Economics is the study of the production, dispersion, and consumption of the services and the products that various businesses have to offer. Various entities - individuals, organisations, democracies, and all the different nations of the world financial decisions making and resources allocation falls under the same umbrella of economics. ECON 1020 is a unit curated with economics as the base.
In this unit, you will learn all the main concepts and knowledge of modern economics. It provides an understanding of the functioning of the economy, the common problems faced by economists and the solution. The unit ECON 1020 is concerned with individual decision-making analysis, economic behaviours of businesses across various industries (microeconomics), and the whole economic sector (macroeconomics).
The main concepts of the unit include choice and demand analysis, the production procedure and cost analysis of a firm, market performance and structure, and fair trade practices. Read forth to get more insights into ECON 1020 Prices and Market Examples.
First, we need to understand what exactly a market analysis is? The qualitative and quantitative analysis of the procedures and operation of the market (the term market can be used for the whole economic and financial circumstances or the market for a certain product or service) is called Market analysis. The points of analysis are the size, segments, competition, customer buying patterns, and the socio-economic trends affecting the market.
Market failure, as it is clear from the terminology, means the failure of the market. We can also describe it as an uneven distribution of the goods and services in the market caused by various factors - financial crises, economic trends, or ineffective decision making. In microeconomics, it is often referred to as a stagnant state of disequilibrium in which the supply does not meet the demand.
The demand for a product is reflected by the
profits; the lower the profit, the less demand.
But, for politics, the inverse is true -public' trust
and demand increase in desperate times.
Quote by Sonny Perdue
The unit ECON 1020 Prices and Market focuses on various economic topics, and another one of them is Market Performance. It is the analysis of the performance of a specific firm or an industry through the revenues, profits, market share price, customer trust ratings, and competitive advantage. The market performance of a business directly impacts its performance and hence decides the success or failure.
An epitome of the ECON 1020 Prices and Market Example of the market failure and performance is the stock market crash in the Covid era. According to the New York Federal reserve reports, the 2020 Stock Market Crash resulted in a decline of 30% in just a month of March. Such market depression greatly affected businesses globally.
Working through your assignments will require you to go through the various stages of researching, drafting, compiling your research papers, ect. It can get overwhelming to do all of it, get economics assignment help to get free resources and affordable live guided sessions. Our experts can help you throughout the process of compiling your assignment.
When the various market forces are in a stagnant state or equally balanced, we call it economic equilibrium. The concept of equilibrium is from physical science, similar to the universal forces being at equilibrium (which they apparently aren’t as per the current circumstances) results in a balance in the environment.
The various economic forces - production, sale, demand, price - have to be balanced to achieve equilibrium in the market. It is best described through this statement:
Perfect competition in economics is the default
state and ideal in business. The same perfect
competition is what maintains the equilibrium
in a business.
These are the lines of the famous entrepreneur and founder of Payal, Peter Thiel. The demand for the product impacts its production, supply and price. All these are maintained by strategising. Such strategies in business match up with or beat the competition. Also, economic equilibrium is only a theoretical idea, businesses thrive for attaining equilibrium, but they can only get so close.
It is another important concept in the unit, ECON 1020 Prices and Market. Hopefully, you now have a better understanding of it.
From the daily expenses of an average individual to the government, spending is a part of the economy. Economics has subdivisions based on the need for strategizing and the amount at stake, known as microeconomics and macroeconomics. Here are a few of the main differences between the two:
The public sector demand in Australia detracted
-by 0.1% in the second quarter of 2021.- ABS
Market depression, economic imbalance and stock market crash were seen in the global economy due to the Covid crises. Still, the global economy is recovering, and new economic trends are emerging every day. ECON 1020 Prices and Market Examples in the unit will help you to understand economics and its various attributes better.
We offer a live guided session for students at affordable prices; you can enrol by filling out the enrollment form and connecting to one of our experts. It's that easy and accessible. Get economics assignment help that doesn't compromise your learning experience; rather, upgrade it with our experts and score HD.
Mike is of the belief that every student who needs assignment help through guided sessions should get one. So, he decided to not pursue a job in fortune 500 company but share his knowledge and skill to aid students in their academic. Mike provides assignment help through guided sessions to students across Australia with their doubts and queries in the subject of economics. His expertise of the basic concepts of microeconomics and macroeconomics has gained him credibility among the students looking for economics assignment help through guided sessions. Mike McDonnell has provided expert consultation to students for a long time and has been an assignment writer at My Assignment Services since his postgraduation.
Doing your Assignment with our resources is simple, take Expert assistance to ensure HD Grades. Here you Go....
Get Flat 10% Discount Upto A$50 on all Assignment Orders:
Get 20% OFF upto A$40 on your First Assignment order.
Get 500 Words Free on your Assignment: