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Abdalla Haji, Civitavecchia (2026)

03/02/2024

📈 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐮𝐫𝐬𝐞 -: 𝐃𝐞𝐦𝐚𝐧𝐝 𝐚𝐧𝐝 𝐒𝐮𝐩𝐩𝐥𝐲 𝐄𝐪𝐮𝐢𝐥𝐢𝐛𝐫𝐢𝐮𝐦

Welcome to Lesson 12 of our journey through the world of economics! Having explored the concepts of demand and supply separately, today we unite these two forces to understand how they interact to create market equilibrium.

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐪𝐮𝐢𝐥𝐢𝐛𝐫𝐢𝐮𝐦

-𝐃𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐨𝐧: Market equilibrium occurs where the quantity of a good demanded by consumers equals the quantity supplied by producers, at a certain price level.
-𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐜𝐞: It represents a state of balance in the market, with no inherent tendency for the price to change until an external factor disrupts the equilibrium.

𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐢𝐧𝐠 𝐄𝐪𝐮𝐢𝐥𝐢𝐛𝐫𝐢𝐮𝐦 𝐏𝐫𝐢𝐜𝐞 𝐚𝐧𝐝 𝐐𝐮𝐚𝐧𝐭𝐢𝐭𝐲

-𝐏𝐫𝐨𝐜𝐞𝐬𝐬: The intersection point of the demand and supply curves on a graph indicates the market's equilibrium price and quantity.
-𝐈𝐦𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: At this point, the market is clear, meaning there's no surplus or shortage of the good or service.

𝐒𝐡𝐢𝐟𝐭𝐬 𝐢𝐧 𝐄𝐪𝐮𝐢𝐥𝐢𝐛𝐫𝐢𝐮𝐦

-𝐃𝐞𝐦𝐚𝐧𝐝 𝐒𝐡𝐢𝐟𝐭𝐬: Changes in consumer preferences, income, prices of related goods, or expectations can shift the demand curve, altering the equilibrium.
-𝐒𝐮𝐩𝐩𝐥𝐲 𝐒𝐡𝐢𝐟𝐭𝐬: Factors like production costs, technological advances, or changes in the number of suppliers can shift the supply curve, affecting equilibrium.

𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭 𝐭𝐨 𝐄𝐪𝐮𝐢𝐥𝐢𝐛𝐫𝐢𝐮𝐦

-𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬: Markets tend to move toward equilibrium naturally. Prices adjust in response to surpluses (supply exceeds demand) and shortages (demand exceeds supply), guiding the market back to equilibrium.

𝐑𝐞𝐚𝐥-𝐖𝐨𝐫𝐥𝐝 𝐄𝐱𝐚𝐦𝐩𝐥𝐞: 𝐇𝐨𝐮𝐬𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

-𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨: Consider how an increase in population in a city (demand shift) or a new housing development (supply shift) can affect housing prices and availability.
-𝐎𝐮𝐭𝐜𝐨𝐦𝐞: An increase in population might increase housing prices and decrease availability (demand exceeds supply), while new housing developments might stabilize prices and increase availability (supply meets the new demand).

03/02/2024

📈 Economics Course -: Types of Goods and Their Demand

Welcome to Lesson 11 of our exploration into economics! Today, we're uncovering the different types of goods in the market and how their demand varies. Understanding these distinctions is crucial for grasping consumer behavior and market dynamics.

Normal Goods

-Definition: Goods whose demand increases as consumer income rises, and vice versa.
-Example: High-quality food products, luxury cars, and branded apparel.
-Characteristic: These goods are often associated with quality and luxury.

Inferior Goods

-Definition: Goods whose demand decreases as consumer income increases.
-Example: Generic food products, second-hand clothing, and public transportation.
-Characteristic: Consumers may opt for superior alternatives as their purchasing power grows.

Substitute Goods

-Definition: Goods that can be used in place of one another.
-Example: Tea and coffee, butter and margarine, Android phones and iPhones.
-Characteristic: The demand for one increases when the price of the other rises.

