Introduction
Let’s be real: economics can often be considered boring and serious science. Still, when we segment it up with those interesting graphics and animations, it instantly translates to being easier to understand and hey, even enjoyable in its own right? It’s incredible in fact that a proper graphic can help explain certain ideas which if addressed by a textbook might not be very effective. Today, I’d like to present ten graphics that are my favorites and that made me wiser in terms of business economics. From time to time I’ll include some thoughts and stories of my own that I hope you’ll relate to as well.
The Supply and Demand Curve
This diagram is as basic as economics can get, or so most people like to think: the supply and demand curves. I recall being in my college economics class, sitting in front of the blackboard, attempting to get any idea making up that whole idea. This was followed by a lecture from one professor who produced a very basic graphic with the curves crossing one another. Suddenly, there was a light that went on! I found that this visual really explained the concept of pricing in a particular market.
Fluctuations in the market are as follows: when demand is high, then prices are raised while, on the other hand, when supply is high and beyond demand, then prices are lowered. I have witnessed this in use at local farmers’ markets selling raw organic products. For instance one week there were so many strawberries available and everybody went for it and prices came down. The following week they were not as common to come by and boom, people wanted them!
The Economic Cycle
Now, what we have left is the economic cycle and how MTN can deal with this timely. A graphic that shows the phases of growth, growth at the peak, decline, and bottom for the first time made a huge difference for me. This is a vivid memory I have, I got my first job during the recession period.
This can be evidenced by the notion that all seemed to be going down the drain, not to mention the fact that the company was cutting down on its expenses. The graphic below enabled me to realize that these cycles exist and are cyclical in nature. It is very comforting to know that economies have cycles and go through good and bad periods, which usually helped me get through that period.
Cost-Benefit Analysis
Have you ever faced an accountability choice? This is where the graphic of the cost-benefit analysis makes so much sense. I still wrestled with, whether to put my money and time into further education. The graphic presented how to balance the costs (having to pay for the tuition, the time invested, and potential increases in wages and job openings). It is useful when you desperately look for an excuse to do something – in my case, it actually helped to make the leap! In the end, I decided to take the plunge, and the result is that it led me to so many great professional opportunities.
Marginal Utility Concept
Then there is the marginal utility concept. I was accosted by this concept when shopping one time. Picture this: I was in a store, this I noticed a beautiful shoe that interested me. It was a fantastic experience when I joined and bought my first pair of shoes, hated it when it got to the third pair, though. One cartoon, portraying inefficiency and the law of increasing intractability, meaning the less you gain, the less you satisfy was impressive. It was a simple explanation as to why sometimes we find ourselves having things that we do not even utilize.
Market Structures Overview
Now, I won’t keep you from the overview of different market structures. I once worked for a startup that was operating within a market segment. I used a graphic that put into perspective the different market structures, perfect competition, monopolies, and oligopolies. We were a firm in a very competitive industry and as such any stagnation had to be combatted.
The Role of Incentives
Promises are a big deal in economics, and the graphic that goes with it spoke to me. One time I was told of a friend who resolved to change his employer due to a preferable bonus system. The graphic explicated how incentives drive behavior and it got me thinking about myself. It is most often when a person is motivated by a tiny reward that they turn over a new leaf in business or even their everyday lives. Although it can be summed as knowing what motivates self and others, with able and applicable knowledge of human behavior and instinct.
The Impact of Globalization
Another is Globalization; again, a huge topic but this image showing the global trade relations really made it hit me. This helped stir the thought of countries and economies being interlinked in the same way I was during my travels. I once spoke to a vendor from a Southeast Asian country who had immense supplies from everywhere. That interaction made the notion of globalization seem more real. I like how our economies are integrated, and the graphic made me understand those links more.
Economic Indicators Dashboard
Talking about integration, ‘the dashboard of the economic indicators’ is one of those things I find myself frequently returning to. When I was still struggling with determining whether it was the right time to open a business. Actually, the graphic that depicted GDP, unemployment rates, and inflation let me determine the economic conditions more easily. They have presented it as if it is the weather forecast for the economy. At some point, I pushed the button and went for it, knowing being informed would help tremendously.
Behavioral Economics Insights
The branch of economics known as behavioral economics has always invoked my interest because it deals with the influence of behavioral issues on the management of economics. Principle ideas are presented in colorful pictures; seeing them helped me change some of my behaviors. For instance, I quite often purchase coffee even though it does not cross my mind that I should not do so. This made me understand how these daily minor decisions tend to compound. Learning about behavioral economics was useful for changing my spending behaviors, which seemed liberating since I was knowingly making those decisions.
The Future of Business Economics
Finally, let’s look ahead. A sketched graphic with a futuristic vision of the future with such trends as the digital economy and sustainability impressed me. It made me reflect on how my personal career and business decisions would have to change. I am a huge fan of sustainability, and this graphic inspired me to look for how I can incorporate the concept into my projects. To have such information is empowering, to think how the business world is changing and be ready for changes is something I personally look forward to.
Conclusion
So there you have it: A list of ten graphics that not only popularized economics but also put a face to it for me. Every single visual made me gain knowledge that helped me in business and life, whether it was learning about supply and demand, or thinking about my own consumption. Economics is not a mere computation of figures or drawing of curves but an appreciation of reality, decision-making, and coping with change.
FAQs
What is business economics?
Business economics can be defined as the study of the behavior of a business in terms of the impact of certain economic decisions. It takes parts of economic science and business to allow organizations to plan well.
In what way does graphics aid in the explanation of economics?
A picture paints a thousand words, which simply means a picture can sometimes illustrate a concept more easily than a thousand words. They frequently allow for emotional identification, such that members can easily associate theories with practice.
I need the following graphics where to get them?
To get useful economics graphics you can access sites like Canva, Pinterest, and other educational sites. Universities also offer good documentation that also contains materials such as graphics.
Are there any tools for creating my own economic graphics?
Absolutely! Platforms such as Canva, Adobe Illustrator, and Infogram are easy to use and provide you with adequate tools that help to create an appealing graphic to make your message more understandable.
How can I apply these economic concepts to my business?
It can begin by applying these ideas to evaluate the current business strategies that exist today. Comfort for market conditions such as supply and demand should guide decisions while considering the cost and benefits of a decision.
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