Assessment 1 Guide PDF

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ASSESSMENT GUIDE BUSN112: Managing Markets, Semester 2 2020 Assessment 1 Concept Map/ Written Explanation Weighting [30%] Why this assessment? To introduce students to a tool which helps them bring together multiple issues and forces and visualise a way forward. • • • •

By competing this assessment, you will have developed important skills to aid you in making sense of complex environments. Allows you to demonstrate mastery of important economic and legal concepts which impact on establishing a small business. Authentic assessment which exposes you to a real-life scenario (opening a small business). The feedback from this assessment will help you to be ready to correct any conceptual misunderstanding and apply in the next assessment.

What are the types of employability skills that I will acquire upon completion of this assessment?

Developed Developed Developed Developed Developed Developed Developed

Skill Type critical and analytical thinking ability to solve complex problems confidence to learn independently written communication skills knowledge in the field study work-related knowledge and skills effective research skills

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Assessment Overview: The purpose of this task is help you visualise and understand the role of regulatory, political, and economic environments as they affect organisations operating in the private sector as they seek to design and implement business strategies. Due date: Weighting: Length and/or format: Learning outcomes assessed Graduate attributes assessed How to submit: Return of assignment: Assessment criteria:

Thursday, August 27, 12pm (midday) (Week 5) 30% 1250 words LO1 GA5 Turnitin on LEO Within three weeks after submission, via Turnitin See the last page of this document

Context The assessment tasks for this unit form an interactive case study where each stage builds upon the previous one. Therefore, rather than treating each assessment task individually, you should treat all 3 assessment tasks as one. Commencing with this first assessment, you are required to imagine that you are setting up a new business, a gym. At different times in your working life you may decide to set up your own business , and the skills and knowledge developed in this assessment item will help you understand concepts maps and their usefulness in making sense of complex environments.

Instructions For this assessment you need to construct a concept map which demonstrates your understanding of the interaction of different external economic and regulatory forces. Based on this concept map, you will then examine those regulations and economic forces you have chosen in the discussion that follows. This is an individual assignment. What is a Concept Map? Concept maps are a used to tease out the relationships between big, cross -functional ideas by visualising the connections between them. They are pictures that show how ideas relate to each other, and help you improve your understanding of a topic you are studying. In a concept map, ideas are represented as nodes, and the relationships between them as links with descriptive labels. Using boxes and connecting lines, concept maps connect ideas and show their relationships through arrows and linking words using a hierarchical structure. An example of a simple concept map is given below.

For Assessment 1, you should place the gym at the centre of the diagram. In the boxes, you can place all the laws and economic concepts you have addressed in your assessment. You can also refer to your PowerPoint slides from Weeks 1 to 4 for more ideas. If you want to be even more creative, you can even look at greater impacts such as the Constitution, or currently, Covid-19. Students should consider any economic theories or models presented in the lectures, readings and other resources provided on LEO as relevant to the industry and companies in the assessment task. Students should also present any of the legislative requirements discussed in the lectures, readings etc.

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Structure Section 1 Diagram of your Concept Map (plus 150 to 200-word description underneath) Section 2 Discussion of relevant regulations and their importance (approximately 550 words)

Section 3 Discussion of economic concepts and their importance (approximately 550 words)

References

Draw your concept map and, underneath, include a brief description of the relationships contained within. Please note: Any words contained within your concept map are not included in the overall word count. Only those words contained in your 150 to 200 word-description will be counted. Choose 1 relevant piece of legislation from each tier of government (Local, State and Federal). You do not need to quote sections of the law (unless you specifically wish to make a point); e.g. "Section 18 of the Competition and Consumer Act 2010 provides a person must not engage in misleading or deceptive conduct." You could just say that in half the word count i.e., "The Competition and Consumer Act 2010 regulates against misleading or deceptive conduct." That would be fine because your word count is limited. (This is why drafts are important.) Choose any 3 of the following economic concepts to analyse this topic. • Elasticity • Inflation • Interest Rates • Market Structures • Supply and Demand • Trade Please note: Use of graphs and diagrams in your assessment is highly encouraged, as this will display to the marker your understanding and ability to apply and analyse various theories of economics. When incorporating graphs, please adopt the following three criteria: • original (not a screenshot from your text) incorporating labels; • correctly applied; and • adds to your analysis It is also expected that you include at least 5 sources in your assessment. Suggested sources include your textbook, journal articles from the ACU library's online databases, and websites, as long as they are reputable (major media sources, government websites such as those listed below.

How do I submit? • • • • • •

Electronic submission using LEO through Turnitin Please include your student ID number and your name in the assignment file name. Submit one soft copy via LEO (link on unit site under Assessment). Please ensure you save a copy of your document before submitting it. Include the checklist below in your assessment document You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy. Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.

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Checklist for students to submit along with their assignment My submitted assignment assessment is within the specified word limit (+/-10%)

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I have included references using the specified referencing style

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I have correctly cited all my sources and references

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I have formatted my assessment as per the specifications

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I have checked my Turnitin assessment to ensure the similarity report is acceptable and explainable

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I will be able to supply the process output, if required by my lecturer to prove this is my own work (e.g. screen dump of my search and retrieval of journal articles, etc.)

