M25862 Issues In Economics Assignment Answer UK

Welcome to the M25862 Issues In Economics course will provide you with a comprehensive understanding of some of the most pressing economic issues facing our world today. Economics is a fundamental component of our daily lives, and as such, understanding the challenges and opportunities that arise from economic activity is crucial.

Throughout this course, you will explore a range of topics, including micro and macroeconomic theory, international trade, monetary and fiscal policy, and economic development. You will also delve into contemporary economic debates, such as income inequality, environmental sustainability, and the impact of technological advancements on the labor market.

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Here, we will provide some assignment activities. These are:

Assignment Activity 1: Explore the extent to which economics can explain contemporary issues within the global economy.

Economics can offer valuable insights into contemporary issues within the global economy. Economic theories and concepts can help explain the causes, consequences, and potential solutions for many of the challenges facing the global economy. Some examples of contemporary issues that economics can help explain are:

1. Income inequality: Economics can explain the root causes of income inequality, such as technological change, globalization, and changes in the labor market. Economic analysis can also provide policy solutions to address this issue, such as progressive taxation, education and training programs, and minimum wage policies.
2. Globalization: Economics can help explain the effects of globalization on the global economy, such as the benefits of increased trade and investment, as well as the challenges of job displacement and income inequality. Economic analysis can also provide policy solutions to maximize the benefits and minimize the costs of globalization, such as trade agreements, investment policies, and social safety nets.
3. Climate change: Economics can explain the economic costs of climate change, such as the impacts on agriculture, infrastructure, and human health. Economic analysis can also provide policy solutions to mitigate the effects of climate change, such as carbon pricing, renewable energy incentives, and investments in green technology.
4. Financial crises: Economics can help explain the causes and consequences of financial crises, such as the 2008 global financial crisis. Economic analysis can also provide policy solutions to prevent and mitigate the effects of financial crises, such as regulation of the financial sector, fiscal stimulus programs, and central bank intervention.
5. Technological change: Economics can explain the impact of technological change on the global economy, such as the effects on productivity, employment, and income distribution. Economic analysis can also provide policy solutions to address the challenges and opportunities of technological change, such as investments in education and training, support for research and development, and policies to promote innovation.

Assignment Activity 2: Communicate complex economic ideas in ways that can be understood by non-specialist audiences.

Economics is a vast and complex subject that touches upon almost every aspect of our lives, from how we work and produce things to how we consume and exchange goods and services. Here are some key economic ideas that can be communicated in ways that are easy to understand for non-specialist audiences:

1. Supply and demand: This is a fundamental economic concept that explains how markets work. Essentially, supply refers to the quantity of goods and services that producers are willing to sell at a given price, while demand refers to the quantity of goods and services that consumers are willing to buy at a given price. When supply and demand are in balance, prices tend to be stable. When there is excess supply, prices may drop, and when there is excess demand, prices may rise.
2. Opportunity cost: This is the idea that when we make a choice, we are giving up the opportunity to do something else. For example, if you choose to spend your money on a new car, the opportunity cost is what you could have done with that money if you had not bought the car.
3. Inflation: This is the increase in the overall price level of goods and services in an economy over time. Inflation can be caused by many factors, including an increase in the money supply or a decrease in the supply of goods and services. Inflation can have negative consequences, such as reducing the purchasing power of your money and making it more difficult for people on fixed incomes to make ends meet.
4. GDP: This stands for Gross Domestic Product, which is a measure of the total value of goods and services produced in a country during a given period of time. GDP is an important measure of a country’s economic health, as it can indicate whether an economy is growing or contracting.
5. Fiscal policy: This is the use of government spending and taxation to influence the economy. For example, the government might increase spending during a recession to stimulate demand and boost employment.
6. Monetary policy: This is the use of central bank tools, such as interest rates and the money supply, to influence the economy. For example, the central bank might lower interest rates during a recession to encourage borrowing and spending.

These are just a few examples of economic concepts that can be communicated in ways that are easy to understand for non-specialist audiences. By breaking down complex ideas into simple terms, we can help more people understand how the economy works and make better-informed decisions.

Assignment Activity 3: Examine the development of economic thought through a focus on key issues in economics.

The development of economic thought has been a continuous process, evolving over time with the contributions of numerous scholars and thinkers. In this answer, we will examine the development of economic thought through a focus on key issues in economics.

The Concept of Value:

The concept of value has been a central issue in economic thought since the days of classical economists such as Adam Smith and David Ricardo. Smith’s idea of the “invisible hand” and Ricardo’s theory of comparative advantage were based on the concept of value, which they believed was determined by the amount of labor that went into producing a good. Later, Karl Marx developed his labor theory of value, which emphasized that the value of a commodity was determined by the amount of socially necessary labor required to produce it.

Money and Banking:

Money and banking have been important issues in economics since the early days of the discipline. Classical economists, such as Smith and Ricardo, believed that money was a neutral medium of exchange that facilitated transactions, while Keynesian economists, such as John Maynard Keynes, emphasized the role of money in influencing economic activity. In addition, the development of banking and the role of central banks in regulating the money supply have been important topics in economics.

Market Structures:

The study of market structures has been a key issue in economics since the days of classical economists. Adam Smith’s idea of the invisible hand emphasized the importance of free markets in promoting economic efficiency, while later economists, such as Joseph Schumpeter, emphasized the role of innovation and creative destruction in driving economic growth. The development of monopolies and oligopolies, and the need for antitrust policies to prevent their negative effects on competition, have also been important issues in economics.

Economic Growth and Development:

Economic growth and development have been central issues in economics since the days of classical economists. Later economists, such as Simon Kuznets and Robert Solow, developed theories of economic growth that emphasized the importance of technological progress and capital accumulation. In addition, the study of economic development in less developed countries has been an important area of research in economics.

International Trade:

The study of international trade has been an important issue in economics since the days of Adam Smith. Ricardo’s theory of comparative advantage emphasized the benefits of free trade and specialization, while later economists, such as Paul Krugman, developed theories of international trade that emphasized the role of economies of scale and product differentiation. In addition, the study of trade policies, such as tariffs and quotas, and their effects on international trade have been important areas of research in economics.

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