Article Review - Economic Concepts And Models

This presentation discusses the main arguments of the article through microeconomic terms or concepts and their application to main issues. It also explains the relationship between demand and supply and costs and production.

BMP4003 Business Environment
Assessment 1 - Individual
Presentation

Article Review - Economic Concepts And Models
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Table of Contents
• Introduction
• Explanation of main arguments of the article through microeconomic terms or concepts
• With reference to theory, application to main issues
• Conclusion
• References

Introduction
• Microeconomic is concerned with the study of
what will happen in near future when households,
individuals and companies make decisions with
changes in revenues, income, prices or methods of
manufacturing. Business environment is the
collection of all micro and macro elements which
creates business uncertain as well as dynamic in
nature. These factors affect the operations and
profitability of business in long run.

Explanation of main arguments of the article
through microeconomic terms or concepts
• The given article “Trampoline prices 'to soar
50% on shipping costs” demonstrate the major
issues businesses have to face after the
decision of Brexit. The first argument is the
decision making about up-hilling price of
trampolines in UK due to the soaring shipping
cost.

Continue
• Next argument is that the hauliers have to cross
Welsh ports because of the Brexit bureaucracy
going on leads to adding more costs to the items.
Demand of Chinese products has arisen all over
the world that puts excess burden on current
shipping capacity. The cost of transporting a big
container through stellar world trade courses has
now get tripled than before.

With reference to theory, application to main
issues
• Demand and Supply: It is an economical
term which determines price of
commodity in market, therefore cost of
product is reflection of demand and
supply. This theory describes the
relationship of seller of a certain product
and the buyer of that product.

Continue
• Costs and Production: The cost and
production theory states that costs of any
product is determined by sum total of all
costs related to resources for production or
manufacturing. In aspect to theory of cost, it
is termed as costs of a company that highly
determine supply addition to spending.

Conclusion/Summary
• From the presented information, it can be concluded that studying business environment
provided greater insights about survival and growth amidst turbulent as well as volatile
economic factors. Economics is social science which is related to production, distribution
addition to consumption of commodities or services. It studies the ways in which people,
governments, organisations together with countries devise choices for allocation of
resources.

References
• Anderson, D.A., 2022. Triangulated teaching: approaching environmental economics from
multiple angles. In Teaching Environmental and Natural Resource Economics. Edward Elgar
Publishing.
• McEvoy, D., 2022. Positive economics, economic efficiency, environmental economics and
policy. In Teaching Environmental and Natural Resource Economics. Edward Elgar Publishing.
• Trampoline prices 'to soar 50% on shipping costs'. 2021. [Online]. Available through: <
bbc.com/news/business-55702243>

Thank you