LONG-RUN ECONOMIC GROWTH
aGroup Practical – UK Economic Recovery Plan
Module: Economics for Business
Topic: Long-Run Economic Growth
Number of words for 1 slide: (maximum 200 words per slide, no quoted material)
Time Limit: 1 slide / 4 mins per student
ECONOMIC RECOVERY PLAN-TASK
The Chief Economic Advisor to the UK government has solicited suggestions for 2022 economic recovery plans from junior economic advisory teams within the business departments of select UK universities.
Each economic advisor must each present four points to support your specific recovery plan strategy area (4 minutes, 1 minute per point), why it is required in economic terms, and what it will accomplish for the UK economy (businesses and households) in economic terms. Your plan must be based on factual current UK economic data and on Nobel Prize winning economist, Paul Krugman’s economic theories and principles from the Krugman & Wells textbook: Essentials of Economics 5th edition, 2020.
Each economic advisor will present their recovery plan topic and strategy for 4 minutes. Therefore, you should focus on delivering a concise and precise briefing on the recovery plan strategy areas that you have been allocated.
This is a practical assignment. Students should demonstrate knowledge and understanding of business economics and international trade by correctly applying that knowledge to the chosen recovery strategy topic area. Students are NOT expected to define any economic theories, but rather to apply those theories to explain the current economic situation in the UK and your recovery plan suggestions by strategy area. To obtain a pass mark and to achieve better marks, the majority of the weighting in the marks is on analysis and application.
ASSESSMENT CRITERIA
1. Knowledge and understanding of the language and concepts of economic and how they relate to the national economic recovery strategies.
2. Knowledge of the basic models used in business economics and their application to the UK economy in the context of national economic recovery strategies.
3. Demonstrate the ability to analyse real-world situations that occur in the global economy.
4. Ability to present issues clearly, confidently & concisely.
READING LIST / RESOURCES
• UK & international news websites: reports, publications, videos, data, etc.
• MOD3327 EFB textbook Essentials of Economics, 5th edition (Krugman & Wells, 2020) is required reading in terms of economics concepts that apply to the UK economy – Chapters 15&16
• Relevant academic articles on UK business, UK economic growth, and strategy areas from the ARU digital library (Available on the VLE).
• UK government publications, data, statistics, reports, etc.
