ASSIGNMENT INSTRUCTION
WRITING YOUR ASSIGNMENT:
- This assignment must be completed individually.
- You must use the Harvard referencing system.
- Your work must indicate the number of words you have used. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74).
- Assignment submissions are to be made anonymously. Do not write your name anywhere on your work.
- Write your student ID number at the top of every page.
- Where the assignment comprises more than one task, all tasks must be submitted in a single document.
- You must number all pages.
SUBMITTING YOUR ASSIGNMENT:
In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late – up to five working days after the published submission deadline – will be accepted and marked. However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%.
Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is an approved extension). Failure to submit within the relevant period will mean that you have failed the assessment.
ASSESSMENT QUESTION
Supply and demand analysis allows us to investigate and understand how the operation of markets, or sometimes the failure of markets.
Task 1
Using supply and demand analysis identify the main factors in determining the price of private rental housing in the UK. Support your analysis with the use of supply and demand graphs.
(50 marks)
Make sure this is RENTAL, not buying. Make sure this is UK, – £ NOT $.
Suggest an introduction to the rental housing market. The title says UK but students might find it easiest to consider London, with perhaps a comparison to a different UK region, or trend over time.
Clearly explained classic supply and demand diagram, showing equilibrium and surplus/ shortages.
Four clear diagrams.
Demand right / left
Supply right/ left.
Use their own diagrams, or edit diagrams from vle (reference as “adapted from lecture “) .
Show clearly the effects of these shifts on price and quantity. (Students should not produce, for example, a demand curve in isolation, ie without a supply curve interacting to show equilibrium)
Clearly researched factors (3-4), effecting each shift. Marks awarded for supporting research and data on these factors. And for creative thinking around these factors. Brexit and population changes around the free flow of migrant labour, should be considered on the demand side.
Students should show diagrams and reasons for elasticity of demand and supply for rental housing.
Task 2
Identify and explain the main governmental/economic policies that could be used to influence the demand for private rental housing in the UK.
On the demand side,
Affordable housing policies
Brexit,
Government policies to develop regions in the UK , after the election.
Policies to help key workers.
Transport policies.
Price caps/ subsidises/ intervention
Complementary – council tax
substitutes – opportunities to purchase. – supply factors for public / social housing
Students should analyze a minimum of five these policies . Drill down on to which one you consider to be the most important.
(40 marks)
Note: 10 marks are available for referencing and effective communication
(Total marks available: 100)
NB.
Use ONLY the following sources of information.
Text Books from module reading list.
Economics on line- Pettinger.
AC/DC Economics- Mr Clifford
Investopedia
The Guardian newspaper.
FT newspaper.
ONS
Government statistics.
Any sources used outside of the above may be subject to investigation for plagiarism.
You must include a range of Supply and Demand diagrams as guided in class to show relevant shifts, equilibriums, and effects on price and quantity. Include elasticity diagrams.
You are strongly advised to edit diagrams from lectures on the vle. Reference these as “adapted from lecture”. Or to use Investopedia
Task one assessment criteria:
Knowledge and Understanding of the language of economics.
Knowledge and Understanding of the basic methodology and models used in this area and their application to real- world situations.
Points to consider:
A range of factors need to be clearly identified. These could include-
Regional / local demand factors
Population.
Interest rates
Taxation ,
House building,
The income effect,
Price caps/ subsidises/ intervention
Complementary / substitutes
This is not an exclusive list.
Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.
Task two assessment criteria:
Knowledge and Understanding of the basic methodology and models used in this area and their application to real- world situations.
Intellectual, practical effective and transferable skills. Achieved through the ability to analyse hypothetical and/or real world situations that occur in economics.
Points to consider:
The main economic policies. These could include
Interest rates
Taxation ,
Tenants/ landlord rights
Government policy .
