Economics Assignment Solving Techniques.pdf

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Economics
Assignment Solving
Techniques
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Introduction
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Economicsisabranchofsocialsciencesthatdealswith
people’seffortstosatisfytheirwantswithlimitedresources.
Economicsinvolvesmakingchoicesduetothefactthat
resourcesarescarceandchoiceshavetobemadeastohow
theywillbeused.Thus,thereisaneedtoconsiderthe
differenttechniquesinsolvingtheidentifiedproblemsin
economicswhichthisarticlewillenlightenstudents,
researchersandpractitionersabout.
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Understanding
Economic Problems
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Definition and Nature of
Economic Problems
Thefundamentaleconomicquestionisduetoscarcity
sincewhileresourceswithregardtoland,labor,and
capitalarescarce,peoplesdemandsareunbounded.
Thisscarcityleadstochoicesbeingmadebythe
individualsandsocietyonhowtheavailableresources
willbeused.
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Types of Economic Problems
❑Whattoproduce:Selectingwhatproductsshouldbe
offeredsinceresourcesarescarceortheallocationof
availableresourcestodifferentproducts.
❑Howtoproduce:Identifyinghowtheorganizationcan
effectivelycreategoodsandservicesthroughdefining
techniquesandprocedures.
❑Forwhomtoproduce:Selectingconsumersthatwill
acquirethefinishedgoodsandservices,andhandling
problemsassociatedwithdistributionandfairness.
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Problem-Solving
Frameworks in
Economics
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Positive vs. Normative
Economics
❑PositiveEconomics:Involvestheapproachthat
isbasedonobjectivitysuchasandfacts.It
essentiallynarratesorreportstheexisting
conditionsaboutaneconomywithnoevaluations
(e.g.,“Whatis”).
❑NormativeEconomics:Entailsthemakingof
valuejudgmentsandformingofopinions.Italso
recommendedeconomicstrategiesandorganize
resultsconcerningrightorSixthsensestandards
(e.g.whatshouldbe).
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Microeconomics vs.
Macroeconomics
❑Microeconomics:Concernedwithindividualsor
groupsintheeconomysuchasthehousehold,the
firmandmarkets.Itanalyseshowsuchentities
behaveandhowtheyreachtheirdecisions.
❑Macroeconomics:Focusesonmacroeconomics,
itscharacteristicsatthebroadlevel,suchasgross
domesticproducts,joblessnessindexes,andcost
oflivingindices.Thistopicpertainstovast
conceptssuchaseconomicdevelopmentand
publicfinance.
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Analytical Tools and
Techniques
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❑MathematicalModels
Economictheoriesandeconomicrelationshipsareexpressed
throughdifferentmathematicalmodelswhichinvolveuseof
equationsthathelpintheanalysisandpredictionofdifferent
economicindicators.Suchmodelsmaybeassimpleaslinear
equations,orasrathercomplicatedassystemsofdifferential
equations.
❑GraphicalAnalysis
Supplyontheverticalaxisanddemandonthehorizontalaxis
issomeofthegraphicalrepresentationsofeconomic
relationshipandequilibriumconditions.Becauseofthis
property,graphscanbeusedtoexplaineconomicconcepts
andhowchangeinonevariableinfluencesanother.
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❑StatisticalMethods
Statisticalanalysisreferstotheprocesswhereby
measuresaretakeninordertogatherdatainorderto
testhypothesesandforecastthefuturetrendsof
events.Theseareregressionanalysis,hypothesis
testingandtimeseriesanalysis.
❑EconometricModels
Econometricsistheapplicationofeconomictheories,
quantitativemethods,mathematicalmodeling,and
statisticalmethodstoexamineandanalyzeeconomic
data.Itinvolvesactualdatainordertocheckthe
hypothesesandtoassesstheeffectsofeconomical
measures.
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Problem-Solving
Strategies
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❑Cost-BenefitAnalysis
Accordingtocost-benefitanalysis,itcomparesthe
costsandbenefitsofvariouschoiceswithregardsto
theefficientchoiceavailableinthemarket.
Convertingqualitativeanalysisintonumbersmakesit
easyforthepolicymakersandthebusinessesthatcan
useitinitsdecision-makingtounderstandthekindof
sacrificesthatisbeingmade.
❑MarginalAnalysis
Marginalanalysistakesintoviewthebenefitsandcost
beyondthe_BASELINEtodecidethepertinentlevelof
anactivity.Pivotalforsuchdecisionmakingincluding
production,priceandconsumptionlevelsofthe
products.
