IDBEC001 Business Economics<\/p>\n
IDBEC001 Business Economics
\n2022-2023
\nCoursework Assignment
\nIDBEC001 Business Economics
\nV1 2223 \u00a9 2021 Northern Consortium UK Ltd Page 2 of 10
\nThis assignment is in the form of a project ( help with nursing paper writing from experts with MSN & DNP degrees) and is worth 25%
\nof the total marks.
\nNotes:
\nThe final report should be between 1250 and 1500 words (not including the
\nbibliography).
\ni. At all times you should express your ideas and develop your answers in your
\nown words; you may use quotes or refer generally to textbooks, relevant
\nwebsites or journals, this is acceptable as long as they are properly
\nreferenced and acknowledged in the bibliography.
\nii. Avoid bullet points and sub-headings at all times. Tables and graphs can be
\nused for summarising information and your written work on each task
\nshould be a continuous piece of writing.
\nUseful Resources
\nThis assignment will require research work. The following websites and texts may
\nbe of use:
\nwww.economist.com
\nwww.ft.com
\nwww.guardian.co.uk
\nwww.independent.co.uk
\nwww.bbc.co.uk
\nSloman J, Garratt D, Guest J and Jones J (2019) Economics for Business (8th
\nedition) Pearson: Harlow.
\nConsult your institution\u2019s library for books and relevant journals that may contain
\nmore academic material.
\nIDBEC001 Business Economics
\nV1 2223 \u00a9 2021 Northern Consortium UK Ltd Page 3 of 10
\nAssessment Title
\nAfter years of declining trade union power in both the USA and Europe, changing
\nlabour market conditions are seeing a revival of trade unions with an increased
\nfocus on the implications of this for wage determination and labour market
\nconditions.
\nAssessment Task
\nIn the last decades of the 20th century trade union membership fell to less than 20
\nper cent in 48 out of 92 countries surveyed by the International Labour Office. In
\nonly 14 of the 92 countries surveyed did trade union membership exceed 50 per
\ncent of the total workforce. In the UK and the USA, the last decade of the 20th
\ncentury saw trade union membership fall by 25 per cent and 21 per cent
\nrespectively. Your initial task is to do some desk based research to see if this decline
\nin union membership was reflected in the wages share of company revenues during
\nthis period. However, your research should also recognise the tightening of labour
\nmarket conditions in recent years that have seen a revival of trade union
\nmembership and activity which could impact wage negotiation \/determination.
\nThe 3 extracts below will give you some useful information about the revival of
\ntrade union membership and activity and these can act as a guide to frame your
\nthoughts about how the economic theory and models that determine wages might
\nbe changing. You should consider wage determination in markets where all the
\npower to determine wages lies with employers (monopsony) to one where trade
\nunions bring power to both sides of the labour market (bilateral monopoly) when
\nanalysing labour market changes. These extracts are adapted from The Guardian
\nnewspaper and The Economist magazine and you can use these as references in
\nyour assignment, but you should look for other sources of information as well to
\nsupport your research.
\nYou are required to submit a report that outlines how changes in the labour market
\nhave impacted on the balance between wages and profits in either the UK, the US
\nor both in the last twenty to thirty years and which then shows how relevant
\neconomic analysis can be used to highlight the possible impacts on wage
\ndetermination and working conditions of the recent rise in Trade Union activity. You
\nshould also consider an overall Assessment of how this might restore a more equal
\nshare between the workers and shareholders of an organisation\u2019s revenues and the
\nextent to which this will improve working conditions. It is vital that you use relevant
\neconomic theory and analysis in your report.
\nIDBEC001 Business Economics
\nV1 2223 \u00a9 2021 Northern Consortium UK Ltd Page 4 of 10
\nYou are advised to structure your report in such a way as to be able to cover the
\nfollowing:
\n\u2022 Describe briefly how the balance between wages and profits have changed
\nover the past 2 to 3 decades in either the UK, the US or both.
\n\u2022 Identify and explain how theory would suggest businesses operating in
\nlabour market conditions, where they have all the power, would set wages
\nat a level that favours profit maximisation.
\n\u2022 Apply relevant economic theory to show how changing labour market
\nconditions caused by increased trade union power and activity, as suggested
\nin the articles, might impact on the determination of wages.
\n\u2022 In the case of the extract on the UK rail strike in particular, consider the
\nmeaning and significance of flexibility that employers want to link to any
\npay settlement.
\n\u2022 Use economic theory and examples from your research to evaluate what
\nmight determine the outcome of negotiations over wages and changes in
\nlabour market conditions.
\nIDBEC001 Business Economics
\nV1 2223 \u00a9 2021 Northern Consortium UK Ltd Page 5 of 10
\nArticle 1
\nUS unions see unusually promising moment amid wave of victories
\nAdapted from Guardian articles by Steven Greenhouse Wed 16 Mar 2022 and
\nMichael Sainato a Fri 1 Apr 2022
\nThe recent, much-publicised wave of union victories in the US at companies as
\nvaried as the giant coffee chain Starbucks, trendy outdoor outfitters REI and
\nmedia group the New York Times is spurring hopes that this will somehow turn
\ninto a much larger unionization wave that lifts the incomes and improves the
\nworking conditions of millions of Americans.
