Other economic tools

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Other economic tools

Introduction

Apart from the commonly used economic impact studies, social cost-benefit analysis and business cases, there are other types of commonly carried out economic analyses, which are briefly addressed below:

Demand analysis

A demand analysis estimates or predicts the amount of some good (or service) that consumers are willing and able to purchase. For this, economists use sales estimations, forecasting or a demand model. a typical question that is answered in this type of study is: How will the number of users of an urban object (e.g, a road or an airport) change due to the changes in prices, promotion, reachability et cetera?

Financial analysis

A financial analysis assesses the viability of a business/activity, and aims to answer the question if it is possible to make profit from this activity? This kind of analysis is also referred to as a financial statement or accounting analysis. "It generally includes a short-term analysis of the availability and costs of start-up capital as well as a longer-range analysis of debt service, operating costs and revenues"[1].

Fiscal impact analysis

Analogous to a financial analysis of private companies, a fiscal impact analysis "identifies changes in demands for government utilities and services resulting from some action and estimates the revenues and costs to local government to provide these services[2].

Feasibility study

"A feasibility study determines the feasibility of undertaking a given action to include political, physical, social and economic feasibility. The economic aspects of a feasibility typically involve a financial analysis to determine financial feasibility and a market demand analysis to determine market feasibility". A feasibility study is the private sector analogue of the social cost-benefit analysis" [3].

Related subjects


Footnotes and references

  1. ↑ Stynes, D.J. (1999). Economic impacts of Tourism.
  2. ↑ Burchell, R.W. and D. Listokin (1978). The fiscal impact handbook. New Brunswick, N.J. In Stynes, D.J. (1999). Economic impacts of Tourism.
  3. ↑ Ibid.


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