Economics Suggest Economic Approach Suggest How an Essay

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Economics

Suggest Economic Approach

Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.

Analyze how prescription drugs affect the demand and supply of other products and services in this country

Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an Important Consideration When Analyzing The Impact Of A Shift In Demand Include At Least One (1) Example In Each Scenario

Provide two (2) examples of increasing-cost industries in your state and propose why they would have a positively sloped supply curve.

Suggest how an economist would approach the problem of alcohol abuse. Provide two (2) possible solutions to this problem. Include the four (4) elements of the economic way of thinking in your analysis.

Alcohol abuse would be approached by an economist in terms of demand and supply. Where there exists a demand for intoxication and for consuming alcoholic drinks, there will be suppliers available, willing to fill in this demand gap and cashing in on the profits that they can reap.

One possible solution is that people are made to see the disadvantages of drinking, against the advantages- which are none, so that, acting as rational decision-makers, they can decide on their own, on stopping drinking. In a similar vein, in order to curb consumption, people and especially youth can be made to realize from the beginning that drinking is 'un-cool', leading to a change in trend that can help with curbing demand.

The second solution that can be used in this case, using the factor that alcohol use can create secondary effects, is that everything has a cost. Therefore the prices on alcoholic drinks can be raised through imposing high taxes on them, staving off demand, especially from youngsters, who will not be able to afford it due to their limited income.

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The four elements that have been used here, as can be seen from the above analysis are that everything has a cost, economic actions create secondary actions, incentives matter (in case of suppliers looking for profits to supply alcoholic drinks) and that people choose for good reasons so that if these reasons are changed, their lifestyle patterns and choices too might change.

Analyze how prescription drugs affect the demand and supply of other products and services in this country

Prescription drugs impact the supply and demand for complementary and substitute products as well as for products and services that are the input for or effort to make and sell them.

Starting from conception, prescription drugs require raw materials, which are a separate industry. Taking the example of a simple prescription drug, it could need certain enzymes and chemicals that are the basic formula for it. Then the packaging material would be needed in terms of glass bottles or aluminum, plastic or paper materials that are used to package the goods in. this is as far as the raw material goes. The same medicine also needs machinery to manufacture it, labor to do all the work and conduct the processes, as well as people who take care of the management, administration, marketing and selling of the medicine. Doctor, Chemist and pharmaceutical services are all needed in order to get the good to its finished form and to the consumer.

Therefore if for example the demand for this medicine decreased, so too would the demand for these raw materials and services. If this trend persists in the long run, firms would go out of business, or decrease their supply to curtail….....

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