Extended Project Essay Example | Topics and Well Written Essays - 1500 words

Extended Project - Essay Example more crimes committed by young men than young women. The key focus of the paper is to reveal the inner crux of the theme with a background focus on economic reasons. An in-depth evaluation of the selected theme would facilitate to derive an understanding regarding the factors especially the economic factors that encourage more males to commit crimes than young women. Economic Reasoning In this section of the paper, the aforementioned economic concepts namely economic learning including scarcity, opportunity cost and margin analysis, Handy Dandy guide, REMM-Decision Making model, along with evaluating certain economic systems such as circular flow, market failure and command among others will be explained in a precise manner. Market Failure It is particular economic situation in which a company or a business entity has to suffer from economic losses resulting out of non-achievement of the broad business objectives. This term can also be understood as a negative aspect which is faced w hen certain pre-determined objectives are not met within the overall marketing context (Carden & Horwitz, 2013). Handy Dandy Guide This concept comes under the aspect of economic learning. It is referred as an assessment tool which is utilized in studying the behavioral work pattern of the people. It is used for determing the choices of the people and also for highlighting the costs involved in people’s choices. It also explains the different choices people make and certain consequences that they face which may take a negative or a positive form (Pennsylvania’s State Parent Advisory Council, 2006). Economic Learning This aspect can be understood as the process of gaining knowledge in the overall context of economics. This form of learning can result in the achievement of greater aspects of economical knowhow. REMM-Decision Making model This particular concept is an integral part of economic learning. It is termed as the process which is utilized for closing and finaliz ing the decisions that are needed to be made and also to find suitable alternatives for each of the decisions (Saunders & Gilliard, 1995). Opportunity Cost This concept comes under the periphery of economic learning and is regarded as an economical term which primarily refers to the price of an alternative that is needed to be forgone for the purpose of pursuing a certain action (Saunders & Gilliard, 1995). Scarcity Scarcity refers to unavailability of required resources to obtain desired along with necessary aspects. Scarcity in economic parlance emerges from uncertain condition of the prevailing social structure and economy (Saunders & Gilliard, 1995). Margin Analysis Margin analysis refers to the process of analysis of the margins of a company. This process is precisely followed in determining the overall profits of a company. The process of margin analysis can be performed by way of performing economic calculations and specific financial analysis. This aspect is however consider ed to be very important as with the help of proper margin analysis, the actual state of the company’s profitability can be determined (Saunders & Gilliard, 1995). Literature Review This part of the paper will primarily highlight all those factors pertaining to the deeper analysis of the above mentioned economic concepts. The concerned terms represent greater significance in relation to the overall