Nobody downloaded yet

Econ 101 Model Building Exercise - Research Paper Example

Comments (0) Cite this document
Summary
Applied economics attempts to analyze economic conditions, social interactions, human behavior, and their social consequences using the scientific method. This paper will seek to develop a model that explains the effects of an economic recession on the consumer behavior of…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.1% of users find it useful
Econ 101 Model Building Exercise
Read TextPreview

Extract of sample "Econ 101 Model Building Exercise"

Download file to see previous pages This means that economic recession cues may actually enhance interest in products that make people more attractive and presentable, despite the fact that recessions dampen interest in majority of product segments. By identifying why and how economic depressions and recessions affect the psychology of women, this model should enrich developing links between consumer behavior, economic conditions, and gender relationships psychology.
Civi (2013) establishes that economic recessions can be associated reliably with increased consumer spending on traditional inferior goods, for example foregoing salmon for tuna due to budgetary constraints, as well as morale boosters like films. Whereas his research identifies increased spending on beauty and personal care products, the suggestion made is that this spending could be a third economic recession indicator, which has deep roots in human ancestral psychology. Ratner et al (2014), in turn, note that the economic recession of 2007/2008 saw a down-turn in spending for most consumer products and real estate consistent with other economic declines, while people were less likely to go on vacation to instead spending time at home. However, even with the predictable decline in consumer spending during the last recession, beauty and personal care products fared unusually well. Lopaciuk and Loboda (2013) supports this conclusion, showing that while the rest of the economy suffered record sales decline, cosmetic companies like L’Oreal experienced a 5.3% sales growth, using this evidence as proof of the ‘lipstick effect’. This idea, it is noted, has been subject to discussion and debate in recent economic downturns, especially in the Great Depression during which sales in cosmetics grew dramatically.
While consumer spending has always tended to decline in the midst of economic downturns and recessions, there is compelling evidence that economic recessions are linked to increased consumer spending on ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Econ 101 Model Building Exercise Research Paper”, n.d.)
Econ 101 Model Building Exercise Research Paper. Retrieved from https://studentshare.org/macro-microeconomics/1691854-econ-101-model-building-exercise
(Econ 101 Model Building Exercise Research Paper)
Econ 101 Model Building Exercise Research Paper. https://studentshare.org/macro-microeconomics/1691854-econ-101-model-building-exercise.
“Econ 101 Model Building Exercise Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1691854-econ-101-model-building-exercise.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Econ 101 Model Building Exercise

Team Building Exercise

...? 8 Aug., Team building exercise Introduction: Team building and conflict resolutionare strongly related to each other. It may be possible to resolve the conflicts without building a team but it is not possible to build or retain a team without resolving conflicts. Hence, conflict resolution is one of the most fundamental pre-requisite of team building. This paper aims at discussing an exercise that can help promote team building and resolve inter-personal conflicts in an organizational setup. Improving communication among the members enables the members to settle their issues, remove their differences...
2 Pages(500 words)Research Paper

Econ

...?Your Full Your Prof IMF: Past and Present In the 1930s, with the world economies facing acute difficulties, most countries tried to counter it by devaluing their currencies in order to boost their exports. However, as this move was followed by most countries, it did little to arrest the sharp drop in world trade accompanied by rising unemployment rates and lowering standards of living in most countries. This breakdown of the international trade and monetary system led to the creation of the IMF with the purpose to stabilize the exchange rates of currencies and to encourage members to increase international trade by making a pool of funds available to member countries experiencing balance of payments difficulties. The IMF... Full Your Prof...
1 Pages(250 words)Essay

Econ

...? “The government’s fiscal policy is its plan for spending and taxation, it is designed to steer aggregate demand in some desired direction” (Baumol and Blinder 600). The fiscal and monetary policy is important because it determines the amount of intervention or lack thereof by the government in stimulating the economy. The ‘invisible hand’ as proposed by the great economist Adam Smith and to whom the classical view is attributed to, suggests that the economy is able to repair itself without a need for a change in policies such as government spending or including tax reductions. Economic problems and such as recession naturally happen subject to correction by the economy itself. Keynes, on the other hand, argued for a more... “The...
1 Pages(250 words)Essay

