Assignment Instructions
ASSESSMENT QUESTION:
Assessment topic statement: “The fluctuations of consumer spending on retail goods and services can have a significant positive or negative impact on the economy of a country. In 2020, the coronavirus pandemic has impacted consumer retail spending in unique ways, increasing some types of retail spending while reducing others. In the UK, the economy has experienced measurable changes due to this unique circumstance.” (ARUL/Young, 2020) Using economics theories, explain the unique changes in consumer retail spending that the UK economy has experienced from in 2020 (Task 1). Discuss adaptations by the UK government in response to the change in UK consumer retail spending habits in 2020 (Task 2).
Task 1: 50/100marks
Using supply and demand analysis, identify the main factors in determining the positive and negative shifts linked to changes in consumer demand for retail goods and services, and the response of retail supply on the market. Support your analysis with the use of at least four supply and demand graphs, supported with factual information from only the approved sources listed below.
Task 2: 40/100 marks
Identify and explain the main UK governmental and economic policies that could be used to influence consumer retail spending in the United Kingdom, providing factual policy examples from only the approved data sources listed below.
