YPC INTERNATIONAL COLLEGE
BA (HONS) BUSINESS MANAGEMENT
Individual coursework
Assessment 1
Business and Economics Decision Making
4051YPCBM
Ms. Fatin
BBM1909007
896871
1 Contents
1. Introduction ……………………………………………………………………………………………………………………. 3
2. Explain what is mean by the term scarcity. What are the implication of scarcity for all
economics? ……………………………………………………………………………………………………………………………. 1
3. What do you consider to be the main reasons for the recent increase in the retirement age? 2
4. Why is the price elasticity of demand so important in economics? ………………………………… 3
5. Outline using real world examples where appropriate, what is meant by the term
‘Monopolistic Competition’…………………………………………………………………………………………………4
6. What is price discrimination and what conditions are necessary for it to be successful?
Give examples in your answer……………………………………………………………………………………………5
7. References…………………………………………………………………………………………………………………..6-7
1. Introduction
Economy is a state of a country or region in terms of goods and services production and
consumption and money supply. To discuss the definition of scarcity and implication of
scarcity throughout the economy. Then, illustrate about main reasons for the recent increase in