Complementary Goods

-Definition: Goods that are consumed together.
-Example: Printers and ink cartridges, smartphones and data plans, cars and gasoline.
-Characteristic: The demand for one affects the demand for the other.

Veblen Goods

-Definition: Luxury goods for which demand increases as the price increases, contrary to the law of demand.
-Example: Designer handbags, exotic cars, and high-end watches.
-Characteristic: Often seen as status symbols.

Giffen Goods

-Definition: A type of inferior good for which demand increases as its price increases, due to strong income and substitution effects.
-Example: Staple foods in times of scarcity (historically, potatoes during the Irish Potato Famine).
-Characteristic: Very rare and subject to debate among economists.

26/01/2024

1. What does the Law of Demand state?
A) As price increases, demand decreases.
B) As price increases, demand increases.
C) Demand remains constant regardless of price.
D) Demand is unrelated to price.

2. Which factor is likely to cause an increase in demand for a product?
A) A decrease in the price of a substitute good.
B) A decrease in consumer income.
C) An increase in the price of the product.
D) An expectation of future price decreases for the product.

3. In the context of smartphones, what would typically happen if the price of a popular model drops?
A) Demand will decrease.
B) Demand will remain unchanged.
C) Demand will increase.
D) Supply will decrease.

4. The Law of Supply states that:
A) Supply decreases as price increases.
B) Supply is independent of price.
C) Supply increases as price increases.
D) Supply is directly related to consumer preferences.

5. Which factor is a determinant of supply?
A) Consumer income levels.
B) Brand preferences.
C) Production technology.
D) Price of complementary goods.

6. In the renewable energy industry, what impact does a technological advancement typically have on supply?
A) Decreases supply.
B) Does not affect supply.
C) Increases supply.
D) Fluctuates supply unpredictably.

24/01/2024

📈𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐮𝐫𝐬𝐞 -: 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐒𝐮𝐩𝐩𝐥𝐲

Welcome to Lesson 10 of our journey into economics! In today's session, we're focusing on the concept of supply, a vital component of market dynamics. Grasping the principles of supply is essential for understanding how markets operate and the factors influencing production and distribution.

𝐒𝐮𝐩𝐩𝐥𝐲 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Supply in economics refers to the quantity of a product or service that the market can offer. It's about how much producers are willing and able to sell at various prices.

𝐓𝐡𝐞 𝐋𝐚𝐰 𝐨𝐟 𝐒𝐮𝐩𝐩𝐥𝐲:

-𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Typically, there is a direct relationship between the price of a product and the quantity supplied. As prices rise, supply tends to increase, and as prices fall, supply usually decreases.
-𝐑𝐞𝐚𝐬𝐨𝐧𝐢𝐧𝐠: Higher prices can lead to increased profitability, incentivizing producers to supply more. Conversely, lower prices may reduce the incentive to produce.

𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐒𝐮𝐩𝐩𝐥𝐲:

- Factors such as production costs, technology, expectations of future prices, and the number of sellers in the market can influence supply.
- For instance, advancements in technology can reduce production costs, leading to an increase in supply.

𝐑𝐞𝐚𝐥-𝐖𝐨𝐫𝐥𝐝 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 - 𝐑𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

-𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨: As technology in solar and wind energy improves and production costs decrease, the supply of renewable energy increases.
-𝐅𝐚𝐜𝐭𝐨𝐫𝐬: The supply in this market is affected by technological innovations, government policies, and global trends toward sustainable energy.

Understanding supply, along with demand, provides a comprehensive view of market operations and the intricate balance that drives economic activities. Stay tuned as we explore these dynamics further in our next lessons.

22/01/2024

📈 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐮𝐫𝐬𝐞 -: 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝

Welcome to Lesson 9 of our exploration into economics! Today, we're delving into the concept of demand, a fundamental aspect of market dynamics. Understanding demand is crucial for comprehending how markets function and the forces that drive consumer behavior.

