Introduction
Economic consequences are extremely essential for the sake of an economy, as it is the only thing through which the power of economics of a country will get appreciation and upper hand in the market (Angermuller, Maingueneau & Wodak, 2014). Escalating stock market recognition, increasing economic power, Gross Domestic Product and Per Capita Income are some of the important aspects that found interactive and effective in the entire field of economics and management (Angermuller, Maingueneau & Wodak, 2014).
In terms of significance, the subject of economics has its diversification in different themes that will be considered accordingly in the picture. The entire field of economics has been bifurcated into two different types known as Microeconomics and Macroeconomics (Angermuller, Maingueneau & Wodak, 2014). As cleared by the names micro and macro economics are the type of economics that usually associated with the economics of the individuals and the country as a whole. Both of the types of economics are essential for the sake of an economy, and it is equally beneficial for the assigning of the things in particular (Mosler, 2010).
Economies largely relies on their economic consequences, as they know that it will be there bread and butter for the future, and the stance of economic consequences should have been taken into account considerably (Mosler, 2010). Every economy of the world is now focusing to enhance their economic function and prosperity with a given time frame. In this particular analysis, it will be requiring to analyze one of the given articles related to the macroeconomic or microeconomic function, along with their core understanding (Mosler, 2010). The article which has been considered for this particular analysis is “Dubai Mall is World’s most visited destination as the shoppers flock in their droves” written by Lucy Barnard, located in the “The National: Business” news paper. The article was published on October 29, 2014. The assignment has been distributed into introduction, analysis & findings and conclusion aspect.
Analysis & Findings
Demand and Supply Analysis
The concept of Demand and Supply (D&S) is one of the most important and widely used concepts that found effective and organized in different economies of the world (Mosler, 2010). Theoretically, the concept of Demand and Supply applies on a factor from which the core demand and supply of a respective product would have been analyzed effectively and in the same manner particularly (Mosler, 2012).
In the field of Microeconomics, the concept of Supply and Demand is an Economic Model in terms of price discrimination in a certain market (Mosler, 2012). Price Discrimination is an important thing that associated specifically with the economic consequences of an economy or with the concept of individual. The core concept of demand and supply concludes that the unit price of a specific product should be place on a certain level in a competitive environment for a particular good until it vary and settles at a specific point where the quantity demand will equal the quantity supplied (Mosler, 2012). A position where quantity demand intersects the quantity supplied is known as the equilibrium price, and it is an important part of microeconomics that will be taken for the analysis and different function capability (Angermuller, Maingueneau & Wodak, 2014).
Without any doubt, the concept of demand and supply is extremely important in the field of microeconomics, as it is related to the core demand and supply in the individual capacity of individuals (Angermuller, Maingueneau & Wodak, 2014). The concept and implication of demand and supply in microeconomics usually associated with the income level of the individuals along with the propensity to consume a certain thing. Obviously, people will buy those products are in their favor and relates their core income level particularly. The Shifting of demand and supply is yet another important concept lies in the field of microeconomics, and it is also related with the change in income level along with the change in the consumption level of an economy (Angermuller, Maingueneau & Wodak, 2014).
Apart from Microeconomics, there are demand and supply concepts that specifically associated with this section as well. In macroeconomics any sort of changing in the demand and supply that usually take place in the economic functions and variables which have a direct impact over the economic position of the country is known as Demand and Supply in the macroeconomic concept. For Example, the demand of Foreign Direct Investment (FDI) in a region has a direct impact over the Gross Domestic Product (GDP) of the country as a whole. There are number of countries of the world wherein the stance of demand and supply particularly of the macroeconomic function would be taken into account for granted and for the long run productivity of the economy.
In Macroeconomics, the concept of demand and supply would have been used to set the final price of a certain product prevailing in the country. It is an important concept that usually considers by the economic analyst and policy makers of a country to take timely and effective decisions on the basis of their core market perfection and core evaluation. The concept was not highly implicative and applicable before the current economic crisis, but it has now took an entirely new U-Turn to cover up different things in a perfect manner. Likewise Microeconomics, the best part found in the macroeconomics of demand and supply is all about having an equilibrium market price accordingly, and in the best possible manner. It gives an idea to the citizens of a country that the country is getting the raw material and the finished good on this much price, and they are intending to get this much of money from the selling of this product in the market (Angermuller, Maingueneau & Wodak, 2014).
Demand and Supply Implication on the Chosen Article
According to the crux of this informative article, Dubai has now emerged as a perfect region for the tourists in all over the world, due to which the level of passenger based travelling, is increasing year on year. As per estimated figure, Dubai International Airport reached a core position of 66.4 million in the financial year 2013, which was actually higher than the level of London Airport (Barnard, 2014). As per the analytical vision, it is also clear that most of the tourists will come to Dubai merely for the shopping purpose, and Dubai Mall has now become as an integral destination for them from which they can have shopping in the market, along with enjoying the Dancing Fountain adjacent with the location of the tallest building of the world, the Burj Khalifa. Last year, more than 75 million visitors come to Dubai just for the shopping purpose in the Dubai mall (Barnard, 2014).
