Economics Assignment Help
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Concept of Economics Under Economics Assignment Help:
The study of economics includes the production, distribution, and consumption of commodities and services, as well as the monetary system. The notion of demand and supply of products and services is also included. It examines the consumer’s behavior. To meet and satisfy the needs and wishes of people, the government must be able to employ scarce resources in a cost-effective and efficient manner.
There are two major disciplines of economic research, namely microeconomics and macroeconomics. Microeconomics is a term that has to be understood first.
Microeconomics:- Microeconomics is the study of how individuals, households, and organizations make decisions based on the resources available. An excess of resources or a lack of resources helps economists to estimate how the broader economy is likely to react. Also, the market for goods and services may utilize these decisions as a guide to discover the variables that influence customer spending and make the necessary modifications to maintain consumer spending in the sector.
The Central Problem of the Economy:- Mainly there are three central problems of an economy that every economy faces i.e.
What to Produce:- This is one of the economy’s most pressing issues. As a result, they must make decisions on what they should create in order to fulfill the customer demand.
How to Produce:- It mainly relates to Which resources should be employed to generate goods and services that will fulfill customer demand?
For whom to Produce:- This is mainly the allocation of the resources, and who will be the target customer for whom they are producing.
The main concepts that come under microeconomics are demand, supply, consumer equilibrium, etc.
An individual’s desire and ability to acquire certain products and services at certain prices is referred to as the “demand” for those goods and services.
There are a variety of commodities or services that sellers are ready to sell at varying rates or are able to offer for sale to different buyers.
Relation between Demand and Supply:- There is a direct relation between demand and supply. If the demand for any particular product increases then their supply increase and vice-versa.
Relation between Demand and Price:- Inverse connection between demand and price is a fact of economic life. A product’s price will reduce as the demand for it rises and it will increase when the demand for it drops.
Consumer Equilibrium:- Consumers reach a condition of equilibrium when they purchase products or services with their current income. The consumer is able to receive satisfaction from their revenue through this system.
Production Possibility Curve (PPC):- Graphical representation of the possible combination of two commodities that an economy may create with given resources and methods when used efficiently.
Macroeconomics:- This is the study of economics from a broader viewpoint. Economics at the aggregate level is studied by macroeconomists. As well as the changes in unemployment and price levels there is also information on national income and GDP (gross domestic product), and their influence on the global economy, are among the phenomena and linkages examined.
Money and banking, income determination, government budget, and economy are some of the topics that our economics assignment help covers.
Types of Economies:- There are mainly divided into 3 types
Economic activity is entrusted to the market forces. Consumers can buy goods or services at the greatest price they’re willing to pay. A free economy is another name for it.
A centrally planned economy is one in which economic activities are under the control of a central authority.
Market and centrally planned economies are examples of mixed economies, but what is a mixed economy?
Importance of Studying Economics
It helps us to comprehend many parts of an economy through economics studies. As a result, we study economics in order to understand the concept of “scarcity”. The scarcity of resources occurs when the demand, requirements and wants of consumers exceed the resources available to meet those demands. Economics is concerned with picking resources in the setting of scarcity. Economic knowledge is necessary to cope with this issue.
Conclusion:- We at Economics Assignment Help provide the assignment help for the students so that they can improve their knowledge on the topics and score good grades in their academics. We provide the assignments which will be free from plagiarism, on-time delivery at an affordable price range. Hope you have liked our services. Thanks!