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economics term paper

Economics Term Papers. Economic term papers are of mainly of two kinds such as Macroeconomics term paper and Microeconomics term paper. The writers of academic term papers in Economics should keep in mind that they as students of Economics should show in their analysis term paper their gained knowledge that they have attained while being at their classes and during their reading and studying. 24 Economic Term Paper Topic Ideas For College Students. Writing a unique term paper tends to be a long and tedious process. Therefore, you need to start brainstorming for ideas as soon as you are given the assignment. An early work plan and organization will make your writing process much easier. 1 A Concise Guide to Writing Economics Term Papers∗ Raechelle Mascarenhas and Jan Crouter Department of Economics Whitman College August This guide is aimed at helping you write an effective undergraduate economics term paper.

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Demand forecasting is the process of determining what products are needed where, when, and in what quantities. It can be a significant source of competitive advantage by economics term paper cost structure and customer service levels, and decreasing backorders and lost sales.

The goal of forecasting is to minimize the error between the forecast and the actual demand. A demand forecast means estimation of the demand for the good in question in the forecast period. The importance of demand or sales forecasting to business planning can hardly be overemphasized. Good production and sales planning require forecasts of the business conditions and their relation to demand. Demand forecast means estimation of the demand for the product in question for the forecast period.

For genuine forecasts, the forecast period is a future period and they are referred to ex-ante forecasts. The forecasts for present and past period, which are carried out to test and reliability of the predicting model, economics term paper called ex-post forecasts. Demand forecasts may be attempted for the total market as well as for market segments.

Similarly firm demand and industry demand are forecast. Demand forecasts are also classified into active and passive forecasts. Active forecasts consider the likely changes in the relevant variables in future in estimating the future demand, economics term paper. Passive forecasts refer to the estimation of future demand if things continue the way they have been in the past.

Thus, it is clear that it is the active forecasts that are more meaningful, though passive forecasts assess the impact of new policies on the market. Forecasts can broadly be classified into two categories- Passive forecasts and Active forecasts.

Passive forecasts predict the future situation based on the assumption that the firm need not change the course of its action and active forecasts estimate the future situation under the condition of likely future changes in the actions by the firm. For example, if Tata Tea takes no policy action to influence its future sales, the estimation of sales may be called a passive sales forecast.

On the other hand, if the company formulates and takes strategic decisions and actions to influence the future sales, it will be terms active forecasts. It supports other planning activities such as capacity planning, master production scheduling MPSinventory planning, and even overall business planning.

In general, a business would be interested in both passive and active forecasts, economics term paper. Often business firms like to forecast the sensitivity of their demand taking in to account changes taking place in a host of their alternative policy variables like sales at different prices of the product itself, prices of substitutes and complements, at varying advertisement expenditure, at quality and design variations, etc.

The short term and long term objectives of demand forecasting may be described as follows:. Make arrangements for short terms financial requirements, such as working capital for day-to-day requirements, economics term paper.

Make arrangements for appropriate promotional efforts such as advertising and sales campaign etc. Demand forecasting assists in production planning and scheduling operations to avoid overproduction and underproduction. Long term demand forecasting tries to achieve the objective of ascertaining future demand for the product so that the firm can plan for new units, new projects, new plants, expansion of existing scale of operations.

Demand forecasting is also significant for preparing plans for long-term financial requirements and take steps for arranging these finances. Demand forecasting helps the firm in planning for long- term human resource planning with training programs well in time for future expansion programs and also for adapting itself to new products likely to come up in the market.

It also helps in developing different processes if there is going to be a heavy growth in the demand for the product. Forecasting is an important management activity.

Major decisions in large businesses almost always are based on forecasts of some type. In some cases, the forecast may be little more than an intuitive assessment of the future by those involved in the decision. In other cases, economics term paper, the forecast may have required deliberate effort.

The process of demand forecasting involves the following steps economics term paper have an efficient forecast of demand:. It is very essential to be clear about the objective of the forecast, economics term paper. The purpose of demand forecast may be the estimation of one or more than one aspect like volume of sales, price determination, sales planning, inventory management etc.

The approach will difference in accordance with the problem undertaken for the forecast, economics term paper. In this step the nature of goods for which the exercise of forecast is undertaken must be clearly determined.

Commodities have different demand economics term paper according to their nature. The goods may be capital, consumer goods, durable or perishable consumer goods. The determination of nature of goods will assist in identifying the approach of forecasting exercise and in determining the variable to be considered for forecasting. The objective of forecasting, type of data available, the economics term paper for which the forecast is to be made, etc. The preparation of forecasts is not enough.

Economics term paper of results is of equal importance. Efficiency of a forecast depends, to a large extent, economics term paper, upon the efficiency in the interpretation of its results. It is also significant that the forecasts are frequently revised in the light of changing business environment and other factors that were supposed to remain constant. Broadly speaking, there are two approaches to demand- forecasting — Survey method and Statistical method.

