Business Economics

Business Economics Write an essay reflecting on a variety of economic concepts/theories that impact an organisation: Rio Tinto. International Mining Company. Business Economics Write an essay reflecting on a variety of economic concepts/theories that impact an organisation --- RIO TINTO (International Mining Co.). Economic Theory: •    Supply and Demand •    Elasticity •    Economic Efficiency and Market Failure •    Profit Maximising and Competitive Market •    Monopoly and ACCC (Australian Consumer Competition Committee) •    Monopolistic Competition •    Macro Economics, an introduction •    Aggregate Demand and Aggregate Supply •    Fiscal Policy Word Count: •    2,500 (including 400 words in Executive Summary) THE ASSIGNMENT: 1.    Executive Summary •    The name and brief background of company. •    The economic concepts and theories that form the basis of the critical economic analysis of past and current performances of the company. •    The key strategic issue the company faces and options to address the issue. •    The conclusion of the analysis. •    Propose recommendation/s to address the key strategic issue and implementation measure. •    400 words •    (6 marks) 2.    Background information on company. •    Provide companies name and background details. •    Integrate relevant economic terminology and concepts to set the scene for following analysis. •    Sets the scene for following analysis. •    (3 marks) 3.    Critical Analysis using economic concepts. •    Uses economic theory (incorporating graphs/data/relevant calculations) to critically analyse past performance of the firm and the market it operated in. •    Uses economic theory (incorporating graphs and relevant calculations) to critically analyse current performance of the firm and the current market it operates in. •    Relates to the market the company operates in and incorporates internal and external analysis findings as relevant. •    (12 marks) 4.    Reflections and key strategic issue. •    Based on the critical analysis, reflect on what was learnt, what was confirmed, and what remains puzzling. •    The key strategic issue the firm faces, now or in the near future, is clearly stated.  It relates to, and emerges from, the critical analysis. •    (8 marks) 5.    Analysis of options to address key strategic issues. •    Clearly proposes 2 options (clear & different) that could be implemented to address the key strategic issue using economic theory. •    Evaluate both options outlining the benefits to the company (incorporating graphs/data/relevant calculations). •    Assesses the assumptions made when evaluating both options.  Evaluate the impacts of the firm of implementation either option should any assumptions prove to be incorrect. •    (12 marks) 6.    Conclusion and recommendation/s. •    Draws a conclusion from the analysis. •    Provides clear insightful recommendation/s to address the identified key strategic issue. •    Outlines important practical implementation measures. •    (4 marks)