Microeconomics
0 view | +0 today
Follow
Your new post is loading...
Your new post is loading...
Scooped by Jonah Manley
Scoop.it!

To put the clocks back or not?

To put the clocks back or not? | Microeconomics | Scoop.it
The BBC's international correspondents look at which countries implement daylight saving time and which do not
Jonah Manley's insight:

In Japan daylight saving, which was introduced and then scrapped in 1940, could save the country 1% on its total annual electricity bill. It could generate up to 100,000 new jobs and even add $15 billion to Japan's Gross Domestic Product. When introduced in Europe, sales wnet up 3%, though the Japanese are worried that this time will be used for work rather than the intended 'play'. In Brazil $200 million is saved by enforced summer time hours, this is not unlike Japan's 1%, the idea in this sense is that as people are enjoying leisure or even sleeping less electricity is being used, there is less demand, add to this  that fewer wroking hours mean less overall stress, thus an economy becomes more efficient. The reduced demand for energy in tandem with the unchanged supply would also create a lesser price. Very importantly too, in those countries where daylight saving exists we all get an extra hour in bed. This is a bonus in itself, i.e. not waking up to dark winter mornings but it also allows for a better, more alert workforce when it comes time for work.

more...
No comment yet.
Scooped by Jonah Manley
Scoop.it!

Microeconomics

Microeconomics | Microeconomics | Scoop.it
Microeconomics is one of the main fields of the social science of economics. It considers the behaviour of individual consumers, firms and industries.
Jonah Manley's insight:

Microeceonomics is the understanding of how we as humans allocate resources which are scarce in comparison to the demand for said resources. This article shows us that although as a subject it is absolutely about the market economics and how we control it, it also shows how we as humans, or more precisely thinking animals make decisions. These decisions are over a huge range of subjects, how we actively allocate scarce resources or what price we are willing and able to pay for any given rsource. This process also represents how unlike our animal kingdom counterparts humans often make irrational decisions, taking great risks [choice under uncertainty] or expenditure on unnecessary articles. This article also looks at the fact that the sudy of miroeconomics frequently looks at hypothetical market conditions and what elements are required for a market to fail or succeed.

more...
No comment yet.
Scooped by Jonah Manley
Scoop.it!

A Glossary of Microeconomic Terms

A Glossary of Microeconomic Terms | Microeconomics | Scoop.it
Jonah Manley's insight:

To help with the exams... good wesite actually

more...
No comment yet.
Scooped by Jonah Manley
Scoop.it!

Lib Dems: PM panicking over energy

Lib Dems: PM panicking over energy | Microeconomics | Scoop.it
Jonah Manley's insight:

Economics plays a huge role in everyday government, this has been shown most reecently through the clashes between PM David Cameron and leader of the opposition Ed Miliband over the future price of energy to households in the UK. As much as this has been quite obviously a bit of parliamentrian jousting, all in the effort to maximise their voting tally for the next general election, there is important economics behind it too.  The issue here is that whilst one man believes the rates the British public pay for energy dependant upon the choice of the companies is fair, the other is taking the opportunity to counter the belief with the idea that the public want to see; fixed rates, especially with energy prices forecast to rise by between 8% and 10%. The problem Miliband faces in promising to fix the energy prices is that the huge companies upon which Britain is dependant for electricity and fuel, EON and NPower for example, can very easily move elsewhere and retain their profit margin. In essence if the prices are allowed to increase then the demand would fall considerably , if prices were to be fixed at current rates under a Labour government then the supply would fall drastically, despite the maintained demand.

more...
No comment yet.