Economic Impact Analysis - The Main Economic Problem of Scarcity - Accounting and Finance Assignment Help

Assignment Task:

Task – Case Study Report
2.1 Economic Impact Analysis – Holbrooks Florists (Fictitious Company) Holbrooks Florist is a family run business which has been operating for over 60 years in the West Midlands. The business was started by Mr. Holbrooks as hobby from his teenage years when he used to share recreational park blossomed flowers with neighbours. Almost all of the business’s customers are based in the West Midlands.

The company is currently managed by his two grandsons, Jack and Jamie. Concerned with the prospects of the UK economy and increasing competition from the big high street supermarkets, they have resorted to trying the innovative idea of selling online. The lack of technical expertise and high cost of operating these new online systems have taken a toll on the business. Profit margins have gone down due to increasing rent, business taxes and staff wages.

As a business adviser to Holbrooks Florist, you have been tasked to explain how changes in the economy is impacting on their business.

The answers to the questions below must not be more than 1500 words. Ensure you include a brief introduction and references using Harvard referencing format.

Q1.
a) Explain the main economic problem of scarcity using an example from this business (3 marks)
b) Describe two each advantages and disadvantages of operating a business in the private sector as opposed to the public sector (8 marks)
c) In the context of Holbrooks Florist, discuss three rational choices they could make to improve the business performance (5 marks)
d) Discuss three benefits and limitations to the business if it were to operate in a centrally planned economy (9 marks)

Q2.
a) It can be inferred from the case study that business has a flat structure as Jackie and Jamie manage it by themselves. Discuss five downsides of having a flat structure in family run businesses (10 marks)
b) Based on the downsides discussed in your previous answer in (a), recommend an alternative organisational structure that could improve the business performance. What are your reasons for recommending your structure and why? (10marks)
c) Explain the principal-agent problem in organisations (5marks)

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