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Social economics

Economics offers varied courses to have an insight on to the functioning of a country vis-a-vis the other counterparts in relation to the factor influencing the income, wealth and wellbeing, and how it can be imbibed into the formation of policies.Economics defines the lifeline of a nation. From production to consumption, economics looks at the usage of resources & the distribution system involved in reaching to the desired market of consumption. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.

Q1. Globally food price has increased during the past year. In this context, answer the following questions;

  1. Explain why the law of demand applies to food just as it does to all other goods and services.
  2. Explain how the substitution effect influences food purchases. Provide some examples of substitutions that people might make when the price ol food rises, and other things remain the same.
  3. Explain how the income effect influences rood purchases and provide some examples of the income effect that might occur when the price of food rises, and other things remain the same.

In the preceding few years, the food price has stimulated dramatically and this overall influenced common people. The low-income citizens are the most impacted ones and replacement effect has major... importance on these food purchases. Moreover, people’s income also has an impact on the food acquisitions and this would be explained in this economics task. Apart from global food prices, the Australian property also observed a major hike in their pricing structure and the reasons behind such a hike in pricing rate would also be detailed in this economics task.

Prices of houses in Australian metropolitan cities, particularly in Darwin Sydney and Melbourne are on the rise in recent year, which is mainly due to surging land prices. In this context, answer the following questions:

  1. Why is the land price rising ¡n the metropolitan cities and what are the major drivers of rising house prices in these cities
  2. Using an appropriate diagram, explain your answer in part.
  3. Is the supply of land in the metropolitan cities perfectly inelastic? Why?

Law of demand states that increased price of any goods would result in a shortened sales rate of the particular food commodities. In economics, an increase in price is inversely proportionate to th... rice of any goods would result in a shortened sales rate of the particular food commodities. In economics, an increase in price is inversely proportionate to the purchase rate of that item. Consequent

Some Australian state and territory governments have banned or are planning to ban plastic shopping bags due to negative externalities rising from their excessive use.

  1. Describe the externality that arises from plastic containers and bags. What is the best way to avoid or regulate negative externalities? Discuss.
  2. Draw a graph to illustrate how plastic containers and bags create welfare loss.

Continuous earning level is adversely proportionate with the price hike and low price of food stocks. A person who has constant earnings $400 might be able to access conventional food products. In ... case the same person when access a monthly wage of $1000, it will make the person interested to obtain some high quality and valuable food products. On the other hand, when the income is constant but the food price is going higher, it will be challenging to access high-quality food constantly. Australia is the 12th highest cost of inhabiting country in the world. The overall cost of living in this country is 9% higher than USA.

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