BUU44630 Economic Policy and Business History assignment example TCD Ireland

Every business student is familiar with the concept of supply and demand. The idea is that when there is more demand for a product than what is available, the price will go up as suppliers seek to make a higher profit. When it comes to setting prices, most businesses believe in charging what the market will bear.

There is a lot of overlap between economic policy and business history, as the two fields are largely concerned with understanding how economic systems function and evolve. However, business history is specifically focused on the role of businesses within economies, while economic policy looks at a broader range of government interventions in the economy.

One key difference between the two fields is that economic policy is often motivated by ideological beliefs, while business history tends to be more empirical in its approach. Business historians attempt to understand why businesses behave the way they do by looking at evidence such as company records, financial data, and oral histories.

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In this unit, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us. We can also help you with the research projects.

In this section, we are describing some tasks. These are:

Assignment Task 1: Identify the key national and international developments that impact the evolution of particular sectors of the economy.

Among the key national and international developments that have impacted the evolution of particular sectors of the economy are advanced information and communication technologies, globalization, and changes in consumer preferences.

There are a few key national and international developments that have had a significant impact on the evolution of particular sectors of the economy. Here are three examples:

1. The globalization of business and the rise of digital technologies has led to the rapid growth of e-commerce and the digitization of many industries.
2. The introduction of new technologies, such as fracking, has resulted in a resurgence in the energy industry and a corresponding decline in the popularity of renewable energy sources.
3. The recession of 2008 led to a decrease in spending across all sectors of the economy, but it was particularly pronounced in sectors such as automotive manufacturing and retail sales.

Assignment Task 2: Understand the critical economic policies that impact an economy and how they influence the evolution of firms and industries.

There are a few key economic policies that have a big impact on firms and industries within an economy. Here’s a quick rundown of the most important ones:

1. Tax policy – This includes things like tax rates, deductions, and exemptions. How a government chooses to tax its citizens has a big impact on how businesses operate. For example, if there are high tax rates, businesses might be less likely to invest in new products or expand their operations. On the other hand, if there are generous deductions or exemptions, businesses might be more likely to take advantage of them.
2. Monetary policy – This is the policy that Central Banks use to control the money supply and interest rates in an economy. It can have a big impact on how quickly an economy recovers from a recession. For example, if interest rates are very high it might discourage new business investment.
3. Trade policy – This is the government policy that deals with international trade and includes things like tariffs, quotas, and embargoes. These policies can encourage or impede economic growth depending on their design. For example, if there are high tariffs on exports this will encourage domestic production and make foreign goods less competitive.
4. Regulatory policy – This is the government policy that deals with business regulation and includes things like taxes, contracts, and intellectual property rights. Businesses need regulation to operate safely and fairly for consumers, but too much regulation can hinder innovation. For example, if there are too many regulations, it might discourage startups because it’s harder for them to navigate the red tape.

Assignment Task 3: Understand the key economic theories, models, and frameworks that explain how economies grow and develop, and how this impacts the services economy, but also manufacturing.

There are a few key theories, models, and frameworks that economists use to explain different concepts related to economic growth and development. One of the most well-known is the theory of comparative advantage, which explains how countries can specialize in producing certain goods based on their relative production costs and then trade with other countries to get the goods they can’t produce as efficiently.

Another popular framework is Porter’s Diamond Model, which helps to explain why some countries are more successful at attracting certain types of businesses than others. The model takes into account factors such as a country’s political system, infrastructure, and education level. Finally, an important model for economists working in the services sector is the Freeman-Torres model, which helps to explain how economies develop and innovate.

This model starts with an initial condition of little or no industrialization, but as the country becomes wealthier it begins to shift towards a service-based economy (which is sometimes called deindustrialization). The model also argues that governments need to make some key macroeconomic decisions to encourage innovation by tilting the playing field slightly towards more innovation-friendly policies, such as small tariffs on imports.

Assignment Task 4: Apply key interpretative research skills, including historical approaches, to research material across sectors and periods.

One of the most important skills for any historian is the ability to contextualize information and material from different sources and periods. By understanding how various events and phenomena interacted with each other, historians can develop a more nuanced understanding of the past.

