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Global Journal of Agricultural Economics and Econometrics

Commentary - Global Journal of Agricultural Economics and Econometrics ( 2021) Volume 9, Issue 3

Brief Introduction to consumer economics

Harrison Charo-Karisa*
 
1Agricultural Department, Kenya Marine & Fisheries Research Institute Pap-Onditi, Kenya
 
*Corresponding Author:
Harrison Charo-Karisa, Agricultural Department, Kenya Marine & Fisheries Research Institute Pap-Onditi, Kenya, Email: [email protected]

Abstract

The entry of the girls beginning to enter the labor pool leads to the consumer economics, which gained attention and received important contributions from economic theorists. Consumer economics is a branch of economics. It is a broad field, principally concerned with microeconomic analysis behavior in units of consumers, families, or individuals (in contrast to traditional economics, which primarily government or business units). It sometimes also encompasses family financial planning and policy analysis. The term largely describes what was more commonly called "home economics" in the past.
The effect of consumer economics on the economy is another field of study in economics which needs to be known well by the related population to take the major advances in the agricultural as well as the marketing field.

Keywords

Consumer Economics, Environmental politics, Extensive plastic pollution

Commentary

The first methodology is that the development of discrete choice models, a widely accepted technique originating from economic consumer theory that has been utilized in transport research since the 1970s (see Ben-Akiva and Lerman, 1985; Louviere et al., 2000). The choices are deemed to be discrete because individuals make choices from a group of mutually exclusive and collectively exhaustive alternatives. A simple choice problem is often conceptualized because the selection of 1 alternative from a predefined set of obtainable discrete choice alternatives that are mutually exclusive and collectively exhaustive, which is also known as the choice set. In keeping with the view on consumer economics that utility cannot be derived from commodities per se, but from their objectively measurable characteristics, the utility of each alternative is evaluated on the idea of their intrinsic attributes also as on the private characteristics of the choice maker. The latter dependency accounts for interpersonal differences within the subjective perception and evaluation of other attributes.

The allocational issues publicly sector economics follow directly from a breakdown within the market and technical assumptions necessary for a wonderfully functioning market system. Many of the market and technical assumptions do fail to carry in practice, so there's broad scope for legitimate government.

A long tradition within the profession held that the study of failures within the market assumptions typically fell within the domain of commercial organization or consumer economics. These fields analyze such problems as monopolistic behavior and imperfect information, alongside the corresponding public policy responses like antitrust and consumer-protection legislation. Infrastructure systems and networks need ongoing monitoring, maintenance, and rehabilitation to stay them in satisfactory operating condition, and sometimes need remedial treatments over time to cater for changing demands and technology. A case in point would be bridge strengthening on highway networks in order that older bridges can safely handle increased traffic loads, especially increased mass of heavy goods vehicles. Freight transport economics, consumer demand, and vehicle technological developments impose trends for increased size and mass of products vehicles, but this is often only acceptable if the weather of road infrastructure is structurally capable of handling the new vehicles and their loads.

Many countries have undertaken major bridge rehabilitation and replacement programs on their highway systems within the previous couple of decades. These programs necessarily require reductions in road capacity within the vicinity of the affected structures, often for extended periods of months or more while the works are completed.

Researches With training and expertise rooted in several disciplines – chemistry, politics, international environmental politics, environmental theory, environmental governance, international political economy/ecology, engineering, anthropology, sustainable consumption studies, consumer economics, environmental, etc.

The three arenas of the structural economics orientation we propose, can help research and act on this issue. The primary arena that specializes in the injustice embedded during this strategy is striking at two levels. The environment and health of Kenyans already suffers from extensive plastic pollution. The recently won regulations that are in situ help address that. The industry seeks to dilute them. The worldwide economics places Kenya (now weakened further by the economic impacts of the pandemic) wanting to conclude a trade agreement with a much more powerful US. The industry is lobbying to form the deregulation of plastics trade a precondition for any larger trade deal.

The second arena of governance recognizes how the drafting of a world trade agreement is that the venue of intense lobbying to insert requirements that lower social justice and environmental standards regulating the use of plastics and thus the international trade of plastic waste. Further, we see that this pressure is because of the falling returns from the fuel business, on the vast financial investments made by the petrochemicals industry.

The third arena of co-producing knowledge and action shows us that academics alone cannot produce the knowledge to ameliorate this potential rapid expansion of the plastics production-consumption system into Africa. Rather, it requires the co-production of knowledge and action to provide relevant facts and activate a politics to interrogate the economics of the plastics production-consumption system.

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