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I have completed proof reading and checked for spelling and grammar

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I have submitted my work before the due date/time

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Some Helpful Websites and Resources Concept Maps • How to Create a Concept Map • How to Make a Concept Map • What is a Concept Map? Legal Dimensions There is a whole host of legislation which may be applicable to opening a gym depending on its type (e.g. ordinary gym, rock climbing gym, a gym offering Pilates and yoga, a hydrotherapy gym, or one offering food and beverages etc.). To aid you in your research, it is recommended you commence with the following websites in your research into the legal dimensions of setting up your gym and any additional services it may provide. • • •

Australian Business Licence and Information Service (A good source for finding applicable laws and regulations needed for your business at all levels of government) Business.gov.au (An informative website for people wanting to start a business) Fitness Australia (General industry website offering information on the fitness industry in Australia)

Economic Dimensions • Australian Bureau of Statistics • Monetary Policy • Monopolistic Competition 1 • Monopolistic Competition 2 • Normative vs Positive Statements • Price Elasticity of Demand (1) • Price Elasticity of Demand (2) • Reserve Bank of Australia • Scarcity • Supply and Demand: Crash Course Economics • Three Economic Questions • What is Inflation? Other Resources on all of these topics can be found in the PowerPoint slides, textbook and workshop videos.

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Who can help me? Academic skills Unit (ASU) Studiosity Post a question to the LEO discussion forum Seek a consultation with one of the following lecturers: • •

Dr. Andrew Papadimos (Economics) - contact via LEO Dr. Trajce Cvetkovski (Law) - contact via LEO

I’m having problems SC: Application for Special Consideration Complete this form if you wish to be exempted from academic penalty because your study has been affected by unforeseen circumstances. EX: Application for extension of time for submission of an Assessment Task Complete this form if you wish to apply for extension of time for submission of this Assessment Task. Complete this form if you wish to apply for extension of time for submission of this Assessment Task.

Referencing All referencing should be in ACU Harvard style; however if you are coming from another faculty, you may choose to use your usual referencing style. If this is the case you must indicate at the top of your reference list what referencing style you are using (e.g. APA, MLA, Chicago, etc). Please ensure your assignment makes use of in-text citations and a reference list. Missing citations or references is equivalent to plagiarism.

Criteria The full criteria are compiled in a rubric, which can be found on the following page/s.

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Rubric for Assessment 1: Concept Map - 30% Weighting Learning Outcomes

Criteria Below Expectations

GA5 Appropriate use of LO1 concept map Weight: 10 marks (10 marks) TL=3 Learning Stage I and D

GA5 LO1 Weight: 10 marks TL=4 Learning Stage I and D

Standards

Identification of organisation’s key regulatory dimensions (10 Marks)

GA5 Identification of LO1 main economic Weight: 10 marks concepts (analytical TL=4 and structural) Learning Stage (10 Marks) I and D

Meets expectations

NN (0-49)

PA (50-64)

Inadequate concepts selected relating to topic. Arrangement of concepts demonstrates inadequate understanding of relationship between them. Relationships between concepts are inadequate. (0 to 4.9 Marks)

Adequate concepts selected relating to topic. Arrangement of concepts demonstrates adequate understanding of relationship between them. Relationships between concepts are adequate.

Credible concepts selected relating to topic. Arrangement of concepts demonstrates credible understanding of relationship between them. Relationships between concepts are credible.

(5.0 to 6.4 marks)

Failed to identify and apply 1 relevant piece of legislation from each tier of government. (0 to 4.9 Marks) Failed to identify and apply at least 3 underlying economic concepts to creating a new business. (0 to 4.9 Marks)

CR (65-74)

Exceeds Expectations DI (75-84)

HD (85-100) Highly distinctive concepts selected relating to topic. Arrangement of concepts demonstrates highly distinctive understanding of relationship between them. Relationships between concepts are highly distinctive.

(6.5 to 7.4 marks)

Distinctive concepts selected relating to topic. Arrangement of concepts demonstrates distinctive understanding of relationship between them. Relationships between concepts are distinctive. (7.5 to 8.4 marks)

Adequately identified and applied 1 relevant piece of legislation from each tier of government.

Credibly identified and applied 1 relevant piece of legislation from each tier of government.

Distinctively identified and applied 1 relevant piece of legislation from each tier of government.

Highly distinctively identified and applied 1 relevant piece of legislation from each tier of government.

(5.0 to 6.4 marks) Adequately identified and applied at least 3 underlying economic concepts to creating a new business.

(6.5 to 7.4 marks) Credibly identified and applied at least 3 underlying economic concepts to creating a new business.

(7.5 to 8.4 marks) Distinctively identified and applied at least 3 underlying economic concepts to creating a new business.

(8.5 to 10 marks) Highly identified and applied at least 3 underlying economic concepts to creating a new business.

(6.5 to 7.4 marks)

(6.5 to 7.4 marks)

(5.0 to 6.4 marks)

(8.5 to 10 marks)

(8.5 to 10 marks)

Notes: GA – Graduate Attribute; LO – Learning Outcome; TL – Taxonomy Level (or level of complexity) (see Bloom’s Taxonomy); Learning Stage – Introduced (I), Developed (D), Assured (A)

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