They are further sub-divided into various methods. The latter using past experience economics term paper a guide and by extrapolating past statistical-relationships suggests the level of future demand. Survey methods are found appropriate for short term forecasting or demand estimation, while statistical methods are more appropriate for long term demand forecasting or business and economic forecasting.

Either of the methods may be used for forecasting demand for existing products, but the demand for new products, in the absence of any historical data, must be forecast through the survey method only, economics term paper. Many firms have moved beyond the integration of their internal logistics processes and decision-making and have begun to focus on the close integration of logistics processes with their trading partners both backwards and forwards in the distribution channel.

This inter-organizational logistics focus has come to be called Supply Chain Management. Economics term paper firm attempts to share useful data and to coordinate all important logistics decisions, economics term paper. One logistics process that could benefit dramatically from this kind of cooperation is demand forecasting. Many firms are now working on cooperative forecasting techniques, and this general idea has come to be called collaborative forecasting.

New product introductions present a special problem in that there is no historical time series available for estimating a model. As issue is not only the estimation of the sales at every future period but also, for example, estimates of the time it takes to reach certain volumes. In this and other contexts where there is no reliable historical time series or when there are reasons to believe that future patterns will be very different from historical ones, qualitative methods and judgment are used.

Unfortunately, economics term paper, many market research procedures, which are based on questionnaires and interviews of potential customers, notoriously over-estimate the demand since most respondents have no stake in the outcome.

Data can also be collected from marketing and sales personnel, who are in touch with customers and can have an intuition regarding the demand for some products.

Other sources of informed opinions are channel partners, such as distributors, retailers, and direct sales organizations. Several organizations and individuals attempt demand forecasts. The planning authorities at the national level undertake forecasts for the demands for all major goods and services in the economy for the next five years.

The industry organizations forecast the demand for their industrial products and firms in their corresponding brands. Researchers undertake forecasts of all kind, including the worldwide forecasts. In particular, forecasts are required to plant future production and thereby future needs for various resources, including manpower, raw materials and funds.

Unless the future demand is known well in advance there may not be enough time to plan and execute the production to meet that demand. And if demand is not met, firms may not be able to attain their objectives.

To avoid the situations of over-production and under-production accurate demand forecasts are essential. Forecasting product demand is crucial to any supplier, manufacturer, economics term paper, or retailer. Forecasts of future demand will determine the quantities that should be purchased, produced, and shipped. Most firms cannot simply wait for demand to emerge and then react to it. Instead, they must anticipate and plan for future demand so that they can react immediately to customer orders as they economics term paper. Thus, once a customer order materializes, economics term paper can be fulfilled immediately — since most customers are not willing to wait the time it would take to actually process their order throughout the supply chain and make the product based on their order.

An order cycle could take weeks or months to go back through part suppliers and sub-assemblers, through manufacture of the product, and through to the eventual shipment of economics term paper order to the customer. Firms that offer rapid delivery to their customers will tend to force all competitors in the market to keep finished goods inventories in order to provide fast order cycle times.

As a result, virtually every organization involved needs to manufacture or at least order parts based on a forecast of future demand. The ability to accurately forecast demand also affords the firm opportunities to control costs through leveling its production quantities, rationalizing its transportation, and generally planning for efficient logistics operations.

In many supply chains, economics term paper most important action we can take to improve the efficiency and effectiveness of the logistics process is to improve the quality of the demand forecasts.

Effective demand forecasting will help your business reach its goals. In addition to the raw financial benefits, other advantages to improved performance in demand forecasting include:. A business firm needs to know the demand for its product.

The existing firm must know current demand, say, economics term paper, over a month or a half year or a year for its product not only to avoid the conditions of underproduction and overproduction but also determine its pricing and promotional policies, etc.

Demand estimation may be defined as the process of finding current values of demand for various values of prices and other determining variables. The firms may not be much interested in short term estimation.

They may be interested in production planning, new product development, long term financial investment for expansion or in new schemes or long term human resource requirements. These decisions have effects over a long period of time, economics term paper. These plans may have long gestation period and a high degree of uncertainty. For example, large steel plants require ten to fifteen years for construction.

It is, economics term paper, therefore, necessary to forecast demand five year, ten year or even more hence and so on. This is known as demand forecasting. Demand forecasting may be defined as the process of finding values for demand in future time periods, economics term paper. Demand forecasting is for a long period. Demand forecasting is also known as Business forecasting.

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Term Paper on Demand Forecasting | Economics


economics term paper


Example Term Paper Format ECON November 19, Abstract The following paper is an example of the appropriate stlyle, layout and format for an term paper or essay in an economics course. All papers should have a title page that contains the following: 1. Title of the Paper 2. Course Number and Instructor 3. Your name and student number 4. Date. 1 A Concise Guide to Writing Economics Term Papers∗ Raechelle Mascarenhas and Jan Crouter Department of Economics Whitman College August This guide is aimed at helping you write an effective undergraduate economics term paper. The paper "Food Insecurity in the Middle East and North Africa Regions" is a brilliant example of a term paper on social science. Food security refers to a situation when a region is able to provide enough food for its citizens while food insecurity is the reverse of food security.