Here is an example answer to a 25 mark essay question for Edexcel A-Level Economics on why firms engage in collusive behaviour. In December , a group of UK model agencies were found guilty of price-fixing. The CMA said that the collusion extended across all types of assignment and that it was not limited to the very top models. The great benefit of such collusion is that the consumers which, in this case, are high street chains and online fashion retailers spend on using models to advertise their products and appear in ad campaigns. Because all the agencies are charging the same price, the consumer have nowhere else to go and so the modelling agencies, consequently, see increased sales revenue and profit.
Why Economics: Columbia University Undergraduate Application Essay Sample words GradesFixer
Economics is best defined as the study of how societies, businesses, individuals, households, and governments deploy scarce resources to cater to human needs. There are two major reasons why studying economics is important. One reason is to enhance comprehension of economic phenomena, as well as, enjoy the involved rigorous reasoning. The second reason is to venture into a lucrative career.
Why Firms Engage in Collusive Behaviour (Worked Answer to Edexcel Q8 Paper 1 2019)
Economics has a reputation but not among economists! It's a generalization that's wrong in several ways. First of all, economics isn't a single topic, but rather many topics. It's an approach that lends itself to many different fields, from microeconomics to industrial organization, government, econometrics , game theory and dozens of other fields.
So glad you are interested in learning more about majoring in economics at Yale. Reasonably given its name, many people think economics is the study of the economy including recessions and inflation and perhaps stocks and bonds as well. While macroeconomics and finance are important parts of the field, economics in general and at Yale is a much broader field.