Mark Allocation To access the full mark range, you should be able to demonstrate clearknowledge and understandingof market failure, positive externalities and negative externalities and government...

Mark Allocation

To access the full mark range, you should be able to

• 
  

  demonstrate clearknowledge and understandingof market failure, positive externalities and negative externalities and government intervention.

  
  


• 
  

  clearlyapplyyour knowledge to issues surrounding the global palm oil industry. You may wish to consider the current growth of the industry and the impact that palm oil has on different economic agents.

  
  


• 
  

  provide relevant and precise economicanalysisof the strengths and weaknesses of government intervention in the palm oil industry. You may wish to consider the rationale for government intervention and the different ways in which governments might intervene.

  
  


• 
  

  provide anevaluativejudgement on whether the benefits of government intervention outweigh the costs, or vice versa. You may also wish to consider the impact of leaving the palm oil industry to the free market.

  
  


• 
  

  demonstrate effectivestudy skillsin the research and presentation of your work.

  
  

IFYEC002 Economics CW1 1920 © 2019 Northern Consortium UK Ltd Page 1 of 2 THE NCUK INTERNATIONAL FOUNDATION YEAR IFYEC002 Economics Coursework 1 - Essay 2019-20 INFORMATION FOR STUDENTS • This coursework is a take-home assessment. • Essay length: 1,250 – 1,500 words (not including appendices/bibliography) • This coursework contributes 10% towards your overall grade for this module. • There are 100 marks in total. • All references should be acknowledged using the Harvard Referencing System. IFYEC002 Economics CW1 1920 © 2019 Northern Consortium UK Ltd Page 2 of 2 Coursework 1 – Essay Background At the end of 2018, Indonesia and Malaysia made up around 85% of the global supply of palm oil. Palm oil is contained within nearly 50% of packaged products from pizza, doughnuts and chocolate, to deodorant, soap, shampoo, toothpaste and lipstick. It’s also used in animal feed and increasingly as a biofuel in many parts of the world. Palm oil is an extremely versatile oil with low production costs which make it cheaper than frying oils such as cottonseed or sunflower. In Asian and African countries, palm oil is used widely as a cooking oil and is also a cheap substitute for butter. In addition, rising global demand for palm oil has lifted incomes in poor rural areas, created jobs and reduced poverty, boosting the multiplier effect. However, palm oil has been and continues to be a major driver of deforestation of some of the world’s most biodiverse forests, destroying the habitat of already endangered species such as the Sumatran tiger, Sumatran rhino and orangutans. Fires to clear land for more palm oil plantations are a major source of greenhouse gas emissions into the atmosphere which contribute to climate change. There are also widespread reports of exploitation of workers and child labour in palm oil production. (Adapted from https://www.theguardian.com/news/2019/feb/19/palm-oil-ingredient- biscuits-shampoo-environmental and https://www.wwf.org.uk/) Essay Title Using your knowledge of economics, evaluate the extent to which governments should intervene, if at all, in the palm oil industry. 100 marks Mark Allocation To access the full mark range, you should be able to • demonstrate clear knowledge and understanding of market failure, positive externalities and negative externalities and government intervention. • clearly apply your knowledge to issues surrounding the global palm oil industry. You may wish to consider the current growth of the industry and the impact that palm oil has on different economic agents. • provide relevant and precise economic analysis of the strengths and weaknesses of government intervention in the palm oil industry. You may wish to consider the rationale for government intervention and the different ways in which governments might intervene. • provide an evaluative judgement on whether the benefits of government intervention outweigh the costs, or vice versa. You may also wish to consider the impact of leaving the palm oil industry to the free market. • demonstrate effective study skills in the research and presentation of your work. https://www.theguardian.com/news/2019/feb/19/palm-oil-ingredient-biscuits-shampoo-environmental https://www.theguardian.com/news/2019/feb/19/palm-oil-ingredient-biscuits-shampoo-environmental https://www.wwf.org.uk/