Hello,
I need to choose an industry to study for my economics class. I'll have to write about wheter the industry is elastic or inelastic. Any suggestions?
Do you consider politics as an industry? Or education? THose would both be good ones to check out. Or choose an industry that makes something that you use -- textbooks, bicycles, flags, junk food, cell phones, etc.
THANK YOU!!!!!!!!! great suggestions to get me started.
You're welcome! I'm glad you found my suggestions helpful. Now, let's discuss whether politics and education can be considered as industries for your economics class.
1. Politics: Politics itself is a broad field that encompasses various activities related to governance, elections, public administration, and policy-making. While politics influences economic decisions and policies, it is not typically considered as a traditional industry because it primarily involves government activities rather than the production of goods or services for a market.
2. Education: Education, on the other hand, can be considered as an industry. It involves the provision of educational services, such as teaching, research, and training, which are usually delivered by educational institutions like schools, colleges, and universities. The education industry plays a significant role in the economy as it has both private and public sectors, generates revenue through tuition fees, and contributes to employment and technological advancements.
To determine whether an industry is elastic or inelastic, you need to analyze its demand elasticity. Elasticity refers to the responsiveness of demand to changes in price. If demand is elastic, a change in price will lead to a relatively larger change in quantity demanded, indicating a high degree of price sensitivity. Conversely, if demand is inelastic, a change in price will result in a relatively smaller change in quantity demanded, indicating a lower degree of price sensitivity.
To write about the elasticity of an industry, you will need to consider factors such as the availability of substitutes, necessity or luxury status of the product or service, time period considered, and income elasticity of demand. Additionally, gathering data and conducting research on price and quantity fluctuations in the chosen industry will provide evidence to support your analysis.
Remember to consult your economics textbook or credible sources to understand the concept of elasticity and how to apply it to your chosen industry. Good luck with your research and writing!