Team Building Exercise - Team Building Resolution Defined

...? Team Building Exercise - Team Building Resolution Defined Introduction The occurrence of conflict cannot be avoided within an organization because the organization is comprised of people with obvious individual objectives, notions and beliefs. However, it is also true that if conflicts can be managed in proper ways, it can proceed towards deriving resourceful solution which may again produce effective results for the organization as a whole. The exercise of team building is one such way of properly managing or resolving the conflicts. This is because this exercise provides greater assistance than any other ways in fabricating respect...
3 Pages(750 words)Research Paper

Econ

...from time lag. However, this policy has some disadvantages worth mentioning. For instance, it can cause a more volatile inflation. It can also create an opposite force in the economy when the Federal Reserve wants to do a monetary policy. Moreover, it can potentially widen the national’s budget deficit. Hence, the proposal on having an automatic trigger for discretionary fiscal policy may not be necessary, since the cons outweigh the pros. To have a better understanding on how an automatic trigger of discretionary fiscal policy can affect the economy, some changes in the basic IS-MP model must be made. At present, since there is going to be an automatic increase in government purchase and decrease in taxes whenever...
5 Pages(1250 words)Essay

Model building

...? Model building OPTION A Research Question: The media and local citizen groups have complained about the poor condition of the heating system which has claimed two lives. They claim that they have complaints many occasions but their complaints have never been taken seriously. The purpose of this model is to assess the claim and handle the situation appropriately. It involves investigation procedures to unearth the truth so as to make decisive and conclusive actions. The media and citizens’ claims have to be investigated to assess where they registered complaint and whoever was responsible. This calls for an investigation team to assist in the process. The model tries to...
4 Pages(1000 words)Term Paper

Econ

... the burger example and assumption of $4 as the equilibrium price, suppliers would be willing to supply 20 burgers at that level. Raise the price to $5 and they would say that they would even want to supply 30 or more because of the profit prospect. If prices decline to $2, then they might only want to sell five or less or even nothing at all because at that level they will not be able to cover their expenses in making and selling their burgers. Works Cited "Reviews of the Laws of Supply and Demand." Curriculum Link Organization. N. d. 03 December 2008 econ/materials/sdlaws.html>... 04 December 2008 Using Economics in Everyday Decision Making At first, economics appears to be useful only in complicated situations in the market. For instance, I have always related...
3 Pages(750 words)Essay

Leadership in nursing

..., we lay the foundation of leadership. New nurses decide appropriate times to call a physician, choose applicable care plans and relevant interventions. These early independent steps form the building blocks of leadership. To motivate leadership from the initial stages of nursing practice, mangers can "develop staff self-direction rather than giving direction" (Porter-O’Grady, 1999). Again, these simple steps facilitate new nurses’ enhancement of their own leadership skills. Transformational leadership merges ideals of leaders and followers (Sullivan and Decker, 2001). Its focus is to unite both manager and employee to pursue a greater good and "encourages others to exercise leadership". Transformational...
10 Pages(2500 words)Essay

Econ 101

...The development of Micro and Macro economics can be mostly attributed to one famous economist, John Maynard Keynes, who lived between 1833 and 1936. This economist is famed for the development of various economic theories, most famous of them being the development of the Keynesian theory of economics. Keynes was born and bred in the elite society, and as a result, he received the best education that could be. The main contribution to economics that was developed by Keynes came with the publishing of his book, “The General Theory of Employment, Interest and Money” in 1936. The book contained a new economic outlook of the government and money, and from the roots of the book, came the introduction of macroeconomics. According... development of...
1 Pages(250 words)Research Paper

Econ

...Due Cowen and Tabarrok: The Invisible Hand Cowen and Tabarrok said that,“See the invisible hand, understand your world.” This tagline applies to the modern approach in economics. This tagline meant that economics is a scientific type of misery which is deep, inspiring, fundamental similar to that of the universe which is rapidly expanding or those forces that tend to bind the matter. This statement tries to explain the manner in which order can result from the freedom of choice. This involves the Solow Model, ideas in economics, real exact business cycles and the Keynesian approach in economics.This approach assumes that when businesses fluctuate, then this is a clear interpretation of the fluctuation in the output’s...
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Econ 101 Model Building Exercise for FREE!

Contact Us