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The law of demand as a rule of thumb states that when the price of any good or service rises the quantity demanded for this aforementioned good or service will fall. It is more significant to find out the level of such fall in quantity demanded, thereby ascertaining the price sensitivity of consumers. In light of the above we look at the concept of price elasticity of demand to understand changes in consumer travel patterns i.e the effect due to the change in transport prices ie the cause. At the end of this essay we learn the importance of price elasticity of demand for Transport policy and decision making and Setting the appropriate fare.
2 Passenger transport basic concepts. It is essential to define the concept of transport and distinguish it from mobility and traffic before we go further. Transport is defined as the movement of people freight or information. Our area of concentration here is people i.e passenger transport. Below are the key statistical parameters applicable to passenger transport. Number of trips, journeys. Passenger kilometres pkm. Utilization rate pkm pkm Cap 100. Also below are the modes of transport and their specific means applicable to passenger transport and not freight transport. Modes of transport Means of transport Road, Transport, Motor Vehicles Vehicles without Motor Rail Transport Rail Vehicles Inland Navigation Inland Waterway Vessels, Maritime transport, Ocean going vehicles, Air transport ,Airplanes.
August 2017 TABLE OF CONTENTS ITEM PAGE Introduction. .4 Economic Factors. 4 Political Factors. 6 Recommendations. 7 Conclusion. 8 References. 10 EXECUTIVE SUMMARY.
With the emergence of the developed nations shifting their focus towards the emerging economies a lot of international investors have had an interest in setting up ventures and marketing their products and services in them. These emerging markets characterized by fast economic growth, numerous investment opportunities, high risk, and high returns have been a hotcake even for international financing bodies like IMF and the World Bank. However, despite these positive indications there have been impeding factors that have either slowed or hindered the growth of the economies both political and economic. This report is presented to the World Trade Organization serves to highlight some of the major political and economic factors that have presented a challenge to the international investors from marketing their products and services to the emerging economies and also recommend possible practicable ways to solve them.
