Economic Concepts and Models: Understanding Demand, Supply, and Elasticity

This presentation discusses the impact of trampoline prices on the demand curve, microeconomic concepts, the law of demand, factors affecting demand, elasticity of demand, supply, law of supply, factors affecting supply, change in supply curve, and their impact on the economy.

ECONOMIC CONCEPT AND MODELS

TABLE OF CONTENTS
• INTRODUCTION
• TRAMPOLINE'S PROFIT ISSUES
• MICROECONOMIC CONCEPTS
• LAW OF DEMAND
• FACTORS AFFECTING DEMAND
• ELASTICITY OF DEMAND
• SUPPLY
• LAW OF SUPPLY
• FACTORS AFFECTING SUPPLY
• CHANGE IN SUPPLY CURVE
• CONCLUSION
• REFERENCES

INTRODUCTION
Economics is defined as the study which
helps them to understand the world around
them and it also enables the people to
understands the business, governments
and markets. Thus they helps in better
response to the threats and opportunities
which leads to change the things.

TRAMPOLINE'S PROFIT ISSUES
As per the British Broadcasting company, the
cost of shipping is increasing which is giving
growth in price for the same. In addition, we
get to know by the individual vendor who is
functioning in games, the holder of Outside
Models. The major alteration in the price of
transportation as well as the seaport
congestion can be big in size toys and these
are rising borders.

CONCEPT OF MICRO ECONOMICS
Microeconomics refers to the understanding
of choice with respect to people that
responses the change with the incentives,
method of production and the prices of the
products.

LAW OF DEMAND
Demand and the prices are inversely related
to each other which stated that when the
given prices of the goods rises then the
demand of the respective commodities tends
to rise with the target fair (Ahsan, 2020).

FACTORS AFFECTING DEMAND
The factors which impacts the demand of
the trampoline are discussed below:
• Wages level of consumer.
• Value of the commodity.
• Choice and perception of the buyer.

ELASTICITY OF DEMAND
• Elasticity of demand refers to the
variation in quantity demanded to
change in various factor such as taste
and preferences, income and prices
(Dawson, 2019). The curve is either
shifted to right or left due to change in
these factors .

SUPPLY
Supply is defined as the amount of goods
and services available to the consumers .
The goods and services are sold in the
competitive markets when its is
demanded. The supply gets affected due
to the price of the commodity.

LAW OF SUPPLY
Supply has direct connection with the
price & supply in market. All factors
remains constant, change in price of the
goods rises then it aims to rise the entire
supply of the particular commodities in
the market that is targeted (Dawson,
2019). When the company is having
more sale then they can more to the
higher profitability.

FACTORS AFFECTING SUPPLY
Factors that affects the supply of particular
commodities are discussed below:
• Overall budget of production
• State of Equipment
• Government Grants

CHANGE IN SUPPLY CURVE
This leads to move of the arc with the
variation in various aspects which involves
the price of manufacture, grants, objectives
of the firms ad the use of technology.

CONCLUSION
The above presentation concludes that increase in the rates of trampoline
influence the demand curve of the product and services in the economy. The
concept of demand and supply influence the overall circulation of economy in
an appropriate manner. Price of commodity, price of related goods and income
of the consumer are the features which impact the demand and supply of
given goods in the economy.

REFERENCES
Online:
Trampoline prices 'to soar 50% on shipping costs', 2021 [Online] Available through
<https://www.bbc.com/news/business-55702243>
Books and Journals
• Gacitua, L. and et. al., 2018. A comprehensive review on expansion planning:
Models and tools for energy policy analysis. Renewable and Sustainable Energy
Reviews, 98, pp.346-360.
• López-Cózar-Navarro, C. and Priede-Bergamini, T., 2021. Social
entrepreneurship and related concepts: The path of opportunity to Foster new
ventures. In Handbook of research on nascent entrepreneurship and creating
new ventures (pp. 273-294). IGI Global.

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