Economic Concepts and Models: Article Review Presentation

This presentation reviews an article focusing on the rise in shipping costs and port congestions in the UK market, using the example of a game retailer. It delves into microeconomic concepts and macroeconomic concepts such as market structures (perfect competition, monopolistic competition, oligopoly, and monopoly) and elasticity (elasticity of demand and supply). The presentation concludes that the rate of trampolines affects the market's demand and supply, defining the market structure for the given commodity as monopolistic due to differentiated pricing in the large toys industry. It references academic articles to support its analysis of economic structure, globalization, and other factors.

Assessment 1 - Individual Presentation

Article Review - Economic Concepts And Models
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Contents
 INTRODUCTION
 Article’s microeconomic concept
 Macroeconomics concepts
 CONCLUSION
 REFERENCES

INTRODUCTION
The economic concepts and model describes about the
economic behaviour in the simplest level which knows
about how as well as why the human makes
preferences for their purchases.

Article’s microeconomic concept
This article is based on the rise in shipping costs and
port congestions in the market of UK. There is a game
retailer that justifies the problem in their business.

Macroeconomics concepts
Macroeconomics is a study of the external
factors affecting the profit and operations of
the business, some of the concepts in
macroeconomics are national income and
more.

Market structures
Market structure is one of the concept of
macroeconomics that explains about the
different types of markets formed in the terms
of the competition level and nature of the
market.

Perfect competition
This type of competition is when there are buyers as
well as sellers in a high quantity so this creates a high
competition among all the companies.

Monopolistic competition
In this type of competition the type of
product is not fully homogeneous in nature
but in various prices as they are little bit
similar to each other.

Oligopoly
In this type of competition there are few companies
controlling the market price all together with a combined
strategy as well as merged collaboration as the 3-5
companies get dominant on the consumer.

Monopoly
This variant of structure defines that the price is set by the
only single seller who has the power to change the price
whenever they wish to do so.

ELASTICITY
– The elasticity is defined in two concepts of
economics, the first one is in demand and the second
one is in supply. These two concepts are explained
further as follows -