On the supply side- policies on public housing, landlords, social housing
MARKING SCHEME
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Senate Code of Practice states:
ANSWER OUTLINE
Task one
Using supply and demand analysis identify the main factors in determining the price of private rental housing in the UK. . Support your analysis with the use of supply and demand graphs.
(50 marks)
Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.
A range of factors need to be clearly identified. These could include-
Regional / local demand factors
Population.
Interest rates
Taxation ,
House building,
The income effect,
Price caps/ subsidises/ intervention
This is not an exclusive list.
Diagrams must be included. Demand to right / left and the effect on private house prices. Supply to right / left and the effect on private house prices.
Task two
Identify and explain the main governmental / economic policies that could be used to influence the demand for private rental housing in the UK.
(40 marks)
The main economic policies. These could include
Interest rates
Taxation ,
Tenants/ landlord rights
Government policy
MARKING CRITERIA
Task one
Using supply and demand analysis identify which you believe to be the main factors in determining the price of private housing in the UK. . Support your analysis with the use of supply and demand graphs.
(50marks)
| A range of factors need to be clearly identified. These could include-
Regional / local demand factors Population. Interest rates Taxation , House building, The income effect, Price caps/ subsidises/ intervention Complementary / substitutes
|
20 marks |
| Diagrams must be included. Demand to right / left and the effect on private house rental prices. Supply to right / left and the effect on private house prices.
( Demand right 5 Demand left 5 Supply right 5 Supply left 5 )
|
30
marks |
| .
referencing and effective communication |
5marks |
Task two
Identify and explain the main economic policies that the government can use to stimulate the demand for private housing in the UK.
(40marks)
Marking criteria (level 7)
A qualifying answer (30-39%) will identify some/main issues and demonstrate a very limited knowledge of economic theories outlined above, at a very superficial level and discuss (at a very basic level) how this is applied to sustain a business. It may demonstrate difficulties with structure. Expression will be weak. Answers in this category will often adopt a write-all-you-know-about-the-topic approach and may include little or no application.
A basic answer (40-49%) will identify main issues and demonstrate knowledge of economic theories outlined above, at a superficial level and discuss how this is applied to sustain a business. It may demonstrate difficulties with structure. Expression may lack maturity. Answers in this category will often adopt a write-all-you-know-about-the-topic approach and may include little or no application.
A satisfactory answer (50-59%) will determine the majority of issues and demonstrate knowledge of economic theories, outlined above, and discuss how this is applied to sustain a business. There are some omissions in content as well as some inconsistencies in application and inaccuracies in expression. Structure will be largely logical.
A good answer (60-69%) will adopt a logical structure and identify pertinent economic theories, outlined above, and discuss how this may be applied to sustain a business. Arguments will be supported by relevant contemporary theories and paradigms. Omissions and inaccuracies will be minor.
An excellent answer (70 %+) will adopt a logical structure and identify pertinent economic theories, outlined above, with depth, flair and imagination and discuss how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms. . Relevant international marketing theory will be critiqued and applied before reaching balanced conclusion(s).
An outstanding answer (80 %+) will adopt a logical structure and identify pertinent international marketing theories, outlined above, with outstanding intellectual originality and imagination, enabling a discussion as to how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms. Relevant economic theory will be critiqued and applied before reaching balanced conclusion(s).
An exceptional answer (90 %+) will adopt a logical structure and identify pertinent economic theories, outlined above, with exceptional intellectual originality and imagination, enabling a discussion as to how this may be applied to sustain a business. Arguments will be supported by a wide range of relevant contemporary academic theories and paradigms, demonstrating an exceptional management of resources. Relevant international marketing theory will be critiqued and applied before reaching exceptional balanced conclusion(s).
ANGLIA RUSKIN UNIVERSITY GENERIC ASSESSMENT CRITERIA AND MARKING STANDARDS.
