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Eco Introduction to Economics Summative Assessment 1 – Essay

Eco Introduction to Economics Summative Assessment 1 – Essay

F_Eco Introduction to Economics Summative Assessment 1 – Essay

Essay Question:
Explain how prices are determined in perfect competitive markets and discuss with
examples what causes them to change.

Important points to note:
The essay should demonstrate your knowledge and ability to explain how prices are
determined in perfect competitive markets (the concept of equilibrium price) and
discuss with examples what causes them to change. Please see table below.
It is very important that you use suitable diagrams and examples from your
research on the topic to explain and support key points.
You must apply PEE structure in your essay.
Read the guidance and examples on how to use PEE structure given in the MOLE
Structure of the essay:
You must strictly follow the following structure in your essay and must use clear paragraphs.
Content Description

Introduction

Must contain a clear introduction to the essay topic with a
brief outline of the structure and organisation of the essay.

How prices are determined in perfect competitive markets
Must clearly demonstrate a good understanding and
knowledge of demand, supply, equilibrium price, shortage
surplus and how market restore itself when there is
shortage or surplus. It is very important that you use
suitable diagrams.

What factors causes the equilibrium price to change
Must clearly demonstrate a good understanding and
knowledge of factors (from demand side and supply side
and the shifts in demand and supply curves) which change
the equilibrium price with real world examples from
research on the topic.
It is very important that you use suitable diagrams and
examples from your research on the topic to explain and
support key points.

Conclusion

A clear conclusion with a good summary of the analysis done.
1. Submission Requirements and Guidance
i. The word-count for the essay is 1,500 words, excluding references or
bibliography.
ii. The essay should be word-proceed with font size of 12 and 1.5 line spacing.
iii. Your referencing: American Psychological Association (APA) referencing must
be used for all in-text references and the final reference/bibliography list at the
end of the essay.
iv. Marking is anonymous. For this reason, ONLY valid student registration
number (Student ID Number) should be written in the header of the essay.

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