𝐃𝐞𝐦𝐚𝐧𝐝 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Demand in economics refers to how much of a product or service is desired by buyers at various prices. It's not just about wanting something; it's about being willing and able to pay for it.

𝐓𝐡𝐞 𝐋𝐚𝐰 𝐨𝐟 𝐃𝐞𝐦𝐚𝐧𝐝:

-𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞: Generally, there's an inverse relationship between the price of a product and the quantity demanded. As prices fall, demand typically increases, and as prices rise, demand usually decreases.
-𝐑𝐞𝐚𝐬𝐨𝐧𝐢𝐧𝐠: This occurs due to the substitution effect (as prices rise, consumers switch to cheaper alternatives) and the income effect (higher prices mean consumers can afford less).

𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐃𝐞𝐦𝐚𝐧𝐝:

- Factors like consumer preferences, income levels, price of related goods (complements and substitutes), and future expectations affect demand.
- For example, an increase in income generally leads to an increase in demand for normal goods.

𝐑𝐞𝐚𝐥-𝐖𝐨𝐫𝐥𝐝 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 - 𝐒𝐦𝐚𝐫𝐭𝐩𝐡𝐨𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:

-Scenario: When a new smartphone model is released at a high price, demand might be limited. However, as the price decreases over time, more consumers are willing to buy it.
-Factors: Demand for smartphones is influenced by technological advancements, brand preferences, and consumer income.

20/01/2024

I am a system where the government plays a minimal role in economic decisions, focusing on protecting private property and enforcing contracts. Who am I?

18/01/2024

📈 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐮𝐫𝐬𝐞 -: 𝐌𝐢𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐯𝐬. 𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬

Welcome to Lesson 8 of our exploration into economics! Today, we'll explore the distinct yet interconnected fields of Microeconomics and Macroeconomics. Understanding the differences and connections between these two branches is key to grasping the full picture of economic analysis.

𝐌𝐢𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 𝐨𝐟 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐔𝐧𝐢𝐭𝐬

𝐅𝐨𝐜𝐮𝐬: Microeconomics examines the behavior of individual entities, such as consumers, households, and businesses. It delves into how these units make decisions to allocate limited resources.

𝐊𝐞𝐲 𝐂𝐨𝐧𝐜𝐞𝐩𝐭𝐬:
- Demand and Supply in Individual Markets
- Price Formation
- Consumer Behavior
- Production and Costs

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Understanding consumer choices, market competition, and the functioning of individual industries.

𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: 𝐓𝐡𝐞 𝐄𝐜𝐨𝐧𝐨𝐦𝐲 𝐚𝐬 𝐚 𝐖𝐡𝐨𝐥𝐞

𝐅𝐨𝐜𝐮𝐬: Macroeconomics looks at the economy on a larger scale. It deals with aggregate indicators and the interactions within the entire economy.

𝐊𝐞𝐲 𝐂𝐨𝐧𝐜𝐞𝐩𝐭𝐬:
- Gross Domestic Product (GDP)
- Inflation and Unemployment Rates
- Monetary and Fiscal Policy
- Economic Growth and Development

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Analyzing broader economic trends, government policies, and global economic interactions.

𝐈𝐧𝐭𝐞𝐫𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧 𝐨𝐟 𝐌𝐢𝐜𝐫𝐨 𝐚𝐧𝐝 𝐌𝐚𝐜𝐫𝐨:

Understanding how individual market behaviors (microeconomics) aggregate and influence the broader economy (macroeconomics) is crucial. For example, consumer spending patterns (a microeconomic subject) directly impact GDP growth (a macroeconomic issue).

14/01/2024

📈𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐂𝐨𝐮𝐫𝐬𝐞-: 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐬

Welcome to Lesson 7 of our exploration into economics! Today, we're diving into the intriguing world of market structures. Understanding these structures is essential for comprehending how different markets operate and their impact on the economy.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐬 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Each market structure has unique characteristics that affect everything from consumer choice to pricing strategies and market efficiency.

