literature background and explain why it is regarded to your chosen topic (2nd slide). The third and fourth slides should cover briefly the main fundamental principles of economics and/or economic concepts in the final report. The final slide should include a reference list of the main sources that you are planning to use.
General Instructions:
Choose a topic that interests you and aligns with the learning objectives of the module. You have freedom to choose case studies aligned with your chosen topics.
Conduct thorough research using a variety of sources, including academic journals, government reports, and reputable news outlets.
Structure your essay with a clear introduction, body paragraphs that present your analysis and evidence, and a conclusion that summarizes your key findings.
Use economic concepts, theories, and empirical evidence to support your arguments and analysis.
Provide citations and references for all sources used, following a consistent citation style (e.g., Harvard style).
Aim for clarity, coherence, and precision in your writing, avoiding jargon or overly technical language.
Proofread your essay carefully to ensure clarity, coherence, and accuracy of content before submission.
Suggested structure:
1. Introduction (≈200–250 words)
• Briefly introduce the chosen topic and explain why it is economically important.
• Clearly state the main research question or objective of the essay.
• Indicate which key economic principles or concepts will be used (e.g. supply and demand, elasticity, market failure, fiscal policy).
2. Theoretical Framework / Economic Concepts (≈400–500 words)
• Explain the relevant economic theories and concepts (at least three) drawn from the Principles of Economics course.
• Use diagrams where appropriate (described in text, not pasted unless allowed).
• Keep explanations clear, showing conceptual understanding.
• This section should be general theory, not yet focused on a specific case.
3. Background (≈400–500 words)
• Summarise key academic studies or policy debates related to the topic.
• Highlight different perspectives or findings in the literature.
• Explain how these studies relate to the economic theory discussed above.
4. Application and Analysis / Case Study (≈600–700 words)
• Apply economic theory to real-world evidence, data, or a case study.
• Analyse outcomes using economic reasoning (e.g. trade-offs, incentives, efficiency, equity, etc.).
• Discuss policy implications, business strategies, or welfare effects, depending on topic.
• Demonstrate critical thinking, not just summary.
5. Discussion and Evaluation (≈250–300 words)
• Evaluate strengths and limitations of the theory or policies discussed.
• Consider unintended consequences, distributional effects, or assumptions.
• Where relevant, compare alternative policies or explanations.
6. Conclusion (≈150–200 words)
• Summarise the main findings and arguments.
• Clearly answer the research question posed in the introduction.
• Briefly reflect on policy relevance or future implications.
7. Reference List
• Include all sources cited in the essay.
• Use a consistent citation style (e.g. Harvard).
• Academic journals, government reports, and reputable institutions are expected.
Assessment Criteria
The assignment will be assessed against the following criteria (further details in the rubric at the end of this assessment brief):
• Introduction: 10%
• Background information/related literature review on your chosen topic: 20%
• Understanding and application of Key Concepts (at least three): 40%
• Quality of Discussion: 15%
• Use of appropriate data and examples: 10%
• Citation and referencing: 5%
Suggested topics
Here are some suggested topics (but not necessary to limit to them) that you can proceed.
1. The Impact of Minimum Wage Laws on Employment and Poverty
Instructions: Analyze the effects of minimum wage laws on employment levels and poverty rates. Consider theoretical perspectives, empirical evidence, and potential trade-offs between wages and job opportunities. Evaluate the effectiveness of minimum wage policies in addressing income inequality and poverty.
2. Price Elasticities of Demand and Supply: Implications for Business Strategy
Instructions: Explore the concept of elasticity of demand and supply and its practical applications in business decision-making. Analyze how firms use price elasticity estimates to set pricing strategies, maximize revenue, and respond to changes in market conditions. Illustrate your analysis with examples from industries such as transportation, entertainment, or technology.
3. Market Structure and Competition in the Pharmaceutical Industry
Instructions: Investigate the market structure of the pharmaceutical industry and its implications for pricing, innovation, and consumer welfare. Compare and contrast different market structures (e.g., monopoly, oligopoly, perfect competition) within the industry. Analyze the role of patents, regulation, and intellectual property rights in shaping market outcomes.
4. Externalities and Environmental Policy: The Case of Carbon Emissions
Instructions: Examine the concept of externalities and their impact on environmental degradation, using carbon emissions as a case study. Discuss market failures associated with negative externalities and evaluate the effectiveness of various policy interventions (e.g., carbon taxes, cap-and-trade systems) in addressing climate change.
5. Fiscal Policy and Economic Stabilization: Lessons from the Great Recession
Instructions: Assess the role of fiscal policy in mitigating economic downturns (e.g. drawing lessons from the Great Recession of 2008-2009). Analyze the effectiveness of government stimulus measures, such as tax cuts and infrastructure spending, in stimulating aggregate demand and promoting economic recovery. Discuss potential trade-offs between short-term stabilization objectives and long-term fiscal sustainability.
6. The Economics of Healthcare: Access, Quality, and Cost
Instructions: Analyze key economic issues in the healthcare sector, including access to care, quality of services, and rising healthcare costs. Consider the role of market forces, government intervention, and healthcare financing mechanisms in shaping healthcare outcomes. Discuss policy options for improving healthcare affordability and sustainability.
7. Measuring Economic Growth and Living Standards:
Instructions: Discuss the concepts of economic growth, GDP, and living standards. Explain how GDP is calculated, and analyze its limitations as a measure of overall economic well-being. Explore alternative indicators such as the Human Development Index (HDI) and Gross National Happiness (GNH).
8. The Relationship Between Money Supply and Economic Growth:
Instructions: Explore the relationship between money supply and economic growth. Discuss how changes in the money supply affect inflation, interest rates, investment, and aggregate demand, and analyze the implications for long-term economic growth.