EMAAR, the construction company that made the Dubai Mall and Burj Khalifa is in the fact that Dubai Mall has now emerged as an integral place and destination for the tourists to come to the place and get the things in the right manner (Barnard, 2014). EMAAR shows that the demand of tourism in the Dubai city is increasing heavily due to motley purpose, out of which shopping is one of them. This particular demand has not only lifted up the price of the products found in this particular market, but also increased the level of GDP and consumption level within the city. High demand will leads to increase certain things in an effective manner, like multiplier effects and escalating revenues in an effective manner which is a perfect sign for them in the future.
According to the selected article, it is very clear that the GDP of country is increasing effectively due to the increment in the tourism section in particular (Barnard, 2014). EMMAR is also showing that economic position will enhance the productivity of the entity in particular. The demand function will increase the things in the right manner and it will be based on the things in particular (Barnard, 2014). Dubai’s government is now intending to come up with a new International Airport due to which the demand of the tourists will increase considerably in the near future which will certainly enhances the economic function of the economy particularly in the market.
Market Structure
The function of economics and management has numerous things in particular, and the stance of market structure is one of them. Market Structure is an important type of economics which usually analyzed the things in this particular aspect. The essence of market structure is an important one from the viewpoint of an economic function, and it is equally applied over the economic consequences accordingly. Some of the major market structures are as follows along with the description (Angermuller, Maingueneau & Wodak, 2014)
Monopoly: Monopoly is the type of economic that specifically associated with economic function in which specific amount of firms are moving single handedly in the market. It is an important function that considered by the economy as far as the economic functions in particular. Theoretically, an economic function in which there will be a single seller associated with the country is known as a Monopoly function and it is an important thing for the economy (Angermuller, Maingueneau & Wodak, 2014). High monopoly will not be considered a sound economic policy for the economies in all over the world. That is why most of the economies of the world are not covering the same aspect in an effective and organized manner, and will be considering for the different functions particularly (Barnard, 2014).
Perfect Competition: The second important type of market structure found in this particular aspect is Perfect Competition. Perfect Competition is a type of economics in which there are number of buyers and sellers are there to buy and sellers identical products in the market. Most of the times these particular types of market exist in different economies of the world that required extensive amount of regulations to manage and promote the products in an organized and effective manner
Monopolistic Competition: Among numerous types of competition that found specifically in the economics’ subject is known as Monopolistic Competition (Barnard, 2014). It is an important part of economic competition which found that there are number of sellers working in the market with selling somewhat different products in the market for the effectiveness of the country in a well organized and perfect manner particularly. It is one of the largest and widely used types of market competition have by the organizations in different parts of the world, and it is extremely important for the organizations to have effective business strategies to overcome on all of the escalating issues and problems.
Market Structure Implication on the Chosen Article
Up till now, it is cleared that the stance of structure is extremely essential and effective for an organization as well as for an economy, as it will bring the level of effectiveness which is more than essential for the sustainability of the economy in the market in an organized manner (Barnard, 2014). The chosen article is all about the escalating demand of the tourists and tourism section in the Dubai. The stance of market structure will certainly change in the given period of time with effectiveness (Barnard, 2014).
Conclusion
Economic analysis and perspective are more than essential and effective for the economies all over the world. It is very important for every economy of the world to surrender effective and timely actions and things for their long term productive and effectiveness. It has been seen that economic function and economic strategies are some of the pre-requisites that associated with an organization or economy to have their effectiveness in the market.
Among some of the major concepts that specifically found under the core field of economics, the name of Demand & Supply and Market Structure are some of them which are creating effectiveness in the market for different time being particularly. The article which has been chosen for the same analysis is Dubai Mall is World’s most visited destination as the shoppers flock in their droves, and there are two different measurement tools of economic which have been associated in this particular analysis.
As per the demand and supply concept, the escalating demand of tourism in the Dubai region will certainly enhances the economic function of the economy in positive terms. Apart from this, market structure will also change in the market with the changing of market demand of the country in a positive region. It is also found from this thorough and critical analysis that demand should be enhanced considerably and effectively in the market with a positive node and effectiveness.
References
Angermuller, J., Maingueneau, D., & Wodak, R. (2014). The discourse studies reader. Amsterdam, the Netherlands: John Benjamins Publishing.
Barnard, L. (2014). Dubai Mall is world’s most visited destination as shoppers flock in their droves | The National. Thenational.ae. Retrieved 9 December 2014, from http://www.thenational.ae/business/industry-insights/retail/dubai-mall-is-worlds-most-visited-destination-as-shoppers-flock-in-their-droves
Mosler, W. (2010). The 7 deadly innocent frauds of economic policy. [St. Croix, U.S. V.I.]: Valance Co., Inc.
Mosler, W. (2012). Soft currency economics. Christiansted, USVI: Valance Economics.
