Rise in Prices of Trampoline: An Analysis of Economic Concepts and Models

BMP40
ECONOMIC CONCEPTS AND MODELS
Assessment 1 - Individual Presentation

Contents
• Introduction
• Microeconomics concept
• Arguments on soaring the prices of trampoline
• Theories of economics in relation to the issues
• Conclusion
• References

Introduction
• Economic model refers to a theoretical concept that
symbolize a process by a number of variables and a set of
quantitative which is to determine the predictions about
future.
• It is an essential model which is used for describing the
workings of the economy.
• Microeconomics is the study of individual’s behaviours,
households and firm’s behaviour in decision making and
allocation of resources.

Microeconomics concept
• It is a study of the decisions of firms and individual to
allocate resources of consumption, production and
exchange.
• For example, a local business decides to allocate their
funds in various ways.
• The goal of microeconomics is to identify and analyze the
market procedures which is related to prices of both good
and services.