Economic Concepts and Models - Article Review

This article review covers economic concepts and models related to demand, supply, and factors influencing them. It also discusses the issues faced by Trampoline in earning profits. The report primarily covers the two concepts of economics, which are demand and supply, and the varied factors that affect them. The presentation also includes a brief on the elasticity of demand and supply. References are provided at the end of the presentation.

Economic Concepts and
Models

Article Review - Economic Concepts
And Models
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Context
• Overview
• Issues of Trampoline's profit
• Demand module
• Factors Influencing Demand
• Elasticity of Demand
• Supply module
• Factors Influencing Supply
• Elasticity of Supply
• Conclusion
• References

Overview
Economics is primarily the social
studies which deals with
consumption, production and
distribution f the services and goods.
It primarily focus on the behavior and
interaction of the manner in which
economies work when collaborate
with the agents.

Issues of Trampoline's profit
Trampoline expenses include leasing of space,
maintenance and also its marketing and labour.
It has been seen that many toy retailers is
going through with enhanced losses. When not
control might lead to hindrance in the
operating enhanced profit and satisfaction in
the target market. In one of the report of the
BBC new article, it has been notice that there
is sudden increase in delivery price of the
trampoline (Jacque, 2022).

Concepts in Microeconomics
It is the general study which support
the firm or business in availing the
impactful decisions in prominent
manner. It its the primarily acquisition
of behaviour of individual or company
in effective manner to ensure that
improve decisions are being made.
These effective resource support the
firm in allocating resource.

Demand Module
Demand is the economic concept which
symbolise the consumer desire of
purchasing goods and services. It relates
the consumer or the customer
willingness to pay a specific price for
the particular good or services in
effective manner. Here, the effective
buying power of the service or good is
being analysed.

Factors which influence demand of goods and services
• Commodity prices
• Consumer’s income
• Taste and preferences of consumer

Elasticity Of Demand
It is the demand where the change in
quantity demanded due to alteration
in price is large. Due to change in
price demand is also alter. It
symbolise the interrelationship
between the demand alteration which
lead to alteration in firm prices.
Factors which determine the
elasticity of the product is their price
level, type of product or price and
availability of the potential
substitutes.

Supply module
Supply is the fundamental economic
concept which describe overall
magnitude of particular goods and
services which are available for
consumers. It relate the amount
available at specific price when
displayed on a graph. It is usually
determined through the market
environment.

Factors Influencing Supply
 Costs of manufacturing
 Aids rendered by Government
 Technologies impact

Elasticity of supply
The price elasticity of supply is a
measure used in economics to
demonstrate the responsiveness or
the elasticity of quantity supplied
for the good or services to alter the
price of the product. This model
represent the quantitative
relationship between supply of
commodity and its price

Conclusion
From the above presentation alteration in price of trampoline in
target market is being influenced. Alteration in price of trampoline
might influence demand or supply of the goods and services in the
target market. Report primarily covers issues faced by the
trampolines to earn the target profit and varied concepts used in
microeconomics. Report primarily covers the two concept of
economics which are demand and supply. Varied factors which
effect these concepts are also recount through this presentation.

References
Dermendzhiev, A., 2021. Space, Economic Concepts and Social
Development Models.
Jacque, A., 2022. Economic Concepts for Agricultural Policy Analysis.
In Agricultural Policy Analysis (pp. 89-126). Springer, Singapore.
Meraj, G., Singh, S.K., Kanga, S. and Islam, M., 2021. Modeling on
comparison of ecosystem services concepts, tools, methods and their
ecological-economic implications: A review. Modeling Earth Systems
and Environment, pp.1-20.
Mpofu, E., 2020. Concepts and models in sustainable community health.
In Sustainable Community Health (pp. 3-38). Palgrave Macmillan,
Cham.
Trebilcock, M. and Wong, S., 2018. Trade, technology, and transitions:
Trampolines or safety nets for displaced workers?. Journal of
International Economic Law, 21(3), pp.509-545.

Thank You