ECOCB/535 Competency 1 -Assessment and Rubric

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The Digital Economy: Reflection

Shemeko Hopkins

ECOCB/535

09-20-2021

The Role of Economics in Shaping Public Policy

Economic concepts and circumstances often guide government policy adoption (Kattel et

al. 2018). A significant fact is that the economic concept of supply and demand factors has a

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significant impact on taxation and the general political implications in the digital economy. In

particular, economic factors, demand and supply influence the taxation of households adopted by

the elected government, demonstrating how economic conditions influence policy making and

implementation. As an example, Congress could increase demand by increasing spending and

reducing household taxes. Reducing taxes increases household demand, which has a passive

impact on working income. This has an impact on my career in salaries and everyday life in the

purchase and sale of goods.

In a significant way, economic concepts, including scarcity, supply and demand, costs

and benefits, and incentives, are essential to business taxation and policy development. In

particular, costs, benefits and incentives are essential to business taxation, which has an impact

on investment rates in an economy. For instance, low rates of taxation on business organizations,

accommodating economics concepts such as scarcity, supply and demand, costs and benefits, and

incentives, increases investment rates, high income, and increased job creation in an economy.

Likewise, greater incentives for intangibles and businesses lead to higher growth and

productivity. Business incentives and low tax rates have a significant effect on my career, income

levels and day-to-day commercial investment decisions in my country.

Tariffs are strategies of fundamental restrictions that benefit importing countries and take

economy and condition into account in public discussions and policy development. In a

significant way, economic concepts, including supply and demand that affect the price of goods

and services, affect the taxation of imports. Notably, when a government wants to foster the

growth of domestically produced goods and services, there is a significant levy tariff on imported

goods and services, protecting local industries from competitive pricing. Thus, economic

concepts such as scarcity, supply and demand, costs and benefits, and incentives, in particular

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supply and demand drivers, influence public discussion and policymaking on import taxation.

Admittedly, government policy on import taxation, especially increased levy tariffs to reduce

local industries competition from the international economy, impacting my career on global

economy and applications and career opportunities due to growth and productivity in local

industries.

Factors of Production

There are four key drivers that affect output in an economy. Physical capital and

innovation are vital building blocks for production. There are important pieces of legislation,

important pieces of legislation to enhance the productivity of innovation and physical capital.

Physical capital takes intangible human-made goods that facilitate the process of creating

products and services. Significantly, the Federal Aviation Act of 1946 provides for a significant

focus on the establishment of independent federal aviation agencies, assisting authorities in the

establishment, maintenance and operation of air negation facilities and the provision of research

and development facilities (Congressional Research Service, 2019). Similarly, the Act increases

the chance of physical capital in the production through the development and operations of

common systems in aviation facilities, accommodating man-made goods aiding in the process of

creation for effective services. Similarly, the Act’s articulation on notable articulation on the

creation of autonomous federal aviation agencies, supporting the authorities with the

establishment, maintenance, and operation of air negation facilities and provision of research and

development facilities, increases the productivity of innovation, especially on research and

development.

Economic concertation

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Economic concertation describes the extent to which small enterprises and trade

organizations represent a significant proportion of economic activity, including sales, assets and

employment. In the study, there are vital examples of economic concentration including

aggregate concentration, market concentration, and buyer consultation. Concentration of

purchasers describes the degree to which a product is purchased by purchasers; percent. As a

result, industry concentration explains the share of large enterprises in the supply of goods and

services. Finally, comprehensive consultation indicates the relative position of large businesses in

an economy.

Economic concentration posts both risk and advantages in an economy. There is notable

risk including abusing dominance and monopoly, international business corruption, increased

price of goods and services, and anti-competitive agreements that compromise international trade

and investment. However, there are notable advantages of economic concentration including the

power of wealthy increment, leading to increased obedience and integrity. Similarly, dominant

firms accommodate low-cost production, significant in demand and supply, and fair price

determination in an economy.

Finally, the economy of concertation accommodates the extent whereby small firms and

business organizations account for a significant proportion of economic activities including sales,

assets, and employment. Significantly, the concept has impacted my industry through abusing

dominance and monopoly, international business corruption, increased price of goods and

services, and anti-competitive agreements posting fundamental risks of economic concertation in

an enterprise.

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References

Congressional Research Service. (2019). Financing Airport Improvements.

https://sgp.fas.org/crs/misc/R43327.pdf

Kattel, R., Mazzucato, M., Ryan-Collins, J., Sharpe, S. (2018). The economics of change: Policy

appraisal for missions, market-shaping, and public purpose. UCL Institute for Innovation

and Public Purpose, https://www.ucl.ac.uk/bartlett/public-purpose/wp2018-06

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