Support Aeon Donate now Since the financial crisis, colleges and universities have faced increased pressure to identify essential disciplines, and cut the rest. InWashington State University announced it would eliminate the department of theatre and dance, the department of community and rural sociology, and the German major — the same year that the University of Louisiana at Lafayette ended its philosophy major. InEmory University in Atlanta did away with the visual arts department and its journalism programme.
Markets Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace. Electronic trading brings together buyers and sellers through an electronic trading platform and network to create virtual market places. Microeconomics examines how entities, forming a market structureinteract within a market to create a market system.
These entities include private and public players with various classifications, typically operating under scarcity of tradable units and light government regulation. In theory, in a free market the aggregates sum of of quantity demanded by buyers and quantity supplied by sellers may reach economic equilibrium over time in reaction to price changes; in practice, various issues may prevent equilibrium, and any equilibrium reached may not necessarily be morally equitable.
For example, if the supply of healthcare services is limited by external factorsthe equilibrium price may be unaffordable for many who desire it but cannot pay for it. Various market structures exist. In perfectly competitive marketsno participants are large enough to have the market power to set the price of a homogeneous product.
In other words, every participant is a "price taker" as no participant influences the price of a product. In the real world, markets often experience imperfect competition.
Forms include monopoly in which there is only one seller of a goodduopoly in which there are only two sellers of a goodoligopoly in which there are few sellers of a goodmonopolistic competition in which there are many sellers producing highly differentiated goodsmonopsony in which there is only one buyer of a goodand oligopsony in which there are few buyers of a Empirical essays health education economics.
Unlike perfect competition, imperfect competition invariably means market power is unequally distributed. Firms under imperfect competition have the potential to be "price makers", which means that, by holding a disproportionately high share of market power, they can influence the prices of their products.
Microeconomics studies individual markets by simplifying the economic system by assuming that activity in the market being analysed does not affect other markets.
This method of analysis is known as partial-equilibrium analysis supply and demand. This method aggregates the sum of all activity in only one market. General-equilibrium theory studies various markets and their behaviour.
It aggregates the sum of all activity across all markets. This method studies both changes in markets and their interactions leading towards equilibrium. Production theory basicsOpportunity costEconomic efficiencyand Production—possibility frontier In microeconomics, production is the conversion of inputs into outputs.
It is an economic process that uses inputs to create a commodity or a service for exchange or direct use. Production is a flow and thus a rate of output per period of time.
Distinctions include such production alternatives as for consumption food, haircuts, etc. Opportunity cost is the economic cost of production: Choices must be made between desirable yet mutually exclusive actions. It has been described as expressing "the basic relationship between scarcity and choice ".
Part of the cost of making pretzels is that neither the flour nor the morning are available any longer, for use in some other way. The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it.
Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgoneleisureor anything else that provides the alternative benefit utility. Other inputs may include intermediate goods used in production of final goods, such as the steel in a new car.
Economic efficiency measures how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced.
A widely accepted general standard is Pareto efficiencywhich is reached when no further change can make someone better off without making someone else worse off. An example production—possibility frontier with illustrative points marked.
The production—possibility frontier PPF is an expository figure for representing scarcity, cost, and efficiency. In the simplest case an economy can produce just two goods say "guns" and "butter". The PPF is a table or graph as at the right showing the different quantity combinations of the two goods producible with a given technology and total factor inputs, which limit feasible total output.
Each point on the curve shows potential total output for the economy, which is the maximum feasible output of one good, given a feasible output quantity of the other good. Scarcity is represented in the figure by people being willing but unable in the aggregate to consume beyond the PPF such as at X and by the negative slope of the curve.
This is because increasing output of one good requires transferring inputs to it from production of the other good, decreasing the latter. The slope of the curve at a point on it gives the trade-off between the two goods.
It measures what an additional unit of one good costs in units forgone of the other good, an example of a real opportunity cost.Readers interested in learning about economic analysis of a topic or issue as well as students developing research papers will find sample research papers on various economic topics.
And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from research papers on cutting-edge topics. Get these free sample essays from Essay Writer – for UK students and academics – free sample essays covering a wide range of subject areas and topics.
The Economics of Life: From Baseball to Affirmative Action to Immigration, How Real-World Issues Affect Our Everyday Life [Gary S. Becker, Guity Nashat Becker] on timberdesignmag.com *FREE* shipping on qualifying offers.
From economics Nobel Laureate Gary Becker and historian Guity Nashat Becker comes this collection of the economist's popular BusinessWeek columns. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services..
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Advanced Level /42 ECONOMICS Paper 4 Data Response and Essays (Supplement) October/November 2 hours 15 minutes Additional Materials: Answer Booklet/Paper * 2 1 8 2 6 0 2 5 0 5 * READ THESE INSTRUCTIONS FIRST If you have been given an Answer Booklet, follow the .
Empirical Essays in Health and Education Economics. Amelie Catherine Wuppermann. Munich Dissertations in Economics from University of Munich, Department of Economics.
New Economics Papers: this item is included in nep-edu, nep-hea and nep-lab Date: References: View references in EconPapers View complete reference list from CitEc Citations Track citations by RSS feed.