Business economics
MBA 611
Business Economics Assignment 1
Due Date: End of Week 3
Answer both questions.
Total assignment marks: 100
Note
You must submit your assignment in MS Word in one (1) file only
Your answers to this assignment should include references to recently published journal articles or books, media news as well as information on the web. Where appropriate you are encouraged to challenge relevant economic theories providing your own justified views.
Question 1.
Adam Smith wrote of, “The Invisible Hand” in economics. Give a critical evaluation of the way in which this concept has been affected by the theories of Maynard Keynes, Karl Marx, Milton Friedman and political expediency and/or dogma.
You may use any pictorial technique to justify your argument you see as relevant and appropriate. i.e. Graphs, Charts, Economic curves, etc.)
(60 marks)
Question 2.
“The sole purpose of production is consumption”, Adam Smith.
Evaluate this statement in relation to contemporary business activity, David Ricardo’s theories and the effect of trading groups such as the European Union, NAFTA, etc. Your response should use any pictorial technique you feel supports your argument.
(40 Marks)
Answer both questions. Total assignment marks: 100
Your answers to this assignment should include relevant references to recently published journal articles or books, media news as well as information on the web.
Where appropriate you are encouraged to challenge relevant economic theories providing your own justified views.
You are required to type up and submit a Word document file which will include your justified answers to the above two questions.
In preparing your answers to the assignment, you are required to follow the specific guidelines below:
·You are to work on this assignment individually without the help of others. ·Your answer should refer to relevant economic theories in support of your view
The word limit for Question 1 is between a minimum of 700 and a maximum of 1000 words, and for Question 2 a minimum of 1100 and a maximum of 1500 words. ·Use Times New Roman or Arial 12 pt with 1.5 spacing between lines.
·Pages must be numbered. ·Headings and sub headings should be clear and visible.
……………Answer Preview……………..
Question one
According to Adam smith’s theory of the invisible hand, competition between different entities sums up to benefit the entire society. From a logical point of view, in the event that several investors work tirelessly to ensure that either of them gets to outdo the other by making more profits, the result shall be an improvement in the quality of products as every one of the investors wants to have a broader market for his products. However, not all economists agree with Smith’s theory of the invisible hand and they all have got theories that critique smith’s ideology. According to these economists, smith was…………..
APA
1,967 Words