Free Economics Dissertations - One Would Need To Define The Essential Elements. Some Problems One Deals With
One would need to define the essential elements. Some problems one deals with may be quite complex, and they may need to manage a range of information/ideas. The student might have to identify underlying issues and make links between different aspects of the problem. It could help to break down your main problem/question into a series of sub-problems/questions. Obviously different questions will arise from different problems, whereby one will need to identify the essential elements. After identifying the essential elements, one would need to collect information. The most important issue here is with regard to having enough information about the problem to help you begin to solve it. In context what do you need to bear in mind about the situation surrounding the problem? What are the constraints, i.e. what might limit any solutions, Cost, Time, Physical limits of space or size? What other information does one need? Following, the student would need to generate solutions. There are different approaches to generating solutions. Approaches such as using a design process, and getting results and solving problems (GRASP) scheme are useful methods of finding possible solutions. In addition techniques such as following set procedures, trial and error, and creative idea generation such as brainstorming, left brain/right brain are alternative techniques to generating solutions. Finally, a selection and evaluation of solutions using methods such as carrying out a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of each possible solution could be prove resourceful. Other methods such as approaching possible solutions by identifying the costs and benefits of each solution, and identifying the risks involved, gives the student a good idea of what solution for the current problem seems most likely to meet your criteria. Finally, the student would need to evaluate the solution chosen, i.e. is the solution a good one? If not, why? Results could be checked against criteria’s listed, getting feedback from others, and discussing the solution with someone else all gives the student the best possible answer to a current problem.
Now, when selecting possible solutions of an economic topic such as cartel theory, which is when a group of individuals, firms or countries collude to form an organisation either because acting as a group, is more beneficial to them than acting individually; OPEC is a typical example of a cartel. The problem here is that monopolistic producers always face a long-run dilemma. The closer their prices are to the profit-maximizing level, the greater their short-term profits, but also the greater the incentive for market reactions that will reduce their profits in the longer term. What this means is that when world output of oil grows, OPEC’s output has to be reduced substantially to maintain the high prices.
Dissertations - Free Economics Dissertations
