logo

Theoretical and Conceptual Framework of Economics - PDF

   

Added on  2021-05-27

10 Pages1792 Words763 Views
Running head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityAuthor Note
Theoretical and Conceptual Framework of Economics - PDF_1
ECONOMICS ASSIGNMENT 1Introduction The theoretical and conceptual framework of economics consist of severalcomponents of immense importance and relevance to the real economic scenarios in theglobal framework. Of these concepts the primary ones being that of the notion of “Markets”and that of demand and supply dynamics. In economics, the term market is a representationof a situation where the pricing and output decisions of different commodities and servicesare decided by mutual interactions of the demand and supply side dynamics (Ehrenberg andSmith 2016, pp. 16-18). Thus, for any market to be at a stable equilibrium and to workefficiently, it is of utmost importance for the demand and the supply forces to be inaccordance with each other. Any anomaly between these two forces can lead to non-optimalsituations for either the demand side or the supply side or both, thereby affecting theeconomy as a whole (Salvatore 2013, p. 426). In this context, the dynamics of labour market can also be considered as the marketequilibrium depends on the demand and supply of labour resources in the market (Eichhorn2013, p.76). The price of labour resources being the wages paid to the labours, the demandand supply dynamics in the market are directly linked with the wage levels of the labours,which in turn has considerable implications of the welfare of the labours as well as on thedifferent components of the economy as a whole. Keeping this into consideration, the concerned essay tries to discuss and analyse theslow rate of growth of wages which has been existing in the otherwise globally dominanteconomy of Australia in the contemporary period, in the light of the different components ofthe theoretical and conceptual framework of economics.
Theoretical and Conceptual Framework of Economics - PDF_2
ECONOMICS ASSIGNMENT 2Low wage growth rate in Australia One of the predominantly economies in the contemporary global scenario is theeconomy of Australia, which over the years has been showing impressive growth patterns inalmost all the economic indicators and maintaining stability in the economic scenario as awhole. Over the years, with the increase in the economic and commercial aspects theeconomy has attracted huge number of people from all parts of the world, with the objectiveof better job opportunities and an overall increased economic welfare (Hutchens, 2018).However, in the last few years, the country has been experiencing a consistent decline in theaspects of the growth rates of the wages in the labour market, which can be seen as follows,with the use of Wage Price Index, which shows the changes in the price of labour in thecountry: Figure 1: Wage Price Index of Australia over the years(Source: Scutt 2018)
Theoretical and Conceptual Framework of Economics - PDF_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
INTRODUCTION TO MICROECONOMICS (PDF)
|12
|2241
|15

Demand and Supply Dynamics in the Labour Market of Australia
|10
|1541
|404

Economic Interpretations Assignment
|7
|1372
|31

Report on Concept of Stable Equilibrium
|17
|1853
|107

(PDF) Economics Solution Assignment
|12
|2204
|97

Unemployment Trends in Australia: A Five-Year Analysis
|14
|3484
|148