\nUnion strategists are debating whether there are ways to transform the wins
\nat Starbucks \u2013 workers at six Starbucks have voted to unionize so far \u2013 into a
\nwave of unionization at McDonald\u2019s and other fast-food companies, and whether
\nthe REI victory could be a springboard to victories elsewhere in retail, perhaps at
\nWalmart or Whole Foods.
\nWhile the recent union wins fuel optimism, the Bureau of Labour Statistics
\nreported in January that just 10.3% of US workers are in unions and just 6.1% in
\nthe private sector. In the 1950s, more than one in three private-sector workers
\nwere in unions, in the 1980s, more than one in five. Now it\u2019s just one in 16.
\nHowever, another union breakthrough came when Amazon workers in New
\nYork have voted to form a union in what labour leaders are calling a \u201chistoric
\nvictory\u201d against the US\u2019s second largest employer. In Staten Island, New York,
\n2,654 warehouse workers voted yes to forming a union, while 2,131 voted no.
\nThe Staten Island victory marks the first successful US organizing effort in the
\ncompany\u2019s history. Organizers have faced an uphill battle against Amazon, which
\nnow employs over one million people in the US and is making every effort to keep
\nunions out.
\n*Continued on the next page*
\nIDBEC001 Business Economics
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\nAmazon workers there are seeking longer breaks, paid time off for injured
\nemployees and an hourly wage of $30, up from a minimum of just over $18 per
\nhour offered by the company. The estimated average wage for the borough is
\n$41 per hour.
\n\u201cYou have thousands of people who are standing up at Amazon wanting to be
\npart of this movement,\u201d one union leader said. \u201cIt relates to how people feel they
\nwere treated during the pandemic. Their contributions were not being rewarded
\nsufficiently, and the risks they took were not being recognized sufficiently.
\nWorkers felt the callous indifference of too many employers. Plus, workers were
\nconcerned about the profiteering that was going on and the exponential explosion
\nof income inequality. The same union leader went on to say \u201cMoreover, workers
\nfeel unusually empowered because of a low unemployment rate and a record
\nnumber of job openings.\u201d
\nIDBEC001 Business Economics
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\nArticle 2
\nIn a tight labour market, strikers have more leverage than before
\nAdapted from an article in The Economist October 21st 2021
\nThe pandemic has been very good for sellers of cornflakes, and very busy for
\nthose who make them. With so many people spending so much time at home,
\ncereal consumption has boomed. Kerry Williams, an instrument technician, says
\nthis has translated into almost constant overtime shifts at his Kellogg\u2019s plant in
\nPennsylvania, sometimes as long as 16 hours a day. That would be hard enough.
\nBut what makes it that much harder, he says, is seeing Kellogg\u2019s, one of the
\nworld\u2019s biggest producers of ready-to-eat cereals, pull in giant profits even as his
\npay has barely increased. \u201cWe feel it\u2019s time that this money trickles down to us,
\nbecause without the workers on the floor there would be no Kelloggs,\u201d he says.
\nMr Williams and about 1,400 colleagues at Kellogg\u2019s factories round the country,
\nfrom Tennessee to Michigan, have been on strike for two weeks.
\nThey are far from alone. On October 14th about 10,000 employees of John
\nDeere, a manufacturer of agricultural machinery, walked off the job in five states.
\nMore than 20,000 nurses and workers in California and Oregon with Kaiser
\nPermanente, a health-care company, have voted to strike. About 60,000 behind\u0002the-scenes film and television workers were also set to head to picket lines,
\nhaving voted 99% in favour of a strike, but a last-minute deal averted that.
\nPartly it is the resumption of trends visible before covid-19. Nearly half a million
\nworkers were involved in work stoppages in both 2018 and 2019, the most in
\nmore than three decades. That reflected both dissatisfaction with pay and
\nworking conditions and the unions\u2019 confidence that, in a tight labour market, they
\nhad leverage. The pandemic has only reinforced these dynamics. Having been
\nlauded as essential workers for the past 18 months, everyone from nurses to
\nfood-packers expects better treatment. And with companies struggling to find
\nstaff, workers are emboldened.
\nA dominant feature of the American economy over the past few decades has been
\nsluggish wage growth. The question now is whether these recent breakthroughs
\nby unions signal a clearer turning-point, a shift in the balance of power towards
\nlabour. Workers have reason for guarded optimism.
\nIDBEC001 Business Economics
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\nSeveral things have weighed against wages and conditions for workers across the
\nrich world. Advances in technology, including automation, have chipped away at
\nworkers\u2019 bargaining power. So, too, has the globalisation of production. In
\nAmerica the weakness of unions has exacerbated these trends. Just one worker in
\nten belongs to a union today, half the proportion of the early 1980s. The previous
\ndecline in trade-union membership can be seen in the chart below:
\nStrikers seem to have the public on their side, at least for now. Opinion polls
\nsuggest that 68% of Americans support unions, up notably from a decade ago.
\n\u201cEveryone in this country is a little tired of the greed,\u201d says Allan Torres, a
\nmiddle-aged veteran of Kellogg\u2019s packing operations.
