Economic Concepts And Models - Article Review

This presentation discusses the impact of the rise in trampoline cost on demand and supply factors using economic concepts and models. It covers the law of demand, factors affecting demand, elasticity in demand, supply, law of supply, factors affecting supply, and change in supply curve. The presentation also includes a brief history of trampoline and its inventor. Course code and college/university not mentioned.

BMP4003 Business Environment
Assessment 1 - Individual Presentation

Article Review - Economic Concepts And
Models
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Contents
• Introduction
• Trampoline's profit Issues
• Concept of microeconomics
• Law of Demand
• Factors affecting demand
• Elasticity in demand
• Supply
• Law of Supply
• Factors affecting supply
• Change in supply curve
• Conclusion
• References

INTRODUCTION
Trampoline was invented by George Nissen of Cedar
Rapids, Iowa, in 1930 during attending a circus.
George was 16-year-old when an idea started to form
in mind of young gymnast. Firstly, it was called
“tumbling device” after 75 years George granted
patent trademark for ‘Trampoline”.

Trampoline's profit Issues
As per to the Article of the BBC Business webpage;
Trampoline cost ‘to rise 50% on delivery prices’ –
In UK as per to one game store the shipping price
of trampoline is higher than before. James Owen,
owner of the Outdoor Toys, says trampolines and
climbing, swings toys will be more expensive as
high transport will cost port congestion. Trampoline
prices can be high by 40-50%, James Own told
BBC 5 Live’s Wake Up to Money

Concept of Micro economics
Microeconomics is the term which implicates the
study of decisions and incentives specially when
they effect the distribution and utilization of
resources (Cherunilam, 2021). This concept shows
why and how different products has different price,
how businesses and individuals conduct and bring
advantage from efficient exchange and production
and how individuals cooperates and coordinates
from the best way to understand the complete
meaning of macroeconomics.

Law of demand
This states that rise of the cost, lower the amount
required. This happens due to which it will
demising MU. That is because of the consumer
uses the primary unit of an economic products, the
consumer buying to help their effective and crucial
require leading, and then every extra element is
used for the product to serve sequentially low-
value ends.

Factors affecting demand
Factor affecting demand are stated below -
• Price of Product
• Taste and Preferences
• Consumer’s Income

Elasticity in Demand
The state where price rises and translate into falling
demand is called Demand Elasticity. If the 50% get
increase in trampoline cost that causes the quantity
of trampoline required to decline by 50%, the
demand elasticity of the trampoline is 1. If the 50%
raise in trampoline cost only decline the amount
required by 10%.

Supply
This is the basic economical procedure that
defines the global quantity of the particular
products or facilities that are available to
consumers. Supply is related to the quantity
accessible at particular amount or cost
accessible across a level of cost if it’s
showed on the chart.

Law of supply
This is a microeconomic components
which termed that, all another factor
being identical, as the cost of a facility
rise, the amount of products or
facilities that dealers provide that will
be increased and vice versa.

Factors affecting supply
Factors affecting supply are as follows -
• Government’s Policies
• Cost of production
• Price

Change in Supply Curve
This chart above states that law of supply utilising a
supply curve, that is slopping rising. A, B and C are
spots on the supply curve. Every spots on the curve
presents a direct dealing amount quantity complete
(Q) and price (P). so, at spot A, the quantity managed
is Q1 and the cost will be P1 and it goes like this.

Conclusion/Summary
This project can be concluded as rise in trampoline cost effects the revenue, demand and supply
factors. So, on the basis of two concepts demand, elasticity of the demand and source gives us the
vision of the marketplace and the global case related to Brexit. The factors elaborate many major
issues effects the cost of trampolines like demand factors explains the less demand of trampoline and
with higher cost as it is typically dependent on consumers income, their taste and preference and
price of the product consumer want and factors of supply which illustrate the elements like
government issues, price and cost of production which makes market difficult of trampoline product.

References
• Cherunilam, F., 2021. Business environment. Himalaya Publishing House Pvt. Ltd.
• Eager, D., Zhou, S., Ishac, K., Hossain, I., Richards, A. and Sharwood, L.N., 2022. Investigation into the
Trampoline Dynamic Characteristics and Analysis of Double Bounce Vibrations. Sensors, 22(8), p.2916.
• Atzei, A., Luchetti, R., Carletti, D., Marcovici, L.L., Cazzoletti, L. and Barbon, S., 2021. The hook test is
more accurate than the trampoline test to detect foveal tears of the triangular fibrocartilage complex of the
wrist. Arthroscopy: The Journal of Arthroscopic & Related Surgery, 37(6), pp.1800-1807.
• Singpai, B. and Wu, D.D., 2021. An integrative approach for evaluating the environmental economic
efficiency. Energy, 215, p.118940.

Thank you