BLAW1002 Economics Principles Task
Economics Principles Task
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BLAW1002 S2 2021 – Economics Principles Task (EPT) – Marking Guide and FAQs
LAW1002 S2 2021 - Marking Guidance and FAQs on EPT
Marking Guide
Students will be marked on the extent to which they specifically answer the question and provide clear,
logical, well-reasoned and sufficient explanations. In general, the greater the attention to detail in
explanation given with logical consistency, solid reasoning, and clarity, the higher the mark (distinction
grade). In this assessment, the quantity and quality of the explanation matters. There are no specific
word limits per se, so long as what is written contributes to and strengthens your analysis. Brief answers
given with less attention to detail but assuming you get most of the raw basics correct should earn you
a satisfactory (pass or low credit grade) overall. Half-marks can be awarded in this assessment.
The rubric below is a rough guide as to how the exercise shall be marked:
Criteria
Unsatisfactory
0 - 49%
Satisfactory
50 - 64%
Sound
65 - 79%
Exemplary
80 - 100%
Conceptual
Understanding:
Application of
Economic
Theory
Limited
understanding and
application of key
economic concepts/
theoretical
framework in
response to the case
questions.
Satisfactory
understanding and
application of key
economic concepts/
theoretical
framework in
response to the case
questions.
Sound
understanding and
application of key
economic concepts/
theoretical
framework in
response to the case
questions.
Discriminating
understanding and
application of key
economic concepts/
theoretical
framework in
response to the case
questions.
Graphical
Communication
and Technical
Details
Diagrams are not
used, or the incorrect
diagram is used that
is not specifically
taught in the lectures
and/or CORE ESPP
(Units 1, 7).
Basic diagrams are
constructed to
illustrate the theory
in more generic
terms.
Diagrams are well-
labelled, drawn with
accuracy and
adapted to the case
question.
Diagrams are well-
labelled, drawn with
excellent accuracy,
adapted to the case
question and with
technical rigour.
Critical
Thinking /
Analysis
Reasons are illogical,
irrelevant, or vague
and/or not informed
by research evidence
from the relevant
articles. Small use of
available information
in the key news
articles.
Reasoning is relevant
and informed by
some analysis and
synthesis of research
evidence from the
relevant articles.
Some use of
available information
in the key news
articles.
Logical and clear
informed by analysis
and synthesis of
research evidence
from the relevant
articles. Good use of
available information
in the key news
articles.
Discerning and
comprehensive
informed by robust
analysis and
synthesis of research
evidence from the
relevant articles and
beyond. Solid use of
available information
in the key news
articles.
30–49% (F): A submission that is very brief with (perhaps incorrect) diagrams and mostly unexplained. Poorly
constructed sentences and incorrect grammar, punctuation and spelling interfere with conveying
meaning to readers.
50–59% (P): Some applications of the theory yet being unclear at times. Several errors in the diagrams, nonetheless,
gets the basics done. Possible weakness in English and sentence structure, not much linkage to the main
articles.
60–69% (C): Overall, applications of theory to the diagrams are done well and/or explanation of diagrams are
interesting at times. Evidence of some technical details, yet (perhaps) some points made were
inconsistent or not discussed in detail enough (i.e. insufficient depth of coverage).
70–79% (D): A very good submission, drawing from the information from the relevant news articles and with some
additional research, explaining the theory in some detail and evaluating the problem at hand. A couple
of details perhaps could have been elaborated on (hence not quite enough to be awarded a high
distinction). Overall, good depth to it and with relevant technical details.
80–90% (HD): An excellent submission, quite creative on several occasions, solid theoretical applications,
comprehensive, crystal-clear explanations, research excellence, and technical specification.
BLAW1002 S2 2021 – Economics Principles Task (EPT) – Marking Guide and FAQs
2
FAQs
▪ This Economics Principles Task (EPT) is mostly a written analysis using logical
argumentation. There is a ‘graphical’ component to this assessment where you are to simply
hand-draw (pen/pencil/paper and then electronically scan/snap; or using a digitiser pen) the
particulars of the relevant economics diagram.
o The organisation of the text is crucial and requires planning. Sentences and paragraphs should be
well connected using logical argumentation. Your answer should read as a continuous, threaded
flow of ideas from beginning to end.
o Be analytical and use your own critical thinking; do not be overly descriptive.
▪ Industry values workers with a well-developed set of analytical skills and communicative abilities.
A reason for the EPT is to help the student develop and/or strengthen their analytical and
communication skills set by applying their knowledge of economic principles to real world
issues. Moreover, articulating clear answers and solving problems are important skills to have in
the real business world. ULO4: “explain how business and marketing strategies can create value
through application of economic principles”.