ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Assessment 4 Course Bachelor of Business/Business of Accounting Unit Business Economics Unit Code B01BECO107 Type of Assessment Assessment 4- Report Writing Length/duration 1500 words Learning Outcomes addressed a. Have a basic understanding of microeconomic and macroeconomic concepts b. Understand the microeconomic and macroeconomic environment affecting business activities in the economy c .Have knowledge of current economic issues, both domestic and international d .Use analytical skills to apply economic concepts to a range of economics issues Submission Date At end of Week 10. A daily penalty of 5% will be applied to late assignments. Assessment Brief To write a report of 1500 words on an economic issue affecting demand and supply ( see Assessment Description) Total Marks 100 marks. Weightings 20% of the total assessment Students are advised that any submissions past the due date incur a 5% penalty per day, calculated from the total mark e.g. a task marked out of 40 will incur a 2 mark penalty per day. More information, please refer to View Doc >> Student Policies and Forms by visiting the following link https://kent.rtomanager.com.au/ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Assessment Description You are to write a 1500 words report on the supply and demand of oil. The price of oil is determined by supply and demand. The price of oil has dropped to less than half now compared to its peak price two years ago. a) Based on your understanding of the economic theory of supply and demand, describe why the price of oil has continued to fall so much even though oil is a necessity for industrial and domestic consumption. b) With oil price falling, there will be some countries that will benefit and some countries which will lose out. How would the fall in price of oil affect the economies of: i) huge oil importing countries such as China or India? ii) huge oil exporting countries such as Saudi Arabia or Iraq? iii) huge amount of oil of its own but has a big domestic consumption of oil such as USA or Indonesia? c) Obviously with the huge fall of oil, there will be winners and losers at the business/industry level. Identify and describe: i) the businesses/industries likely to benefit from the fall of oil. ii) the businesses/industries likely to lose out from the fall of oil. Report sections: The key sections to be included are: Executive summary; Usage of the economic theory of supply and demand, describe the winners and losers in the fall in the price of coal; Conclusion; Bibliography and Appendix. Your report must include:  Correct written structure. Refer to the Academic Learning Skills handout on report writing.  Harvard referencing for any sources you use. Refer to the Academic Learning Skills handout on Referencing.  A minimum of 4 academic references (including the text book). Please see Academic Learning skills staff for assistance with this, or any assignment. They can help you with understanding the task, draft checking, structure, referencing and other assignmentrelated mattersABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Assessment Submission: You must submit your assignment to MOODLE (automatically linked to TURNITIN to check for plagiarism) for it to be marked in Week 10.