ECON10770 Introduction to Economics Assignment Example UCD Ireland
Economics is the study of how people and society interact with different goods, services, and resources. The discipline examines how these interactions affect an economy’s overall health and well-being. This module will introduce students to the fundamental concepts of economics and microeconomics. This will be done through the study of demand, supply, equilibrium, and economic problems. The module will also examine how different types of organizations interact with each other within an economy through competition and cooperation.
Students will also learn basic concepts in macroeconomics, such as how to measure gross domestic product (GDP), inflation, and unemployment. They’ll get an introduction on what role the government plays through fiscal policy or monetary policy. On successful completion of the course, students should have a good grasp of the key concepts in economics.
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In this course, there are many types of assignments given to students like group projects, individual assignments, continuous assessments, reports, business plans, business proposals, executive summaries, and other solutions given by us.
On completion of this module, students should be able to:
Assignment Task 1: Have an understanding of the basic tools of economic analysis
Economic analysis is the process of evaluating an economic decision by assessing all of the costs and benefits. The tool that allows this is the demand/supply graph, which can be used to determine consumer choice, profit maximization for firms, and equilibrium price and quantity in a market.
The demand curve shows the relationship between the price of a good or service and how much of it people are willing to buy at that price. The demand curve is downsloping, which means that the higher the price of a good/service, the fewer people are willing to consume it. This is because consumers will substitute other goods if the prices of certain goods increase e.g. when apple juice prices rise people may switch to orange juice or when the price of petrol increases consumers may switch to public transport. Consumers will only be willing to buy the quantity on the demand curve at that price (Quantity demanded), any more and they would not consider it worth buying at that higher price, however, less than Qd people would consider too expensive and therefore not worth buying.
The Supply curve shows the relationship between the price of a good and how much of it producers are willing to sell at that price. The supply curve is up-sloping, which means that the higher the price for a good, the producers will produce more of it. This is because producers will substitute other inputs if the prices of certain inputs increase (e.g. If wheat prices go up, then farmers will produce more corn). Producers will only be willing to sell the quantity on the supply curve at that price (Quantity supplied), any less and they would not consider it worth producing at that lower price, however more than Qs people would consider too expensive and therefore not worth producing.
Quantity supplied & demanded are the black dots on each of their respective supply and demand curves. At these points, the quantity demanded is equal to the quantity supplied. The equilibrium is where the supply-demand curves intersect. This happens at the market price in a competitive market and it’s an optimal allocation of resources in any other kind of market e.g. monopolistic or oligopolistic. The market price is where the quantity supplied is equal to the quantity demanded, meaning that the market is in equilibrium and that there are no shortages or surpluses.
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Assignment Task 2: Understand the role of government in the economy
Governments can use fiscal and monetary tools to influence the level of national income in an economy.
- Fiscal policy uses government spending, taxes & borrowing to either stimulate or slow down an economy. For example, increasing public expenditure or decreasing taxation has a stimulus effect on the economy by increasing aggregate demand, whereas decreasing public expenditure or increasing taxation has a contractionary effect on the economy by decreasing aggregate demand.
- Monetary policy uses government control over the money supply to either stimulate or slow down an economy. For example, increasing money supply growth will have a stimulus effect on the economy which increases aggregate demand, whereas decreasing money supply growth will have a contractionary effect on the economy which decreases aggregate demand.
The main role of government in the economy is to ensure that the market is in equilibrium and that resources are being used efficiently. This can be done by using fiscal and monetary policy tools to influence the level of national income. Governments can also use regulation (e.g. price controls) and taxation to affect how firms behave in the market. For instance, price controls may be used to ensure that a good or service is not being priced too high, and taxation can be used to raise revenue for the government or to discourage certain behaviors (e.g. smoking).
The role of government in the economy is essential for ensuring that the market works efficiently. By using fiscal and monetary policy tools, the government can increase or decrease the level of national income to either stimulate or slow down an economy. This will have an effect on almost all other variables in the market, for example by increasing aggregate demand, inflation may rise and real GDP growth will accelerate, which will cause upward pressure on some input prices (e.g. wages) and downward pressure on others (e.g. unemployment).
Assignment Task 3: Understand the contribution economics can make to the discussion on a wide range of real-world issues
The field of economics can provide valuable insights into a wide range of real-world issues. For example, by understanding the concepts of supply and demand, economists can provide explanations for why prices change and how government policies can affect economic outcomes. Additionally, economists can advise on the best way to solve specific problems or disputes. For instance, in the event of a natural disaster, economists may be consulted on the best way to allocate resources and provide relief to the affected population.
In addition to providing insights into specific issues, economics can also help to inform public policy debates. For example, by understanding the concepts of trade-offs and opportunity costs, economists can help policymakers to understand the implications of different policy proposals. Additionally, economists can help to assess the likely outcomes of different policies and to weigh the benefits and costs of each option.
Overall, economics is a valuable tool for understanding the world around us and for providing insights into a wide range of real-world issues. By understanding the concepts of supply and demand, government policies can be assessed and public policy debates can be informed.
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