What Are The Key Concepts In the Unit ECON 1020 Prices And Market?

Economics is the study of the production, dispersion, and consumption of the services and the products that various businesses have to offer. Various entities - individuals, organisations, democracies, and all the different nations of the world financial decisions making and resources allocation falls under the same umbrella of economics. ECON 1020 is a unit curated with economics as the base.

In this unit, you will learn all the main concepts and knowledge of modern economics. It provides an understanding of the functioning of the economy, the common problems faced by economists and the solution. The unit ECON 1020 is concerned with individual decision-making analysis, economic behaviours of businesses across various industries (microeconomics), and the whole economic sector (macroeconomics).

The main concepts of the unit include choice and demand analysis, the production procedure and cost analysis of a firm, market performance and structure, and fair trade practices. Read forth to get more insights into ECON 1020 Prices and Market Examples.

How Will You Analyse the Market Based on Market Failure and Performance Theories?

First, we need to understand what exactly a market analysis is? The qualitative and quantitative analysis of the procedures and operation of the market (the term market can be used for the whole economic and financial circumstances or the market for a certain product or service) is called Market analysis. The points of analysis are the size, segments, competition, customer buying patterns, and the socio-economic trends affecting the market.

Market failure, as it is clear from the terminology, means the failure of the market. We can also describe it as an uneven distribution of the goods and services in the market caused by various factors - financial crises, economic trends, or ineffective decision making. In microeconomics, it is often referred to as a stagnant state of disequilibrium in which the supply does not meet the demand.

The demand for a product is reflected by the
profits; the lower the profit, the less demand.
But, for politics, the inverse is true -public' trust
and demand increase in desperate times.
Quote by Sonny Perdue

The unit ECON 1020 Prices and Market focuses on various economic topics, and another one of them is Market Performance. It is the analysis of the performance of a specific firm or an industry through the revenues, profits, market share price, customer trust ratings, and competitive advantage. The market performance of a business directly impacts its performance and hence decides the success or failure.

An epitome of the ECON 1020 Prices and Market Example of the market failure and performance is the stock market crash in the Covid era. According to the New York Federal reserve reports, the 2020 Stock Market Crash resulted in a decline of 30% in just a month of March. Such market depression greatly affected businesses globally.

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Which Statement Best Describes Equilibrium in Economics?

When the various market forces are in a stagnant state or equally balanced, we call it economic equilibrium. The concept of equilibrium is from physical science, similar to the universal forces being at equilibrium (which they apparently aren’t as per the current circumstances) results in a balance in the environment.

The various economic forces - production, sale, demand, price - have to be balanced to achieve equilibrium in the market. It is best described through this statement:

Perfect competition in economics is the default
state and ideal in business. The same perfect
competition is what maintains the equilibrium
in a business.

These are the lines of the famous entrepreneur and founder of Payal, Peter Thiel. The demand for the product impacts its production, supply and price. All these are maintained by strategising. Such strategies in business match up with or beat the competition. Also, economic equilibrium is only a theoretical idea, businesses thrive for attaining equilibrium, but they can only get so close.

It is another important concept in the unit, ECON 1020 Prices and Market. Hopefully, you now have a better understanding of it.

What Are the Key Differences Between Micro and Macroeconomics?

From the daily expenses of an average individual to the government, spending is a part of the economy. Economics has subdivisions based on the need for strategizing and the amount at stake, known as microeconomics and macroeconomics. Here are a few of the main differences between the two:

The public sector demand in Australia detracted
-by 0.1% in the second quarter of 2021.- ABS

Microeconomics

• Microeconomics focuses on the smaller factors of the economy and has multiple subdivisions and specialisations under it.
• Maintaining supply and demand in various markets, consumer theory, workforce impact on businesses, and the wages of employees are a few concepts included in microeconomics.
• Consumer theory is the analysis of people’s psychology for their finances and expenditure.

Macroeconomics

• It is a wider range section in economics, implementation of the Fiscal theory and the government strategies for taxation and nationwide economy are included in macroeconomics.
• The fiscal theory is used for analysing government expenditure and taxation policies that influence the country's economy. It is generally used by governments worldwide to effective strategies and reduce poverty.
• Globalisation, privatisation, trade patterns and trends, and the comparative analysis of global economics fall under macroeconomics.

Market depression, economic imbalance and stock market crash were seen in the global economy due to the Covid crises. Still, the global economy is recovering, and new economic trends are emerging every day. ECON 1020 Prices and Market Examples in the unit will help you to understand economics and its various attributes better.

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