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A system in which countries and/or companies are economically dependent on each other. This can allow for nations or companies to achive economic goals.

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The economic world is in a constant state of flux, often changing at institutional, structural, technological, economic and social levels. Economics focuses not on the variables it investigates, but the way they change from one situation to another.

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It is not to be confused with equality, equity refers to the idea of fairness, giving different things to different people.

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An example of change in the economic environment on a micro level would be the 2020 oil down turn. The industry had experienced the deepest fall in demand in 25 years. Prices for crude oil dropped by over 10%, and big oil companies had to lay off 25% of their workforce. So much so that , 1.3 million Texans filed for unemployment in the month ending mid-April, including in some heavily O&G-exposed communities, although this was largely driven by the response to the COVID-19 pandemic and only an unknown portion was related to O&G layoffs.

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Relates to the level of prosperity and the quality of living standards enjoyed by members of an economy

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Microeconomics:
Conditions of roads, possession of electronics in households
Macroeconomics:
National/regional shortage of water, lack of proper Healthcare in developed countries > signs of low economic well being
Government:

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Due to the fact that there are limited resources to meet unlimited needs and wants of all economic agents, choices must be made regarding the allocation of these resources to meet as many needs and wants as possible.

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An economic intervention is an action taken by a government or international institution in a market economy in an effort to impact the economy beyond the basic regulation of fraud and enforcement of contracts and provision of public goods.

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Microeconomics:
- Regulation of illegal pollution caused by an industry.

Macroeconomics:
- Great depression and crisis of 2008. Where the government had to intervene in the market to solve the economic crisis.

Global: Paris agreement on climate changes which regulates countries' pollution.

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Microeconomics:

Two people commit the same crime, one can’t afford to hire a good lawyer hence punishment varies

Macroeconomics:

Inability to access welfare due to high costs and low wages

Global economics

Lower wages can lead to unhappiness and lack of motivation which can cause a lower rate of economic growth as consumption will surpass production

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Efficiency is in most cases a polar opposite of equity. It is a quantifiable concept which is determined by comparing the total input to the useful output. There's also allocative efficiency, which is allocating supply where there is scarcity for it, therefore minimizing resource waste and giving a higher useful output yield.

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Definiton:  Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in making economic decisions. Scarcity is one of the fundamental issues in economics.

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Microeconomics
-A small business will depend on another business to deliver supplies to its shops.

Macroeconomics
- In a nation that has multiple industries and manufacturers, such as the United States, not all companies can produce all the inputs that they need to make the products they sell. Therefore, each industry must rely on other industries to make their components.
Global
- In 1998, 7% of France's profits were from the exports of other countries

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Microeconomics: Over-fishing causing scarcity of fish in a certain region.

Macroeconomics: In 2012, avian flu wiped out millions of chickens in Mexico creating a scarcity of eggs, a stable of the Mexican diet.

Globally: the scarcity of ventilators for the treatment of the Coronavirus.

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Microeconomics:

A factory recycles its waste to make new parts therefore minimizing resource waste. Nissan uses old tyres from a car which can be recycled to make new ones

Macroeconomics:

Automating processes in production and reducing the amount of workers required, hence decreasing the input but maintaining useful output. Google's duplex will be the most human-like AI and can kill the demand for human assistants all around the US

Global economics:

Over 36 million jobs are at risk due to automation from robots such as surgical assistants. https://www.cnet.com/news/robots-could-replace-humans-in-a-quarter-of-us-jobs-by-2030/

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The ability of the present generation to meet its needs without compromising the ability of future generations to meet their own needs, by limiting the degree to which economic activities harm the environment.

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this article examines the huge impact sustainability and awareness has had on the consumer purchasing patterns in India post lockdown.

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The report shows that sustainability has risen up the customer's agenda.

A new report from the Capgemini Research Institute examines the impact sustainability has on consumer purchasing patterns and how well consumer product and retail ( CPR) organisations understand consumer expectations. The report shows that sustainability has risen up the customer's agenda: 79% of consumers are changing their purchase preferences based on social responsibility, inclusiveness, or environmental impact. Moreover, COVID-19 has increased consumer awareness and commitment to buying sustainably: 67% of consumers said that they will be more cautious about the scarcity of natural resources due to the COVID-19 crisis, and 65% said that they will be more mindful about the impact of their overall consumption in the "new normal".

Sustainability is the order of the day
53% of consumers overall and 57% in the 18-24 age group have switched to lesser known brands because they were sustainable. More than half of consumers (52%) say that they share an emotional connection with products or organisations that they perceive as sustainable. 64% say that buying sustainable products makes them feel happy about their purchases (this reaches 72% in the 25-35 age group).

