BCEC002 Business Economics BCEC002 Individual Assignment This Individual Assignment contributes 35% of the final mark for BCEC002 Business Economics.
The report submission deadline is 23rd JAN, FRIDAY, 2026, 2359 hours.
Assignment Title: Economics in Practice – A Workplace Case Study
This assignment invites you to apply key economic principles to analyse your current workplace. Through this exercise, you will critically evaluate how concepts of:
Central Economic Problem Demand and Supply Government Intervention Elasticity Output and Costs Market Structures, are evident in your organization’s operations. Your task is to draw on real-world data and examples to craft an insightful analysis that demonstrates your understanding of these economic concepts and their application.
Assignment Objectives Apply economic concepts to a real-world workplace setting. Develop critical thinking and analysis skills. Demonstrate the ability to use data and evidence-based reasoning. Reflect on economic concepts’ relevance to business decision-making. Instructions Prepare an assignment report of no more than 800 words, excluding tables and graphs. You are encouraged to be concise and detailed at the same time, which will showcase a good understanding of the concepts. Graphs are to be embedded into the reports at the relevant places. Show all workings and formulas. Round all calculated answers to 2 decimal places. Submit your assignment in LMS by the deadline of 23rd JAN, FRIDAY, 2026, 2359 hours. Submit your assignment report in PDF format and named the file using your NAME & ADMISSION NUMBER: For eg. Plagiarism is a serious offence. Your assignment report must be your original work. Your assignment report must begin with a cover page as shown in Appendix 1. Assignment Questions
- Central Economic Problem (12m) a) Provide a brief background of your current workplace/company, past or present.
b) What resources of scarcity does the company face?
c) What were some choices does the company need to decide between?
d) What would the opportunity cost be for the company be?
- Demand & Supply (24m) a) Examine a specific product or service offered at your workplace. Analyse how the Demand and Supply of the product or service was affected by events in the market, and how the equilibrium price and equilibrium quantity was changed.
b) Please use at least ONE factor for Demand and ONE factor for Supply.
c) Do offer illustrations of graphs to support your explanations, and you are also encouraged to use real data or situations in your explanations.
- Government Intervention & Price Controls (14m) Assume you are the government, and you would like to either raise OR lower the current market price of a product or service offered at your workplace. Explain and illustrate what kind of Price Control you would implement and the possible outcome that would happen.
- Elasticity (22m) a) Examine the elasticity of a product or service at your workplace.
b) Analyse and explain whether the product/service has an Elastic or Inelastic price elasticity of demand. Discuss TWO reasons why and provide examples to support your explanations.
c) What can the company do to make the product more price inelastic?
d) Explain and illustrate what your workplace can consider to the price to increase the total revenue.
- Output And Costs (18m) a) State THREE fixed costs and THREE variable costs that your workplace has.
b) Assuming the company only has these fixed and variable costs, calculate the Average Total Cost of FIFTY units of production for a selected product or service. Please show all workings.
c) Explain how your workplace would face the law of diminishing marginal returns. Please relate the explanations to your current workplace in detail.
- Market Structures (10m) a) Identify the market structure that your company workplace operates in.
b) Justify your answer with the characteristics of identified market structure.
c) What does this mean for the pricing strategy of your company?
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BCEC002 Marking Rubric Criteria Weightage Excellent (80%-100%)
Good (70%-79%) Satisfactory (60%-69%) Needs Improvement
(50%-59%)
Did Not Meet Requirements
(<50%)
Application of Economic Concepts
35% Demonstrates comprehensive understanding and precise
application of
economic
concepts. Includes
accurate analysis, appropriate graphs, and calculations.
Demonstrates a strong understanding
and mostly accurate
application of economic concepts.
Analysis and illustrations are
relevant but lack depth.
Shows a basic understanding of economic concepts.
Application is partially relevant but may include
some inaccuracies or lack depth.
Analysis and graphs are minimal.
Demonstrates limited understanding of economic
concepts.
Application is often inaccurate or incomplete.
Lacks meaningful analysis or graphs.
Does not demonstrate understanding of economic
concepts.
Application is irrelevant or
absent. Lacks
analysis, graphs, and calculations.
Workplace Relevance and Insights
25% Provides detailed, specific workplace examples. Insights strongly connect theory and practice,
showcasing
critical awareness.
Provides relevant workplace examples with a reasonable connection
between theory and practice.
Offers workplace examples but relevance is limited or lacks specificity.
Connection between theory and practice is basic.
Provides minimal or vague workplace
examples.
Connection to theory is weak or unclear.
No workplace examples provided, or
examples are
entirely irrelevant.
No connection to theory.
Critical Thinking and Analysis
20% Demonstrates high-level critical
thinking with wellreasoned
arguments,
evaluation of
perspectives, and logical conclusions.
Demonstrates good critical thinking with logical
arguments and
some evaluation but lacks depth in perspectives or complexity.
Demonstrates basic critical thinking. Arguments are present but lack
strong support or evaluation of perspectives.
Limited critical thinking. Arguments are weak, simplistic, or lack support.
Conclusions are unclear or illogical.
No evidence of critical thinking. Arguments and conclusions are absent, unsupported, or irrelevant.
Structure and Clarity 10% Exceptionally well-organized with clear, logical
flow. Transitions enhance readability.
Grammar and spelling are flawless.
Well-organized and mostly clear. Minor issues with flow or
grammar and spelling.
Somewhat organized, but
clarity or flow is inconsistent. Grammar and spelling errors
present but do not hinder understanding.
Poorly organized with significant issues in flow, clarity, grammar,
or spelling, which affect readability.
Disorganized and unclear. Frequent grammar and spelling errors
significantly hinder understanding.
Originality and Effort 10% Demonstrates exceptional originality and
effort, reflecting
deep engagement with the
assignment.
Content is uniquely crafted.
Shows good originality and
effort. Content reflects a
genuine attempt
to engage but
may rely on standard examples.
Shows moderate originality and effort. Content
reflects minimal engagement or
relies on generic examples.
Minimal originality or
effort. Content is generic, lacks
depth, or shows limited engagement.
No originality or effort. Content is generic, copied, or reflects no
engagement with the assignment.
Appendix 1:
TEMASEK POLYTECHNIC SCHOOL OF BUSINESS AY2025 APR Semester
Business Economics (BCEC002)
INDIVIDUAL ASSIGNMENT Submitted to:
<Indicate Tutor’s Name>
Admin No. Student’s Full Name   QUESTION MAX MARKS MARKS OBTAINED 1 12  2 24  3 14  4 22  5 18  6 10  TOTAL 100