Hairdressing Salon Barber Shop - Regulatory Or Economic Forces And Concepts - New Venture - Economics Essay Writing Assessment Answer

Hairdressing Salon Barber Shop - Regulatory And Economic Forces And Concepts - New Venture - Economics Essay Writing Assessment Answer

Assessment Task:

Purpose 

Understand the role of regulatory, political and economic environments as they effect organisations operating in the private sector and seeking to design and implement business strategies.

Topic

Imagine you are about to open a hairdressing salon/ barber shop in your local vicinity.

How do the broader regulatory and economic forces impact on your decision making? Make sure you identify two key pieces of legislation (eg law, by-law, statute, Act, regulation, ordinance) from each tier of government (local, state and federal).

Identify 3 key economic concepts and how they are relevant to your new venture.

Suggested Structure

1. Abstract (not included in word count) Brief description of your hairdressing salon/ barber shop, and dot points of regulations and economic considerations. MAKE SURE THEY ARE AUSTRALIAN REGULATIONS AND ECONOMIC CONSIDERATIONS

2. Discussion of relevant regulations and their importance You do not need to apply evenly the word count for all three tiers of government regulation (eg the Commonwealth regulation may require more analysis than say the local (third tier) regulation). Exercise discretion for relevancy. The key is to ensure you identify three and explain their significance for your business; You do not need to quote sections of the law (unless you specifically wish to make a point); eg "Section 18 of the Competition and Consumer Act 2010 provides a person must not engage in misleading or deceptive conduct." You could just say that in half the word count; ie, "The Competition and Consumer Act 2010 regulates against misleading or deceptive conduct." That would be fine because your word count is limited. (This is why drafts are important.)

3. Discussion of economic concepts and their importance. Any 3 of the following Economic concepts may be used to analyse this topic: Interest Rates Trade Inflation Supply and Demand Elasticity Market Structures and Pricing PLEASE MAKE SURE YOU OUTLINE 3 OF THEM!!! Please note: Use of graphs and diagrams in your essay is highly encouraged, as this will display to the marker your understanding and ability to apply and analyse various theories of economics. When incorporating graphs into your essay, please adopt the following three criteria: original (not a screenshot from your text) incorporating labels; correctly applied, and adds to your analysis - THIS IS VERY IMPORTANT TO USE GRAPHS It is also expected that you include at least 5 sources in your essay. 

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