Equilibrium Price Concept in Economics : Report
Added on 2020-07-22
9 Pages2141 Words29 Views
ECONOMICS BBA
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Explaining methods through which economists attempt to disentangle cause and effect......1QUESTION 2...................................................................................................................................22.1 Drawing demand and supply curve considering given information.................................22.2 Updated situation in wine market when price per bottle is 60.........................................22.3 Updated situation in wine market when price per bottle is 15.........................................22.4 Impact on quantity and price of wine while production increases...................................22.5 Graphically presenting impact on wine market................................................................3QUESTION 3...................................................................................................................................33.1 Elements influencing to the demand and supply of labour..............................................33.2 Method by which equilibrium wage derived....................................................................4QUESTION 4...................................................................................................................................44.1 Segregation among monetary and fiscal policy................................................................44.2 Describing ways through which South African government use discretionary fiscal policy................................................................................................................................................44.3 Critically analysing that in which ways monetary policy actions taken in South Africachange exchange rate..............................................................................................................54.4 Argument on the statement provided...............................................................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONEconomics is a topic in which production of goods and services, their consumption aswell as exchanging wealth. It is one of the vast branch of knowledge through which performanceof an economy is to be assessed. The present study reflects various ways which are supportive toeconomists for attempting to disentangle cause as well as effect. Second part of the projectreflects on the supply and demand as well as equilibrium price concept. Apart from this, itfocuses on factors which are affecting to the demand as well as supply of labour in the economy.At the end of report, monetary and fiscal policies are focused along with impact on exchange ratewith reference to the South African economy. QUESTION 1Explaining methods through which economists attempt to disentangle cause and effectIn order to make effective analysis of any economic aspect some models and theories areconsidered by economists. Among them one of the highly used model is disentangle cause andeffect. In order to attempt this particular aspect basically three models attempted by economistswhich include natural experiment, economic investigation and statistical experiment. The firstmodel helps to understand impact one economy due to one element which changes according tothe nature. The second model used by economists in order to take effective decisions as well asderive effect of every factor at one time (What Is Economics?, 2016). Apart from this, statisticalmodel considered by economists in order to determine correlation among two variables andassess that one factor affect actually on another on not within an economy. 1
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