Microeconomic Factors and the Impact of Brexit on Shipping Industry
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Added on 2023/06/10
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This presentation discusses the microeconomic factors and the impact of Brexit on the shipping industry. It covers the theory of demand and supply, cost and production with explanations related to the article. The main argument is based on soaring shipping prices causing a bounce in the cost of trampoline in the UK.
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Table of Contents INTRODUCTION MAIN BODY The main arguments of the article Theory of demand and supply Theory of cost and production CONCLUSION5 REFERENCES
INTRODUCTION The term business environment refers to the aggregate total of people, company and other forces which are outside the power of industry but it can put impact over production. It enables firm to execute their strategies of competitors and actions. This presentation is based on business environment which would discuss the microeconomic factors. It will discuss the issues caused by Brexit and the long term consequences for shipping industry. There will be arguments based on such concept which refer to theory of demand and supply, cost ad production with explanations related to article.
The main arguments of the article The major arguments is based on soaring shipping prices causing bounce incost of trampoline in UK. According to article it says the higher transportation cost and port congestion may mean larger toys like trampoline, climbing frames and swings would be more expensive.
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Theory of demand and supply The law of supply and demand is the theory of interaction amongthesellerandsourceofbuyerforthespecific resource. This theory elaborates the relationship between price of conferred product and willingness of individuals to either sell and buy. Similarly,aspricesraisepeoplewillsupplymoreand demand less and vice versa in the circumstance of price falls.
Continued From the articles it executes the same the demand for Chinese goods has soar upwards across the world while placing difficulty for existing shipping capacity. This is the major issue which leads to higher shipping cause and putting impact over several aspects in UK. The example of states Hauliers making effective use of this by charging higher pricing for pulling the container from port to company's site in Mid Wales. Overall, such issues put effect on the supply and demand where various consequences take place in the soaring of trampoline pricing which will became more expensive for the people of UK. The low shipping or supply cost will provide more job opportunities for individuals.
Theory of cost and production Thecostandproductiontheorystatesthepricesofobjector condition is concerned with sum of cost of resource which went into making it. The cost is consisted of various factors of production such as labour, capital or land and most crucial taxation. The relations of production and cost describe by the bigger and complex production process i.e. labour, material etc. the higher would be cost. When goods and services are efficiently produced on larger scale with lower production cost, by such it concluded economy on scale.
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Continued By the soaring of shipping cost as such the cost of raw materiel will increase by which it impacts over high production cost. So in relevant to this for business it will enhance the cost due to rise ion production cost. Whereas, the major impact would be on the productivity, sales, and the overall effectivity of business.
CONCLUSION From the above presentation it has summarized about microeconomic factors. It had been discussed about the issues caused by Brexit and the long term consequences for shipping industry. With the help of article provided it executes about soaring shipping cost due to several factors concerning the Brexit and how it put the impact on the several aspects. Further, on the similar not the arguments are discussed with the concepts of referring to the theory of demand and supply, cost ad production which describes with explanations related to article about the negative outcomes and other indicators are putting negative consequences on economy.
REFERENCES Eatwell, J., 2019. ‘Cost Of Production’And The Theory Of The Rate Of Profit.Contributions to Political Economy.38(1). pp.1-11. Hafezalkotob, A. and et.al., 2018. Wholesale-retail pricing strategies under market risk and uncertain demand in supply chain using evolutionary game theory.Kybernetes. Jankovic, I., 2020. Opportunity Foregone: Ango-American Psychological Theory of Cost.Mengerian Microeconomics, pp.49-81.
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