Figure 1(assessment chart 2018, see file attached) shows the World Bank spot prices of tea in Sri Lanka and Kenya over the past four years. It can be seen from Figure 1 that the price of tea has fluctuated a great deal during this period. For example: between December 2014 and July 2015 the price increased by 64% in Mombasa, while in the same time the price decreased by 11% in Colombo. In an essay of 1500 words or fewer, use economic analysis to explain changes in the prices of Sri Lankan and Kenyan tea over the period shown in Figure 1 and why the prices fluctuations have been so different. Assess the ways in which resources are allocated within market based economies. Explain how firms and individuals are affected by different market structures, market failures, and the macroeconomy. Apply economic principles to the real world and communicate the results effectively. There has to be an introduction that provides a clear outline and the focus of the essay, the text needs to be clearly structured with linked paragraphs. Use a clear theoretical explanation for price change in dept. Use appropriate diagrams, well explained and theories of economics. Connect the theoretical explanation to changes in the real world. Use statistics/charts to support those analysis considering a range of causes. The essay, overall, needs to be well presented, clear, in an academic style and with Harvard Referencing Style. (Figure 1 attached in files: Monthly spot prices Sri Lankan (blue) and Kenian (red) tea in US Dollar per kilogram (US$/kg) from May 2014 to May 2018 (source: World Bank Commodity Data Base (The Pink Sheet (Links to an external site.)Links to an external site.), 2018) SOURCES TO USE: “Foundation of economics” (fourth edition, Andrew Gillespie) “Economics” (twelfth edition, Lipsey & Chrystal) “Economics for Business & management” (third edition, Alan Griffiths & Stuart Wall) You can find attached the figure mentioned in the essay description and also 2 examples of essays.
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