\nIDBEC001 Business Economics
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\nArticle 3
\nRail workers to strike across Britain on 27 July, union announces
\nAdapted from an article in The Guardian by Jasper Jolly Wed 13th July 2022
\nThe railways will grind to a halt again on 27 July as staff stage another national
\nstrike in an ongoing dispute over pay, jobs and conditions.
\nAs many as 40,000 members of the Rail, Maritime and Transport (RMT) union at
\ntrain companies and Network Rail will walk out for 24 hours on Wednesday 27
\nJuly, with two other rail unions also considering dates for industrial action.
\nUnion leaders made the announcement after rejecting a new offer from Network
\nRail which they described as \u201cmuch too little\u201d. The state-owned company, which
\nruns Great Britain\u2019s rail infrastructure and most of its big stations, on Tuesday
\noffered a 4% pay rise for the whole of 2022, followed by a possible 4% next year
\nif workers accepted changes in working conditions.
\nHowever, the RMT said these represented \u201cattacks on their terms and
\nconditions\u201d. The union said it had yet to receive a pay offer or guarantees over
\njob losses from the train operating companies.
\nThe dispute comes with relations between unions and the government at a low,
\namid widespread industrial action being considered by workers from barristers to
\ncleaners and teachers. Workers supplying cash and supplies to sub-post offices
\nare due to stage their second 24-hour strike on Thursday in a protest over pay,
\nafter strikes by employees at 114 crown post offices on Monday.
\nMick Lynch, the RMT\u2019s general secretary, criticised \u201cstubborn\u201d train operating
\ncompanies for not making an increased pay offer, and said: \u201cStrike action is the
\nonly course open to us to make both the rail industry and government
\nunderstand that this dispute will continue for as long as it takes, until we get a
\nnegotiated settlement.
\n\u201cThe offer from Network Rail represents a real-terms pay cut for our members
\nand the paltry sum is conditional on RMT members agreeing to drastic changes in
\ntheir working lives.\u201d
\nIDBEC001 Business Economics
\nV1 2223 \u00a9 2021 Northern Consortium UK Ltd Page 10 of 10
\nNOTE: The following grid will be used for marking and reaching an overall mark for the assignment. The marking grid gives
\nfive criteria to award marks. You will see that there is a larger percentage of marks awarded for application and analysis as
\nthis will really show students\u2019 depth and understanding of the subject.
\nMark
\nRange
\nMarking Criteria
\nKnowledge (20%) Application (20%) Analysis (30%) Assessment (20%) Study Skills (10%)
\n80+
\n16 – 20 Marks
\nVery good knowledge
\nwith no errors in
\nunderstanding
\n16 – 20 Marks
\nHigh level of knowledge
\nis applied in a clear
\nmanner
\n24 – 30 Marks
\nExtensive analysis\/use
\nof theory to explain
\nanswer
\n16 – 20 Marks
\nExtensive judgement in
\nanswer and conclusion.
\nDraws together salient
\npoints to deliver a
\nstrong conclusion.
\n8 – 10 marks
\nWritten in an engaging style. Excellent
\nresearch and consistent use of
\nreferences matched to an accurate
\nbibliography.
\n60 – 79
\n12 – 15 Marks
\nGood knowledge shown
\nwith minor errors in
\nunderstanding
\n12 – 15 Marks
\nKnowledge is well
\napplied
\n18 – 23 Marks
\nGood analysis\/use of
\ntheory to explain
\nanswer
\n12 – 15 Marks
\nGood judgement shown
\nin answer and\/or
\nconclusion
\n6 – 7 marks
\nWritten in a clear and easily accessible
\nstyle. Very good evidence of research
\nwith very good references and an
\naccurate bibliography.
\n40 – 59
\n8 \u2013 11 Marks
\nLimited knowledge
\nshown or answer
\ncontains several errors
\nin understanding
\n8 \u2013 11 Marks
\nLimited application of
\nknowledge
\n12 – 17 Marks
\nLimited analysis\/use of
\ntheory to explain
\nanswer
\n8 – 11 Marks
\nLimited judgement
\nshown in answer or
\nconclusion
\n4 – 5 marks
\nWritten in reasonable and accessible
\nstyle. Some evidence of research and
\nreferencing supported with a
\nbibliography even if this is not set out
\ncorrectly.
\nLess
\nthan
\n40
\n0 \u2013 7 Marks
\nPoor knowledge shown
\nand fails to give a
\nminimal level of
\nunderstanding
\n0 – 7 Marks
\nApplication is weak
\nshowing a lack of
\nunderstanding of the
\nmodule materials
\n0 – 11 Marks
\nAnalysis is severely
\nlacking and weak. The
\nknowledge is not used
\nfor analysis.
\n0 – 7 Marks
\nAssessment is missing or
\nthe conclusions given
\nare weak and no overall
\njudgment is given
\n0 – 3 marks
\nPoorly written and difficult to
\nunderstand. Little evidence of research
\nand poor referencing. Inadequate
\nbibliography.<\/p>\n","protected":false},"excerpt":{"rendered":"
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