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Economics - Essay Example

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ECONOMICS ANALYSIS Name: Course: Date: Introduction Various economists define economics in different ways though generally economics refers to the study on the allocation of the limited resources towards the production, supply, and demand of specific products…
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In doing, economic analysis equally considers the assumptions and constraints in application. At the same time, it considers opportunity costs, probable benefits, and social costs related to a certain economic venture. However, the main objective of an economic analysis is to determine how to allocate goods and services using the most accurate economic tools. Additionally, economic analysis defines how government policies and changes in standard rules in the market can affect the stakeholders. Economic analysis involves cost-benefit analysis to ascertain the level of the gains compared to the losses with an aim of maximizing the gains. Economic analysis equally involves welfare analysis that seeks to foster cost-benefit analysis in relation to promoting social responsibility. Therefore, it establishes the viability of a project, the fiscal impact, the possibility of recovering costs, social welfare, and environmental compliance. As such, economic analysis is most beneficial if it takes place at the initial stages since at later stages it can only determine the going concern of the project2. To achieve this, economic analysis relies on various economic theories, economic models, and economic concepts as articulated by various economists. In arriving at conclusive answers, it uses measurable monetary terms like profits and losses as well as no measurable terms like human suffering and effects on the environment. This paper will carry out an economic analysis on an economic article using relevant economic theories/concepts. Economic theories/concepts Different economists have taken time to research and come up with respective economic theories. Some of the famous economic theorists include Karl Marx, Adam Smith, Friedrich Hayek, John Maynard Keynes, and Milton Friedman3. Indeed, Adam Smith came up with the modern economic theory that sought to establish that individuals pursue their own interests in producing the required goods and services in the market. He concluded that an invisible hand, competition, supply and demand, and self-interest are responsible for allocating scarce resources in the society4. Karl Max on the other hand invented the modern communism theory by incorporation politics in economics. He concluded that workers are part of the production and should thus own part of the production process. However, this theory did not consider profit sharing, incentive, and worker safety standards. On the other hand, Milton Friedman came up with the consumption theory, that later became the monetarism theory. According to him, the government can modulate a natural rate of unemployment at the expense of inflation. He was thus against government regulation and advocated for free market economics. Other theories include classical economics, Keynesian economics, and market socialism theories. We equally have economic concepts that have significant application in economic analysis. Economic concepts include Scarcity that leads to opportunity cost. We also have limits on production that include capital, labor, and natural resources. Then we have globalization that generates costs and benefits. Additionally, there is the Economic growth that emanates from future investments. Moreover, we have the forces of demand and supply that determine market equilibrium. Furthermore, we have unemployment that defines underutilization of available resources. In addition, Government, business, and individuals gauge the costs and benefits of a given project. Indeed, ... Read More
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For instance, Adam Smith’s theory of the invisible hand argues that when people engage in business and selling they are governed by the invisible hand of the market that helps regulate prices and ensures that businesses and people act in certain ways. Indeed, the nature of economics is like psychology in that it presents theories of human behavior.
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