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6 $ 9 5 2 1 9 £ 4 7 ¥ 0 1 1 3 8 4 Economics Assignment Solving Techniques $ 6 8 0 2 9 3 5 2 7 ¥ € 4 € 8 5 £ 5 www.tutorhelpdesk.com
$ 6 £ 2 1 5 9 0 1 3 8 4 2 5 € ¥ Introduction 7 4 8 www.tutorhelpdesk.com
$ 6 £ 3 1 5 9 0 1 Economics is a branch of social sciences that deals with people’s efforts to satisfy their wants with limited resources. Economics involves making choices due to the fact that resources are scarce and choices have to be made as to how they will be used. Thus, there is a need to consider the different techniques in solving the identified problems in economics which this article researchers and practitioners about. 3 8 4 2 5 € will enlighten students, ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 2 Understanding Economic Problems 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 5 1 5 Definition and Nature of Economic Problems 9 0 1 3 8 4 The fundamental economic question is due to scarcity since while resources with regard to land, labor, and capital are scarce, peoples demands are unbounded. This scarcity leads to choices being made by the individuals and society on how the available resources will be used. 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 6 1 Types of Economic Problems ❑ What to produce: Selecting what products should be offered since resources are scarce or the allocation of available resources to different products. 5 9 0 1 3 8 4 ❑ How to produce: Identifying how the organization can effectively create goods and services through defining techniques and procedures. 2 5 € ¥ ❑ For whom to produce: Selecting consumers that will acquire the finished goods and services, and handling problems associated with distribution and fairness. 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 Problem-Solving Frameworks in Economics 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 8 Positive vs. Normative Economics 1 5 9 0 1 ❑ Positive Economics: Involves the approach that is based on objectivity such as and facts. It essentially narrates or conditions about an economy with no evaluations (e. g., “What is”). ❑ Normative Economics: Entails the making of value judgments and forming of opinions. It also recommended economic strategies and organize results concerning right or Sixth sense standards (e.g. what should be). 3 8 4 reports the existing 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 9 Microeconomics vs. Macroeconomics 1 5 9 0 1 ❑ Microeconomics: Concerned with individuals or groups in the economy such as the household, the firm and markets. It analyses how such entities behave and how they reach their decisions. ❑ Macroeconomics: Focuses on macroeconomics, its characteristics at the broad level, such as gross domestic products, joblessness indexes, and cost of living indices. This topic pertains to vast concepts such as economic development and public finance. 3 8 4 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 2 Analytical Tools and Techniques 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 11 ❑ Mathematical Models Economic theories and economic relationships are expressed through different mathematical models which involve use of equations that help in the analysis and prediction of different economic indicators. Such models may be as simple as linear equations, or as rather complicated as systems of differential equations. 1 5 9 0 1 3 8 4 2 ❑ Graphical Analysis Supply on the vertical axis and demand on the horizontal axis is some of the graphical representations of economic relationship and equilibrium conditions. Because of this property, graphs can be used to explain economic concepts and how change in one variable influences another. 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 12 ❑ Statistical Methods Statistical analysis refers to the process whereby measures are taken in order to gather data in order to test hypotheses and forecast the future trends of events. These are regression analysis, hypothesis testing and time series analysis. 1 5 9 0 1 3 8 4 2 ❑ Econometric Models Econometrics is the application of economic theories, quantitative methods, mathematical modeling, and statistical methods to examine and analyze economic data. It involves actual data in order to check the hypotheses and to assess the effects of economical measures. 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 2 Problem-Solving Strategies 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 14 ❑ Cost-Benefit Analysis According to cost-benefit analysis, it compares the costs and benefits of various choices with regards to the efficient choice available Converting qualitative analysis into numbers makes it easy for the policymakers and the businesses that can use it in its decision-making to understand the kind of sacrifices that is being made. ❑ Marginal Analysis Marginal analysis takes into view the benefits and cost beyond the_BASELINE to decide the pertinent level of an activity. Pivotal for such decision making including production, price and consumption levels of the products. 