The Classical model is the one branch in macroeconomic model that it aims to portray and demonstrate the economic functions of an individual or a concern. This model is also known as classical general equilibrium model that has evolved from the latest upgraded economy that was designed a century ago. This document explains about the general concepts in the classical model.
Theory Of The Topic - The Classical Model
The classical model is focused on individuals as workers and employers, since they are the deciders of the product quality and structure. It believes in the consideration of every individual so that the product produced will be user friendly and have a high demand in the market. This leads to the beneficial progress of a firm which produces the product in accordance with the classical model. The scarcity in goods and its supply in a concern need the help of this model to start their production with practical business environment. The wages and price are the two important factors that flow through the level from lower to higher and vice versa. They are the elastic means in the marketing process of a product. This decides the level of supply and demand that is the major topics that explain the concept of labor market. The aggregate functions in the classical model are nothing but the total of each and every participant in the current market.
The concept of classical model is explained under specified some subtopics like aggregate supply, aggregate demand labor supply, labor demand, monetary market and real market. The above topics flow through three major terms. They are supply, demand and market. These three major terms have classified its concepts upon labor, aggregate, monetary and real. These subtopics involve many economic factors that are related mathematically and logically. Such relations contribute solutions for the current prevailing economic problems.
The above presented images are the few examples of Classical Model. It involves the concepts of those subtopics and the statistical stage of a firm. The terms AD, AS are Aggregate Demand and Aggregate supply respectively. They are also involved with the common and general economic factors like MRP, Price level, labor quantity etc. Many other factors are there other than the above mentioned few items. Such factors are interconnected and they result in the formation of the models.
The first graph portrays the relationship between the three fundamental concepts namely Price level (P) in the y axis, Real Domestic Output (Q) in the x axis and Aggregate Supply (AS) has given a definition for Aggregate Demand (AD). The result Aggregate Demand (AD) has formed a curve that shows the output the particular market.
The second graph portrays the concept of labor market and single firm. These two graph has factors namely wages in the y axis, Labor (Q) in the y axis and MRP (D) as the result point of the readings of both the axis. The MRP line is partitioned by the labor line and the single firm line respectively. This forms a point in the middle of the graph and that is the result point of the particular market.
Problems Encountered In Solutions To The Classical Model Problems
Problems that prevail in the classical model and the problems encountered in the solutions to the classical model problems are discussed under this topic. The prevailing problems is that the vague concepts and explanation in this model. This is because it is implemented with the help of the predefined economic concepts that prevailed a century ago. Such basic concepts are not able to get through the upgraded economic situation. Because of this, they fail to solve the current prevailing problems as they stay back in the lower level. The solution for this problem is that we can interconnect the modern techniques and concepts with this model. Through this we can attain a solution phase where the classical model can be handled to solve the current economic problems. But there too a problem encounters, as the interconnection needs wide knowledge, innovative ideas and a regular practical training. But it is not that much easier job to perform. This problem cannot be solved with the permanent solutions as the new updated techniques have to be combined with the default classical model in respect to the prevailing economic society. So, the content under this topic will not be emptied as the countries are in the mission to develop their economies.
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