Know the basic principles of transport economics before writing an assignment
Learning transport
economics is an important part of any civil engineering course. The subject
is considered as the conjugation of engineering and microeconomics as it is “study of the movement of people and goods
over space and time”. However, the subject is also a branch of financial economics that
studies the distribution of resources within the transportation segment.
Yesterday, a student sent me an essay on transport economics. While I was
reading the essay, I could understand that he did not understand the basic
principles of the subject, because of which the essay was poorly written. This
is the issue of many students. It is very important for you to know the basic
principles of the subject.
I have noticed that the books explain the basic
principles of the subject in a complicated manner. Tough words and complex
sentences often confuse the students. Moreover, sometimes the professors do not
explain things properly. Due to these reasons, understanding the subject
becomes difficult.
In this blog, I am going to explain a few
important principles through simple words that will help you to understand the
concept of the subject.
The subject looks at the factors that determine
the economic policies and considers the measures adopted to influence the
outlook of the people at the disadvantages and reduce the same.
To provide you with a better insight into
transport economics, I will talk about demand, supply, elasticity and
characteristics of the transport market.
·
Demand
Demand
stands for the quantity of goods that is wanted by individuals living in a
specific geographic location. Demand is determined by three factors, namely:
Ø The
income of the consumer
Ø The
price of substitute goods
Ø The
preference of the consumer
·
Supply
Supply
is the total amount of the goods available to the consumers. It is subject to change,
based on the factors like resources, raw materials, etc.
The
determinants of supply are many. To meet the supply for a product or service,
one has to pay attention to the two factors listed below:
Ø Short-run
costs
Ø Long-run
costs
·
Elasticity
Suppose
a bus company wishes to increase the fare, the company has to consider a number
of questions, such as the reaction of the passenger, increase/decrease in the
number of passengers, increase/decrease in revenue, etc.
The
theory of elasticity must be considered here. Elasticity measures the degree of
change in a response variable (reaction of the passenger, increase/decrease in
the number of passengers, increase/decrease in revenue) due to a degree of
change in a stimulus variable (increase in fare).
Two
types of elasticity are:
Ø Demand
elasticity
Ø Supply
elasticity
·
Characteristics
of the market
Considering
the characteristics of the transport market, if one has to apply the principles
of demand and supply, the individual must know the market.
While
defining a specific transport market, these characteristics must be considered
Ø The
mode of transportation
Ø The
transport relation
Ø The
purpose of the trip
Ø The
time of the trip
To
conclude, you must understand these four basic factors very well if you have to
understand the subject and score desired grades. If the principles are not clear
to you, feel free to opt for online academic assistance.
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