Lots to learn
Despite intentions to be sustainable, there is a gap between what consumers think they know, and what they actually know, about sustainability: 78% of consumers are not aware that it takes 1,000 litres of water to produce a chocolate bar and 68% are not aware that an average burger results in more emissions than driving 15 km in a large car. Nearly 68% of consumers who purchased these products were willing to purchase a more sustainable product once they were made aware of the sustainability issues.

PiaHeidenmark Cook, Chief Sustainability Officer at IngkaGroup says, "I think a challenge that many organisations face is change management. A perception many organisations have is that sustainability is more expensive. However, they do not realise that initiatives like waste reduction or energy efficiency will reduce your operational costs. So, I would say the key challenge that stands in the way of sustainability is change management - showing the business case, why it makes sense, and influencing and inspiring people to understand why it makes a difference."

Key Highlights From India:

In the light of COVID-19, 84% of Indian consumers prefer to purchase more locally made/produced products rather than imported/non-local products in the next 12 months

Over 86% of consumers from India state that buying sustainable products from organisations makes them happy

More than 70% of Indian consumers say their retailer has stopped giving single-use plastic bags

71% of Consumer products and retail organisations in India believe they have the strategy, infrastructure, and resources to drive sustainability and circular economy initiatives

75% of Indian consumers plan to reduce use of as-a-subscription model in India (items in refillable packaging, etc.)

65% of Indian consumers prefer products in disposable packaging due to health and safety concerns

Nearly 88% of consumers in India were willing to purchase a more sustainable product once they were made aware of the sustainability issues

60% of Indian consumers have actually reduced spending from organisations they perceive as non -sustainable

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Majority Indians now purchase items based on social responsibility, inclusiveness and environmental impact

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A new report from the Capgemini Research Institute examines the impact sustainability has on consumer purchasing patterns and how well consumer product and retail ( CPR) organisations understand consumer expectations. The report shows that sustainability has risen up the customer's agenda: 79% of consumers are changing their purchase preferences based on social responsibility, inclusiveness, or environmental impact.

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An example of change in economics on a macro level would be the many tariffs imposed by president trump and how they have affected the economy. Nationwide the tariffs could cost up to 57 billion annually.

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Interesting read regarding the 2020 economic times startup awards - their strategy is to incentivize other firms and businesses to be environmentally friendly and sustainable by rewarding companies that were capital efficient, during an engaging two-and-a-half-hour virtual meeting where they picked winners.

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10-member jury of ET Startup Awards

Zerodha's success in building a profitable business with no outside capital impressed the jury of The Economic Times Startup Awards 2020, as they picked the nation's largest online brokerage firm as winner of the Startup of the Year award.

The ten-member jury, chaired by Tata Consultancy Services CEO and MD Rajesh Gopinathan, stressed on the need to reward companies that were capital efficient, during an engaging two-and-a-half-hour virtual meeting where they picked winners.

Gopinathan kicked off the proceedings by asking jurors to disclose any interest in the shortlisted candidates so that they could recuse themselves from voting. Investors in the nominated companies were allowed to participate in the discussions, but they had to refrain from voting.

The shortlist of five candidates in each category was trimmed to two or three companies after initial voting, following which the jurors debated on the merits of each to arrive at a final decision, by way of a secret ballot.

Most categories had two rounds of voting and lengthy debates to arrive at the winner. Comeback Kid, Best on Campus, Woman Ahead, Covid-led Healthcare Innovation and Midas Touch were closely fought between two contenders. But the Bootstrap Champ winner stood out, with the jury coming up with a unanimous choice. The company behind Ludo King game was lauded for being a market leader in India's gaming sector despite being bootstrapped.

Byju Raveendran, founder and CEO of Byju's, recused himself during the discussion to pick the Startup of the Year as his company was a nominee. Three investors in the edtech firm on the jury panel - Lightspeed's Bejul Somaia, Larry Illg of Prosus Ventures and Times Internet vice-chairman Satyan Gajwani, participated in the discussion but refrained from voting.

"In terms of winners, there was definitely a preference for companies that were not just large but also efficient in capital utilisation to build impactful companies," said Gajwani. "It's a great signal that fundraising isn't as important as building something that can endure," he said.

Grofers cofounder and CEO Albinder Dhindsa, who was a jury member, said companies that had demonstrated strong economics while tapping into large consumer markets, whether it was education, consumer goods, or retail brokerage, were getting recognised for building businesses for India.

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ET Startup Awards 2020: It pays to be sustainable and profitable

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Zerodha's success in building a profitable business with no outside capital impressed the jury of The Economic Times Startup Awards 2020, as they picked the nation's largest online brokerage firm as winner of the Startup of the Year award.