Microeconomic Concepts and Brexit's Impact on Outdoor Toys Plc
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Added on 2023/06/12
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This presentation discusses the impact of Brexit on Outdoor Toys Plc using microeconomic concepts such as demand and supply, cost and production. It also provides a summary of the main arguments related to the article.
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BUSINESS ENVIRONMENT
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TABLE OF CONTENT INTRODUCTION MAINARGUMENTSRELATEDTOARTICLEUSING MICROECONOMIC CONCEPTS REFERRING TO THEORY AND APPLYING IT TO THE MAIN ISSUES CONCLUSION REFERENCES
INTRODUCTION Business environment refers to the environment which includes all those factors that used to affects the operations of the company and also includes the customers, competitors etc. The current assignment is based on the Outdoor Toys Plc. Which is owned by James Owen. Thecurrentreport willoutlinethe main arguments of the articleby using the microeconomic concepts and terms. Further the report will outline the theory on the two main issues that is demand and supply and costs and production.
MAIN ARGUMENTS RELATED TO ARTICLE USING MICROECONOMIC CONCEPTS Micro-economics is refers to the study of the individuals, households and the behaviour of the firm in the decision- making and proper allocation of the resources. This concept is applied where the markets of goods and services deals with the individuals and with the economic issues. The positive microeconomics makes the people to know about the economic behaviour of the people in the market and their expectation from the changing condition.
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CONTD… As in the given article it is given that the prices of the trampoline is increased 40- 50% that has affected the shipping prices. By the happening of the Brexit there was the cause in the increase in the prices of shipping industry. Brexit was basically the changes in the nature of the relationship between the UK and EU.
CONTD… The cited organization must have to focus on the microeconomic concepts as the rise I the prices of the shipping will increase in the manufacturing of the products. By focusing on the above the microeconomic concepts it will help the organization in order to maintain its production by the rising of prices in the markets of UK. The trade with the EU was dropped immediately by the end of Brexit transition period with the UK exports to the EU countries that was falling by 45 % and the imports was decrease by 33 %.
CONTD… The soar in the shipping prices used to cause a bounce in the prices of trampoline in the UK in this summer. The high transportation costs and the port congestion will lead to the larger toys such as trampolines, wings and the climbing frames will become more expensive in the market. Hauliers in the UK used to charge more which was about 650 to haul a container from the port of Felixstowe to the company's site.
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REFERRING TO THEORY AND APPLYING IT TO THE MAIN ISSUES Demand and supply Cost and Production
DEMAND AND SUPPLY Demand:The demand refers to the principle of the economics that used to refer the desires of the consumers. This helps the market to know about the order to purchase the goods and services and for which they are willing to pay for the prices of the goods and services. As in the article it is provided that by increase in the prices of the shipping will lead to increase in the prices of trampoline and wings. Outdoor toys is the manufacturer of the trampoline so by the increasing in the shipping the cost will also increase in the prices of trampoline.
CONTD… Supply: The supply is the economic concept that helps used to evaluate in respect of the total amount of the goods and services that are available for the consumers in the market. From the above article it is set as the example it is seen that there is increase in the cost of the which used to decrease in the supply of the wings and trampoline of the organization.
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COST AND PRODUCTION Cost :The cost is the monetary value of the products and services that helps the producers and consumers to purchase the products manufactured. This is the main factor by which the customers to know about purchase of the products in the market. By taking the example from the given article it is seen that the rise in the shipping cost leads to decrease in the supply of the products and services in the markets of UK.
CONTD… Production:The production refers to the method of turning of the material or inputs into the final products by having the best manufacturing process. By taking example of the article of the soar in the prices of the products will make the company to decrease in production. As the rise in the shipping costs will lead to decrease in the production of the trampoline by the company.
CONCLUSION From the above presentation it is summarized about the issue caused by the Brexit which has affected the shipping industry of UK. The presentation has described about the main arguments which is based on the articles on the micro- economic concepts. Further this presentation has also described the two main theory applying on the given issue in the presentation.
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REFERENCES Guerrina, R. and Masselot, A., 2018. Walking into the footprint of EU Law: unpacking the gendered consequences of Brexit.Social Policy and Society.17(2). pp.319-330. Mold, A., 2018. The consequences of brexit for Africa: the case of the east African community. Journal of African Trade. 5(1-2). pp.1-17. Brakman, S., Garretsen, H. and Kohl, T., 2018. Consequences of Brexit and options for a ‘Global Britain’. Papers in regional science. 97(1). pp.55-72. Jarman, H., Greer, S. L. and McKee, M., 2020. Brexit is just a symptom: the constitutional weaknesses it reveals have serious consequences for health. Journal of Public Health. 42(4). pp.778-783. Crowley, M. A., Corsetti, G. and Han, L., 2020. Invoicing and the Dynamics of Pricing-to-Market: Evidence from UK Export Prices around the Brexit Referendum. Wassenberg, B. and Suzuki, N. eds., 2020. Origins and Consequences of European Crises: Global Views on Brexit. Peter Lang. Kirubakaran, M. and Selvan, V. A. M., 2018. A comprehensive review of low cost biodiesel production from waste chicken fat. Renewable and sustainable energy reviews. 82. pp.390-401. Sakhuja, D. and et.al., 2021. Cost-effective production of biocatalysts using inexpensive plant biomass: a review. 3 Biotech.11(6). pp.1-21. Balleer, A., Link, S., Menkhoff, M. and Zorn, P., 2020. Demand or supply? Price adjustment during the Covid-19 pandemic. Luo, X. J. and Fong, K. F., 2019. Development of integrated demand and supply side management strategy of multi-energy system for residential building application. Applied Energy. 242. pp.570-587.