LEVEL 4 (was level 1)
| Level 4 introduces students to HE. Students are expected to demonstrate relevant skills and competencies; to be articulate in expressing ideas orally; and to be coherent and structured in terms of written or other media. Forms of expression at this level may be descriptive or imitative, but students are expected to demonstrate an increasing understanding of the theoretical background of their study and the analytic competence to explore it, as well as its relationship, where appropriate, to particular skills. Students are expected to develop an awareness of strengths and weaknesses in their skill sets | ||||
| Mark Bands | Outcome | Generic Learning Outcomes (GLOs) (Academic Regulations, Section 2) | ||
| Knowledge & Understanding | Intellectual (thinking), Practical, Affective and Transferable Skills | |||
| Characteristics of Student Achievement by Marking Band | 90-100% | Achieves module outcome(s) related to GLO at this level | Exceptional information base exploring and analyzing the discipline, its theory and ethical issues with extraordinary originality. | Exceptional management of learning resources, complemented by assured self-direction/exploration. Exceptional structure/accurate expression. Demonstrates intellectual originality and imagination. Exceptional practical/professional skills. |
| 80-89% | Outstanding information base exploring and analysing the discipline, its theory and ethical issues with clear originality | Outstanding management of learning resources, complemented by assured self-direction/exploration. An exemplar of structured/accurate expression. Demonstrates intellectual originality and imagination. Outstanding practical/professional skills | ||
| 70-79% | Excellent information base, exploring and analyzing the discipline, its theory and ethical issues with considerable originality. | Excellent management of learning resources, complemented by self-direction/exploration. Structured/ accurate expression. Very good academic/intellectual and team/practical/professional skills | ||
| 60-69% | Good information base; explores and analyses the discipline, its theory and ethical issues with some originality | Good management of learning resources with some self-direction. Structured and mainly accurate expression. Good academic/intellectual skills and team/practical/ professional skills | ||
| 50-59% | Satisfactory information base that begins to explore and analyze the discipline and its ethical issues but is still mainly imitative | Satisfactory use of learning resources and input to team work. Some lack of structure/accuracy in expression. Acceptable academic/intellectual skills and satisfactory practical/professional skills | ||
| 40-49% | A marginal pass in module outcome(s) related to GLO at this level | Basic information base; omissions in understanding of major/ethical issues. Largely imitative | Basic use of learning resources with no self-direction. Some input to team work. Some difficulty with structure and accuracy in expression. Some difficulties with academic/intellectual skills and developing practical/ professional skills | |
| 30-39% | A marginal fail in module outcome(s) related to GLO at this level. Possible compensation. Sat-isfies qualifying mark | Limited information base; limited understanding of discipline and its ethical dimension | Limited use of learning resources. No self-direction, little input to team work and difficulty with structure/accuracy in expression. Weak academic/intellectual skills. Practical/professional skills are not yet secure | |
| 20-29% | Fails to achieve module outcome(s) related to this GLO. Qualifying mark not satisfied. No compensation available | Little evidence of an information base. Little evidence of understanding of discipline and its ethical dimension. | Little evidence of use of learning resources. No self-direction, with little evidence of contribution to team work. Very weak academic/intellectual skills and significant difficulties with structure/expression. Little evidence of practical/professional skills | |
| 10-19% | Inadequate information base. Inadequate understanding of discipline and its ethical dimension. | Inadequate use of learning resources. No attempt at self-direction with inadequate contribution to team work. Very weak academic/intellectual skills and major difficulty with structure/expression. Inadequate practical/professional skills | ||
| 1-9% | No evidence of any information base. No understanding of discipline and its ethical dimension. | No evidence of use of learning resources of understanding of self-direction with no evidence of contribution to team work. No evidence academic/intellectual skills and incoherent structure/ expression. No evidence of practical/ professional skills | ||
| 0% | Awarded for: (i) non-submission; (ii) dangerous practice and; (iii) in situations where the student fails to address the assignment brief (eg: answers the wrong question) and/or related learning outcomes | |||