For example, by looking at economic data from different periods, a historian might be able to better understand how changes in economic policy affected different social groups. Or by studying political speeches from different eras, a historian might be able to identify common themes and trends in public discourse.

In short, by employing a variety of interpretative research skills, historians can gain a deeper understanding of the complex web of interactions that make up history. By looking at the bigger picture, they can provide a more complete and nuanced understanding of different historical events.

Assignment Task 5: Analyze how different firms maximize the benefits or minimize the costs of changes in economic policy and technology and the legal, political, national, and global economic environments.

There are several ways in which different firms can maximize the benefits or minimize the costs of changes in economic policy and technology and the legal, political, national, and global environment. One way is by diversifying its operations into multiple countries or regions. This gives them more options concerning where they can produce and sell their products, and it also provides some protection against unexpected events or changes in the business environment.

Another way firms can maximize benefits and minimize costs is by being proactive in anticipating changes in the business environment and making necessary adjustments ahead of time. This may include investing in new technologies or changing production processes to make them more efficient. It also includes developing relationships with key stakeholders such as government officials, customers, or suppliers.

Finally, firms can maximize benefits and minimize costs by becoming more flexible in the way they operate. This includes adjusting production cycles to take into account changes in demand, quickly re-deploying their workforce to adjust to new economic conditions, or developing close relationships with key stakeholders so that they are aware of any potential changes in the business environment.

Assignment Task 6: Evaluate the success (or failure) of specific economic policies both at a macro and firm level.

Macroeconomic policies, such as monetary and fiscal policy, can have a significant impact on firm-level performance. Monetary policy, for example, affects the level of interest rates and the availability of credit.

Fiscal policy is the use of government spending and taxation to influence the economy. For example, if the government wants to stimulate economic growth it might increase spending or reduce taxes.

At a macro level, there is evidence that monetary policy has been successful in stimulating economic growth. However, at a firm level, there is much more variability in the results. Some firms benefit from low-interest rates while others are hurt by an influx of cheap credit.

Similarly, there is no consensus on the effectiveness of fiscal policy at a macro level. Some argue that fiscal stimulus can be effective in stimulating the economy, while others argue that spending increases are inflationary. Again, there is less variability at a firm level about fiscal policy. Some firms benefit from government contracts or tax breaks while others are hurt by increased taxes or reduced government spending.

Assignment Task 7: Communicate key facts and theoretical contributions succinctly and with precision by displaying strong writing skills.

By displaying strong writing skills, economists can communicate key facts and theoretical contributions succinctly and with precision. This enables them to provide valuable insights into the workings of the economy and how business history shapes economic policy. In addition, economists can also help policymakers understand the potential consequences of various policy decisions. Consequently, good writing skills are essential for economists if they want to make a significant impact on the field of economics.

There are several reasons why economists who communicate their ideas have a significant impact on the field of economics. First, they can reach a wide audience. An economist can place an article in a widely circulated newspaper or magazine, publish an op-ed in the national press, or write opinion pieces for specialized publications. Second, because of their wide reach, these economists can influence public opinion.

A journalist may quote an economist in a story about the economy; this may motivate readers to read more about the topic and consider new ideas. Finally, good writing skills allow economists to make contributions to the field of economics itself. An economist may be able to develop or refine existing theories by making them easier to understand. Similarly, an economist may be able to bring attention to a particular policy issue by explaining the cause-and-effect relationships in an accessible way.

As these examples suggest, economists who communicate their ideas have a significant impact on the field of economics. They can reach a wide audience and influence public opinion. In addition, good writing skills enable them to make significant contributions within the field.

Assignment Task 8: Identify traces of the past in everyday surroundings using modern technology.

Most people pass by everyday objects without a second thought, but with a little bit of foresight and the help of technology, we can often find clues about the past hidden in plain sight. For example, by using Google Street View, we can explore what neighborhoods looked like years ago, and by studying old maps online, we can see how streets have changed over time.

Similarly, by taking a picture of an object with a special app that can identify different types of material, we can sometimes learn about its history. For instance, this app might be able to tell us that the object is made of brass or copper – information that could help determine when it was made or used. In this way, everyday objects are pieces of evidence about the past that are often more valuable than people realize.

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