1 5 9 0 1 in the market. 3 8 4 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 15 ❑ Optimization Techniques Optimization means the search of the best decision which will provide the maximum or minimum value of an objective, for instance, profit or cost. Common methods used are linear programming along with those based on use of calculus. ❑ Game Theory Game theory is the branch of mathematics that deals with decision- making situations were the utility of choice is contingent on the decision made by other players. They use it to study conflicts and collaboration situations, for instance, with respect to price fixing. ❑ Scenario Analysis Business forecasting assesses the effects of various economic conditions and the policy decisions that can be made with regard to results. Although it is a rather complex methodology on its own, it assists planners and policymakers in anticipating different possible futures by envisioning other possibilities. 1 5 9 0 1 3 8 4 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 2 Problem-Solving Strategies 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 17 ❑ Market Analysis Market research is the study of market forces such as supply forces, demand forces and the price forces in order to facilitate business decisions. It is very useful for identifying competitor forces and customers forces namely Porter’s five forces model. ❑ Policy Analysis Public policy assessment focuses on the extent to which specific policies, in this case the economic policies, meet set goals such as growth, stability and equity. It entails establishing the effects of polices on various groups within the society. 1 5 9 0 1 3 8 4 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 18 ❑ Resource Allocation Resource allocation focuses on the proper use of resources in the different areas including; health sector, learning institutions departments. This entails the optimality of resource consumption in the interest of enhancing societal welfare. ❑ Risk Management Risk management involves economic risks, evaluation of the risks, and ways of reducing or controlling for the risks. Such risks are financial risks, market risks as well as operation risks which are encountered by businesses and individuals. 1 5 9 0 1 and governmental 3 8 4 2 5 € the identification of ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 Case Studies in Economic Problem Solving 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 20 ❑ The 2008 Financial Crisis Using the example of the global financial crisis it is possible to highlight such civilizational trends as the relations between differentiated financial markets and the impact of regulations. 1 5 9 0 1 3 8 4 2 ❑ Climate Change Economics Analyzing the economics of climate change includes evaluation of the measures for costs and effectiveness of preventing climate change and the measures for managing its consequences. This consists in assessing the consequences of carbon pricing and renewable energy policy on the economy. 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 21 ❑ Health Economics Public health economics incorporates analyses of the resource commitment to health within the society as well as the economic repercussions of health care procedures. It comprises appraisal of costs and other concerns, as well as the examination of the results of attempts to improve the health of patients. ❑ Education Economics Education economics evaluates the likely costs and benefits of education polices and expenditures for the benefit of the society. It involves identification of the return to education and education inequality. 1 5 9 0 1 3 8 4 2 5 € ¥ 7 4 the consequences of 8 www.tutorhelpdesk.com
$ 6 £ 1 5 9 0 1 3 8 4 2 Challenges and Limitations 5 € ¥ 7 4 8 www.tutorhelpdesk.com
$ 6 £ 23 ❑ Data Limitations It is also important to understand that the sanity of the economic analysis will solely depend on the data available and the quality data available. Limited and skewed data give wrong solutions and recommendations for policies that affect people’s lives. ❑ Complexity of Economic Systems Economic environments are unsteady and chaotic which implies that the analysis is influenced by many interfering factors hence it is hardly possible to place a specific bet on an event in an economic system. Thus, to comprehend these subtleties, one needs to employ rather refined models and analytical tools. ❑ Ethical Considerations Many economic choices constituting decision-making and even policy-making involve value premises and ethical elements all the time. Choices involve some type of rationality based on a society’s self-interest, and the interest of all stakeholders unlike the efficiency theory that only cares for a society’s self-interest. 1 5 9 0 1 3 8 4 2 5 € ¥ 7 4 8 www.tutorhelpdesk.com
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