Assessment Task 2:Individual Essay 1) Assessment Details; Business firms do not operate within singular markets, rather they function within massive macroeconomic systems. Traditionally such systems have been the national economy but, more recently, firms have begun to operate within an increasingly global environment. Therefore, in order for firms to be successful they need to understand how macroeconomic events and global change will impact on their current and future operations. Source: Beggs, D. and Ward, D. (2007) Economics for Business. 2nd Ed. London: McGraw Hill You are required to: (a) Discuss the factors which have encouraged economic globalisation. (16 marks) (b) Discuss the advantages and disadvantages of economic globalisation (12 marks) In addition, 2 marks will be awarded for presentation. This includes work free of spelling errors, formatting, use of and numbering of diagrams and tables, and correct referencing. The length of this essay should not exceed 2500 words. Appendices should only be used where appropriate and not to circumvent the word limit. An abstract or synopsis of up to 50 words is also required. Please note that you will not gain a scholarly understanding of the issues for this task if you do not read quality materials. It is not appropriate to use questionable internet sources.- you must access credible sources of information. Students should use the resources of the Federation University Australia library which can be accessed on-line 2) Criteria used to grade this task; This task will be assessed according to the following criteria: • Ability to understand and analyse the question asked and to develop a conceptual framework to address the issues raised by the question • Thoroughness of research undertaken, extent of relevant reading ( current publications, especially Australian where appropriate), and demonstrated understanding of research materials • Demonstrate the ability to analyse materials and draw valid conclusions to support arguments.