Describe and discuss economic data tables and basic economic models and draw conclusions.Describe and illustrate basic understanding of economic concepts.

Article Review – Economic Concepts and Models

• 1. Presentation should have content, introduction and references.
2. Describe and illustrate basic understanding of economic concepts.
3. Describe and discuss economic data tables and basic economic models and draw conclusions.
4. Assessment Brief:
Trampoline prices ‘to soar 50% on shipping costs’
The following is an extract from the BBC’s Business Webpage. It highlights the recent issues relating to high transport costs and port congestions.

https://www.bbc.co.uk/news/business-55702243 [Accessed 27/01/2021]

This case highlights the issues caused by Brexit as well the long terms consequences for the shipping industry.
5. Assessment Details
You are required to prepare a presentation. The presentation task is to review the above article on the BBC webpage and to expand on the aspects of microeconomic theory which underpin the discussion. The following points should be focused upon in delivering your presentation.
– Explain the main argument(s) of the article using microeconomic concepts/terms
– Refer to theory and apply it to main the issues – you should choose to focus on two of the following
Demand and Supply
Market Structures
Economic Profit and Business Organisation
Costs and Production

Elasticity

– Provide explanations of examples in the article

6. It is expected that the Reference List will contain between eight and ten sources.

7. the Reference List should include one refereed academic journal and three academic books.