The assignment asks you to take a photo/selfie that illustrates a connection to an economic concept and attach the photo to the assignment

– Econselfie

 

Tasks:

1. The assignment asks you to take a photo/selfie that illustrates a connection to an economic concept and attach the photo to the assignment submission.

Note:

• Pictures cannot include illegal activities (even if many economic concepts are often found in illegal markets).
• All persons in the picture have to be fully clothed.
• You do not necessarily need to take a picture of your face; for example, a picture with your hands in it would be absolutely fine.

2. You need to write an explanation of the economic concept represented in the photo. In particular:

• Explain how the photo illustrates the economic concept that you have chosen.
• Describe the economic concept. Make sure to explain the concept at a level appropriate to an intermediate microeconomics module.

Specifically:

• Your textbook is a good example and it should be your primary source.
• Do NOT limit your analysis to what you have done in year 1 Micro.
• You are free to discuss any microeconomic concept of your interest. Just a couple of limitations: please, do NOT discuss the concept of externalities as your main concept; do NOT discuss the sugar tax as your policy application.

• Accompany economics terminology with your own words and examples; consider to make use of mathematical notation and diagrams. Make sure to explain the mathematics and the diagrams that you decide to include in your assignment. Also, make sure that the examples that you use are consistent and clearly related to the economic concept that you are considering.
• Consider real life applications and policy issues that may be related to the economic concept that you are considering.

 

Word limit:

800 words. Maths, references, labels, figure capture, title do not count toward the word limit.

References:

The main source that you should be considering is your textbook. You do not need to cite the textbook; however, make sure that, if you extract any text from it, for example to report definitions, you make sure to use quotation marks appropriately.

If you make use of other sources, please, make sure to correctly cite them and report them at the end of your submission. See “Academic Malpractice and Plagiarism” folder inside our “Assessment” folder on Blackboard.

Your list of references, if any, does not need to follow a specific format (Harvard would be a good one), but please make sure to report the references consistently.

Economics Marking Criteria and Rubric

Please, make sure to refer to the Economics Marking Criteria (available on our Blackboard page).

Points for this assignment will be awarded based on the rubric below.

 

Econselfie Rubric

Criteria	Ratings				Total Points
The assignment accurately describes the economic concept illustrated in the photo	The description meets the requirements. It is thorough, thoughtful and accurate. 50-30 marks	The description is accurate, but not thorough or thoughtful to demonstrate complete understanding. 30-10 marks	A description is included, but not accurate, thorough or thoughtful. 10-0 marks	No description. 0 marks	50
The assignment makes connections to additional economic concepts.	Accurately demonstrates and describes additional concepts. 30-20 marks	Additional concepts are mentioned, but somewhat incorrectly described or related to picture. 20-10 marks	Mentions but does not describe additional concepts. 10-0 marks	No additional concepts mentioned. 0 marks	30
Reference to policy issues	Policy issues are mentioned and accurately described and related to the economic concept/picture. 20-10 marks	Policy issues are mentioned, but somewhat incorrectly described or related to the economic concept/picture. 10-5 marks	Policy issues are mentioned, but not described. 5-0 marks	No policy issues mentioned. 0 marks	20

 

 

 

Econselfie Example 1

This is a selfie at a football match. You can choose various economic concepts from this photo (you need to explain why).

1. The concepts of utility and utility functions
2. The role of (ticket) prices in defining demand
3. The choice of work and leisure to maximise utility

 

To develop the concepts above you need to read and understand our textbook.

 

The concepts above, however, can be also linked to more advanced concepts and policy issues.

For example:

1. The degree and type of competition in sports events.
2. Pricing practices in sports, e.g. why season tickets?
3. The role of advertising for the finances of sports club.
4. Is a sports club always targeting the maximisation of profits?
5. What is financial fair play, what is the rationale and what are the implications of this policy?

 

 

Econselfie Example 2

This is a selfie at the beach. You can choose various economic concepts from this photo.

1. The concepts of utility and utility functions
2. The role of (establishment) prices in defining demand
3. The choice of work and leisure to maximise utility

 

To develop the concepts above you need to read and understand our textbook.

 

The concepts above, however, can be linked to more advanced concepts and policy issues.

For example:

1. Should beaches be privately managed or publicly controlled? Who should choose the price, quality, availability of the service? Why?
2. Some resorts may be publicly managed and other may be privately managed. This is an example of mixed competition. What could the features of such a market be?
3. The quality and sustainability of natural resources are an essential input in this industry. What are the key issues and policies considered by environmental economists?

 

 

Econselfie Example 3

 

This is a selfie at a (threatening) doctor’s appointment. You can choose various economic concepts from this photo.

1. The concepts of utility and utility functions (are medical visit or, more importantly, therapies a “good” or a “bad”? Do we want or need healthcare?)
2. What is the role of information (and diagnosis) in defining demand?
3. The role of prices in defining demand. Who pays for the costs of healthcare?

 

To develop the concepts above you need to read and understand our textbook (and have a bit of awareness of a national medical system, not necessarily the NHS).

 

The concepts above, however, can be linked to more advanced concepts and policy issues.

For example:

1. Should medical practices be privately managed or publicly controlled? Who should choose the price, quality, availability of the service?
2. Some hospitals may be publicly managed and other may be privately managed. This is an example of mixed competition. What could the features of such a market be?
3. In healthcare markets we tend to have insurance policies. Why is that so? What are the policy implications?

 

 

 

 

 

 

Economics Undergraduate Assessment Criteria

Revised August 2017

Grade descriptors Non-Quantitative Assessment

Very High First Class (90-100)

Such answers are exceptional and fully answer the question demonstrating the attainment of all learning objectives and in adherence to all guidelines. The answer will be expected to show an exceptional level of achievement with respect to the following criteria:

• insight and depth of understanding of the material;
• the exercise of critical judgment along with clarity of analysis and of expression;
• comprehensiveness and accuracy;
• knowledge of the relevant literature;
• demonstration of elements of creative and independent thinking.

High First Class (80-89)

Such answers are outstanding and provide a near-full and well-structured answer to the question and can be expected to indicate an outstanding level of achievement of all of the following qualities:

• insight and depth of understanding of the material;
• the exercise of critical judgment along with clarity of analysis and of expression;
• comprehensiveness and accuracy;
• knowledge of the relevant literature.

First Class (70-79)

Such answers are excellent and provide a largely- full and well-structured answer to the question and can be expected to indicate excellence in some or most of the following qualities:

• insight and depth of understanding of the material;
• the exercise of critical judgment along with clarity of analysis and of expression;
• comprehensiveness and accuracy; · knowledge of the relevant literature.

 

 

 

 

Upper-second Class (60-69)

Such answers are very good and provide a generally well-structured answer to the question and can be expected to indicate some of the following qualities:

• generally accurate and reasonably comprehensive understanding of the material;
• clarity of analysis, of argument and of expression;
• demonstrating a sound understanding of the relevant data;
• a demonstrable grasp of the important contributions of the relevant literature.
• some evidence of insight