𝟏. 𝐏𝐞𝐫𝐟𝐞𝐜𝐭 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧:
-Characteristics: Many buyers and sellers, homogenous products, free entry and exit.
- Implications: Firms are price takers; the market dictates prices based on supply and demand.

𝟐. 𝐌𝐨𝐧𝐨𝐩𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧:
-Characteristics: Many firms, differentiated products, some barriers to entry.
-Implications: Firms have some power to set prices due to product differentiation.

𝟑. 𝐎𝐥𝐢𝐠𝐨𝐩𝐨𝐥𝐲:
-Characteristics: Few large firms dominate the market, products may be homogenous or differentiated, significant barriers to entry.
-Implications: Each firm's actions affect the others; pricing can be competitive or collaborative.

𝟒. 𝐌𝐨𝐧𝐨𝐩𝐨𝐥𝐲:
-Characteristics: Single firm controls the market, unique product, high barriers to entry.
-Implications: The monopoly sets the price; can lead to higher prices and less consumer choice.

𝐑𝐞𝐚𝐥-𝐰𝐨𝐫𝐥𝐝 𝐞𝐱𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐞𝐚𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞𝐬:

𝟏. 𝐏𝐞𝐫𝐟𝐞𝐜𝐭 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧: Agricultural Markets
-Example: Many small-scale farmers selling similar types of produce, like wheat or corn.
-Current Relevance: These markets often see prices determined by overall supply and demand rather than by individual sellers, with little to no control over market prices.

𝟐. 𝐌𝐨𝐧𝐨𝐩𝐨𝐥𝐢𝐬𝐭𝐢𝐜 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧: Restaurant Industry
-Example: Numerous restaurants offering a variety of cuisines in a large city.
-Current Relevance: Each restaurant differentiates itself through unique dishes, location, or dining experience, giving them some degree of pricing power while still facing significant competition.

𝟑. 𝐎𝐥𝐢𝐠𝐨𝐩𝐨𝐥𝐲: Tech Giants
-Example: A few dominant companies like Apple, Microsoft, Google, and Amazon in the technology and online services sector.
-Current Relevance: These companies have substantial market power and influence over the tech industry. Their business decisions, such as pricing and product launches, significantly impact each other and the market.

𝟒. 𝐌𝐨𝐧𝐨𝐩𝐨𝐥𝐲: Utility Companies
-Example: Local electricity or water providers in many regions.
-Current Relevance: Often, a single company provides essential services in a geographical area due to high infrastructure costs and regulations. This gives them significant control over pricing, but they are usually regulated by governments to protect consumers.

These examples illustrate how different market structures function in the current economic landscape. They reflect the dynamics of competition, pricing, and consumer choice in various sectors.

13/01/2024

I am pleased to share this call for PhD positions in Microeconomics and econometrics at the Chair of Production and Resources Economics, Technical University of Munich, Germany. Deadline is 30 January, 2024.

13/01/2024

I am the reason you have to make choices. I exist because resources are limited but wants are unlimited. Who am I?

12/01/2024

Hey everyone! 🌏 Big news from the World Bank: our global economy is experiencing its slowest growth in 30 years. Thankfully, the risk of a global recession is lower now, mainly because the U.S. economy is doing well. However, not all is smooth - especially for developing countries dealing with slower growth and heavier debts. The report emphasizes the need for a major policy shift to avoid this period becoming a "decade of wasted opportunity." It's crucial now, more than ever, to focus on smart investments and policy decisions to support growth for everyone. Understanding these economic trends is key for our future.

11/01/2024

𝐖𝐨𝐫𝐝 𝐒𝐞𝐚𝐫𝐜𝐡 𝐆𝐚𝐦𝐞: Put your economic knowledge to the test and comment below with the words you find!
𝐇𝐢𝐧𝐭: Words can go in any direction. Words can share letters as they cross over each other.

Abdalla Haji

03/02/2024

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