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Medical Imagine Essay

1698 words - 7 pages

Organisations and Environment

The dimension of the external environment which interests me the most is the economic dimension. Economics can be described as the social science that deals with the production, allocation and distribution of scare resources in order to please the unlimited wants and needs that individuals boast. Economics is also research into aspects such as interest rates, inflation, gross national product and unemployment in order to predict the direction of the economy. There are different elements of the economic environment which have different importance. One of the most important elements of the economic environment is scarcity. The reality of scarcity is that the ...view middle of the document...

Also unemployed people are not being productive as they are not contributing to the advancement of the economy and as they are not receiving a wage then there will be a lack in demand and spending on goods and services, which will affect businesses and will slow economic growth. However statistics now show that unemployment is lowering and this will be due to the economy gradually developing. The government as also trying to cut unemployment by using a supply side policy of decreasing the disincentive to work, for example lowering the Job Seekers Allowance and making it a lot harder to qualify for it.

Technological change is extremely influential on economic development as it has greatly increased efficiency in businesses. A technological advancement which has benefited industry is information technology. Communication and production has because increasingly effective and communication can now nearly take place between two people who are thousands of miles away from each other. Fax machines, e-mail and video conferencing has all contributed to making it possible for people to work anywhere in the world. The design and production phase will shorten greatly with the use of computer-aided design (CAD). This will increase efficiency and shorten the life cycle of the product. Both of these technological improvements in industry will increase the development of the economy because if firms are more efficient and effective then it saves then a lot of money which may be invested into other areas which need improving or used in order to lower the overall price of the good or service, which will increase demand and then supply.

Within economics, economists distinguish between two broad levels of analysis in which to understand and analyse the problem of scarcity and its constituent parts. The two types of analysis are microeconomic analysis and macroeconomic analysis. Microeconomic analysis is when we analyse the economic decisions that both individuals and firms undertake and macroeconomic analysis looks at the whole economy as one and it looks at the interactions in the complete economy.

Microeconomic analysis looks at the prices, supply, distribution, change in wage rates, etc. of individual firms or a group of competing firms. The price change of a good or services will either severely transform the demand for it or it will not change the demand. Most economies in the world are market-based economies and they are known for reacting over a price mechanism so therefore the prices of products and services need to be carefully thought about. A way that we can accomplish this is by using price elasticity of demand in order to measure. Price elasticity of demand measures how the demand for a product changes in response to a change in price (Marcouse et al, 2002). A product or service can be either price elastic, which is a product that is high price sensitive, for example a luxury holiday, and price inelastic, which is a product that is not...

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