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❑OptimizationTechniques
Optimizationmeansthesearchofthebestdecisionwhichwillprovide
themaximumorminimumvalueofanobjective,forinstance,profit
orcost.Commonmethodsusedarelinearprogrammingalongwith
thosebasedonuseofcalculus.
❑GameTheory
Gametheoryisthebranchofmathematicsthatdealswithdecision-
makingsituationsweretheutilityofchoiceiscontingentonthe
decisionmadebyotherplayers.Theyuseittostudyconflictsand
collaborationsituations,forinstance,withrespecttopricefixing.
❑ScenarioAnalysis
Businessforecastingassessestheeffectsofvariouseconomic
conditionsandthepolicydecisionsthatcanbemadewithregardto
results.Althoughitisarathercomplexmethodologyonitsown,it
assistsplannersandpolicymakersinanticipatingdifferentpossible
futuresbyenvisioningotherpossibilities.
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Problem-Solving
Strategies
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❑MarketAnalysis
Marketresearchisthestudyofmarketforcessuchas
supplyforces,demandforcesandthepriceforcesin
ordertofacilitatebusinessdecisions.Itisveryuseful
foridentifyingcompetitorforcesandcustomersforces
namelyPorter’sfiveforcesmodel.
❑PolicyAnalysis
Publicpolicyassessmentfocusesontheextentto
whichspecificpolicies,inthiscasetheeconomic
policies,meetsetgoalssuchasgrowth,stabilityand
equity.Itentailsestablishingtheeffectsofpoliceson
variousgroupswithinthesociety.
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❑ResourceAllocation
Resourceallocationfocusesontheproperuseof
resourcesinthedifferentareasincluding;health
sector,learninginstitutionsandgovernmental
departments.Thisentailstheoptimalityofresource
consumptionintheinterestofenhancingsocietal
welfare.
❑RiskManagement
Riskmanagementinvolvestheidentificationof
economicrisks,evaluationoftherisks,andwaysof
reducingorcontrollingfortherisks.Suchrisksare
financialrisks,marketrisksaswellasoperationrisks
whichareencounteredbybusinessesandindividuals.
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Case Studies in
Economic Problem
Solving
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❑The2008FinancialCrisis
Usingtheexampleoftheglobalfinancialcrisisitis
possibletohighlightsuchcivilizationaltrendsasthe
relationsbetweendifferentiatedfinancialmarketsand
theimpactofregulations.
❑ClimateChangeEconomics
Analyzingtheeconomicsofclimatechangeincludes
evaluationofthemeasuresforcostsandeffectiveness
ofpreventingclimatechangeandthemeasuresfor
managingitsconsequences.Thisconsistsinassessing
theconsequencesofcarbonpricingandrenewable
energypolicyontheeconomy.
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❑HealthEconomics
Publichealtheconomicsincorporatesanalysesofthe
resourcecommitmenttohealthwithinthesocietyas
wellastheeconomicrepercussionsofhealthcare
procedures.Itcomprisesappraisalofcostsandother
concerns,aswellastheexaminationoftheresultsof
attemptstoimprovethehealthofpatients.
❑EducationEconomics
Educationeconomicsevaluatesthelikelycostsand
benefitsofeducationpolicesandexpendituresforthe
benefitofthesociety.Itinvolvesidentificationofthe
returntoeducationandtheconsequencesof
educationinequality.
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Challenges and
Limitations
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❑DataLimitations
Itisalsoimportanttounderstandthatthesanityoftheeconomic
analysiswillsolelydependonthedataavailableandthequalitydata
available.Limitedandskeweddatagivewrongsolutionsand
recommendationsforpoliciesthataffectpeople’slives.
❑ComplexityofEconomicSystems
Economicenvironmentsareunsteadyandchaoticwhichimpliesthat
theanalysisisinfluencedbymanyinterferingfactorshenceitis
hardlypossibletoplaceaspecificbetonaneventinaneconomic
system.Thus,tocomprehendthesesubtleties,oneneedstoemploy
ratherrefinedmodelsandanalyticaltools.
❑EthicalConsiderations
Manyeconomicchoicesconstitutingdecision-makingandeven
policy-makinginvolvevaluepremisesandethicalelementsallthe
time.Choicesinvolvesometypeofrationalitybasedonasociety’s
self-interest,andtheinterestofallstakeholdersunliketheefficiency
theorythatonlycaresforasociety’sself-interest.
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Alternative Solution
for Economics
Assignment Solving
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Conclusion
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Economicsproblem-solvingtechniquesareessentialtoolsfor
addressingawiderangeofissues,fromindividualdecision-
makingtoglobalpolicychallenges.Byunderstandingand
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Thank You
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