Individual Presentation: Article Review on Economic Concepts & Models

This presentation provides an article review focusing on key economic concepts and models. It begins by introducing the importance of economic concepts in understanding human behavior related to purchasing decisions. The review highlights the article's microeconomic focus on increased shipping costs and port congestion in the UK market, specifically impacting a toy retailer. It then discusses macroeconomic concepts such as inflation, national income, and GDP. Market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly, are examined. The presentation further explains elasticity, covering both elasticity of demand and supply, and their impact on market dynamics. The conclusion summarizes the impact of rising transportation costs on the trampoline market, leading to fluctuations in supply and demand, within a monopolistic competition environment. The presentation references academic sources to support its analysis. Desklib offers more study tools and resources for students.

Assessment 1 - Individual Presentation

Article Review - Economic Concepts And Models
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CONTENTS
 INTRODUCTION
 Article’s microeconomic concept
 Macroeconomics concepts
 Market structures
 Perfect competition
 Monopolistic competition
 Monopoly
 Oligopoly
 Elasticity
 Elasticity of demand
 Elasticity of supply
 Macroeconomics concepts
 CONCLUSION
 REFERENCES

INTRODUCTION
The economic concepts and models explain about the
behaviour of the humans in the aspect of economic
which can describe the way they have their preferences
in their purchasing of goods and services.

ARTICLE’S MICROECONOMIC
CONCEPT
The article is having a description on the increment of
shipping costs and port congestions in UK market. In
UK a game retailer named James Owen who is
operating Outdoor Toys which is an organisation
dealing in large toys, trampolines and climbing frames

MACROECONOMICS CONCEPTS
Microeconomics is the branch of internal business
economics which is affected by some drivers such as
revenue and functioning of business, the concepts of
microeconomics can be like inflation, national
income, GDP, savings, investments and
unemployment.

MARKET STRUCTURES
This is a part of study of microeconomics which
has a description on the variations in the
markets on the basis of competition level and
the market nature.

PERFECT COMPETITION
The competition level exists where there are large
number of buyers and sellers so they make a high
competition against each other because they are more in
numbers.

MONOPOLISTIC COMPETITION
This competition consists of not exactly
homogeneous natured products as they are
not much same in identity and they are
predicted differently.

OLIGOPOLY
There are companies controlling the whole market
altogether according to their framed strategy of minimum
3-5 firms who have dominance on all the customers.

Monopoly
This competition describes that there is only one seller in
the whole market who has the power on the prices of their
products and services so the seller can fluctuate the prices
according to their choice.

ELASTICITY
This is a part of microeconomics concept that defines
about the changes in demand and supply. The two parts
in the elasticity are given below as follows

Elasticity of demand
This contains an indirect relationship between the
prices and demand of the products that affects the
change in demand in the case when all the factors are
changed which will lead to the change in price of
products and services.

Elasticity of supply
This aspect explains the case of changes in price can lead
to supply to either increase of decrease. This explains
about the fluctuations in the quantity of supply because
of the factors impacting the price of goods and services.

CONCLUSION/SUMMARY
The particular presentation have a conclusion on the soaring costs of trampoline's transportation which will
impact the market by fluctuations in demand and supply. The market is existing in monopolistic competition

REFERENCES
 Almeida and et. al., 2022. When the Whole Is Greater than the Sum of Its Parts: Hotel Marketing Consortia
as a Winning Strategy. In Case Based Research in Tourism, Travel, Hospitality and Events (pp. 319-341).
Springer, Singapore.
 Cariou, P. and Guillotreau, P., 2022. Capacity management by global shipping alliances: Findings from a
game experiment. Maritime Economics & Logistics. 24(1). pp.41-66.
 Chapel, C., 2022. Impact of official development assistance projects for renewable energy on electrification
in sub-Saharan Africa. World Development. 152. p.105784.

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