how to write an economic analysis article

Running a business involves a certain amount of risk. The people conducting the analysis carry out an in-depth appraisal of the market’s strengths and weaknesses. What will society be like in future if most people are unemployed? They may choose from several different methods. Economic analysis may show that hiring a dozen will maximize your production; hiring more people than that results in a slight increase that's not worth the added variable costs. Writing styles vary widely. My paper it met all my requirements. For example, financial companies all over the world have been planning to re-adjust their operations departments. Another problem is seeing cause and effect that isn't real. That could include total revenue, total costs, net revenue, opportunity costs, return on investment and time to recover your investment. For example, an economic analysis of a company focuses mainly on how much profit it is making. Many of them start with an outline before going to the main arguments. It's rare in business you have only one possible path forward. The company must also employ a roboticist, whose salary is $50,000 per year. It might save even more after that because nobody knows for certain how long the robots will last. Even if the financial benefits of shutting the factory outweigh the costs, it's possible your own workforce would be better at producing a top-quality, defect-free widget. But you need to consider the possibility your competitors will cut prices to match yours, reducing your advantages. However, with many economic analyses, the seeming correlations look much more believable, even though they're unconnected. How much should you produce? Suppose you're thinking of hiring new workers to ramp up production. The warehouse workers’ duties do not include checking the quality of the goods. Specifically, what the impact of the economic climate is or might be on the company’s ability to operate commercially. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. If you increase prices and sales go up, that doesn't mean raising prices caused higher sales. For example, it’s clearly visible in this bitcoin lifestyle review by InsideBitcoins that the age of a personal assistant on financial platforms is slowly dying out due to automation. If you buy a new factory, for instance, your fixed costs include the mortgage, insurance and property taxes. Cost/benefit and cost/effectiveness analyses are just two of several types of economic analysis. They earn $30,000 per year each, i.e., they represent a total annual wage bill of $600,000. For example, if expanding production won't increase widget sales revenue to cover the added cost, will changing widget prices increase revenue enough to fix things? The company will probably lose some dissatisfied customers. Economic analysis is the study of economic systems. Weigh them against each other and decide if your net profit is enough to justify expansion. The main goals of it are identifying and explaining the arguments used by the author. Some people may refer to it as a feasibility study. As a business owner, one of your goals is maximizing your profits. Many sociologists and economists today warn that automation will soon take millions of human jobs. Over a ten-year period, the cost of the robots plus the roboticist will be $600,000 + $500,000 = $1.1 million. You may need to narrow the number of factors you consider to get usable answers. Some alternatives may have limited short-run effects, but beneficial long-term impacts, or vice versa. What helps writers of this analysis are creating and following an outline to keep the focus. However, they often identify faults and report them. Opportunity cost is a measure of how much a decision costs you in terms of giving up alternatives. The journal publication website has published journals and books that cover reference information, education and decision support, among others. Crunch numbers. If the number crunching takes you to a dead-end, consider some alternatives. What’s an article analysis? Those carrying out the study weigh its costs against its potential benefits. Now you know all the needed info about how to write article analysis. Again, you must identify the problems, questions or thesis and the supporting ideas, use only relevant information and example from the source, write concisely and edit your analysis article. Knowing about those magazines, you ‘d be able to look for a source for your research papers. Kansas State University: Economic Analysis of a New Business — Doing it Right. The critical analysis of an article has the following parts. Short breviary:presents what research how to know about your argument 3. Now if you want to learn more about it and ways to write a rundown, check out the following. Suppose you're thinking about slashing prices on your products and the steps in economic analysis show customers will buy more from you. It is a concise analysis, which is written in a straightforward manner. Even if you're already experienced in business, eyeballing the situation and going with your gut is not the best tactic. What are the alternatives? Perhaps one of them may suggest purchasing the robots but keeping on one or two human workers. 1. They have more than 200K research articles published. Writing an article analysis has the following parts. They measure, in monetary terms, what the benefits of a project are to the economy or community. These analyses methods contribute to the economic assumptions that economists make when they create economic models. Ask your professor about the citation style to use and be clear about it before writing the brief version to avoid any mistakes later. It may also be a study of a production process or an industry. SAGE: The organization is the 5th largest among journals publishers, and it has more than 1000 journals in social science, technology, and humanities, among others. Put simply; economic analysis is all about analyzing the economic aspects of something. The subject of automation is not only present in companies targeting manufacturing, it’s also quite present in service industries as well. A common problem with the use of economic analysis is looking at issues in a vacuum. You should also double-check the assignment to ensure you’re not leaving any significant points. What helps writers of this analysis are creating and following an outline to keep the focus. This type of economic analysis tries to determine a project’s feasibility. Economic analysis involves assessing or examining topics or issues from an economist’s perspective. Gather data. The analysis aims to determine how effectively the economy or something within it … What are the marginal costs? Now if you want to know how to write an article analysis, you should check out the following tips. Cost-Benefit Analysis. Economic analysis is the study of economic systems. You may also check out a good research article analysis that would provide further ideas. Once you have the raw data, you can run it through the relevant formulas to derive useful intel. It's also affected by the cost of raw materials, manufacturing and storing your inventory. You can look into this source if you need to write a summary of an economic article within the last month. Market Business News - The latest business news. For example, what's the effect of expanding sales into a new territory, rather than increasing sales in the territory you already have?

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