This branch of social science is important to the process of analyzing the production, distribution and consumption of capital. The qualified experts at My Homework Help can ensure your thorough understanding of the concepts underlying Economics, and assist you with all your Economics related assignments.
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In simpler terms, economics looks into the choices people make when purchasing goods or services as well as why and how they make them. The study of economics can be classified into macroeconomics and microeconomics.
Macroeconomics is the study of the structure and performance of the whole economy without giving consideration to the individual markets. It includes concepts like international trade, inflation, national production and consumption, unemployment, etc.
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It involves concepts like supply and demand, quantity demanded versus quantity supplied, price elasticity, etc. Our microeconomics assignment help service caters to all the topics under microeconomics. So feel free to contact us when you are struggling with your assignment.
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Economics borrows various concepts from other sciences e. Behavioral economics for instance borrows from history and psychology to analyze or evaluate how past experiences may shape future expectations. However, at times, this may lead to bad decision-making. Observing past data, the problem at hand, and what is predicted by different theories in order to investigate the kind of choices that people make irrationally and why they make them.
This is breaking down problems into various components to determine the factors influencing it. For example when solving a business problem, an economist may look at a number of factors including, the commodities that bring most profit, the roles played by numerous employees, how customers affect the business, etc. Developing policies that tweak or remove the source of potential bad choices. It provides an important tool with which one is able to answer questions like:. Econometrics, the main quantitative method used in economics enables students to solve statistical based arguments related to day-to-day economy.
Students taking economics as a major are potentially prepared for careers in different institutions like insurance, banking, service and manufacturing firms, consulting, real estate, non-profit organizations, and government agencies.
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This in turn, edges you closer to your dream career. Understanding different topics in economics helps economists understand how different products and services relate to different markets and consumers. It also answers the question of why some products can have high prices yet their demand remains high.
Additionally, by studying economics, it gets easier for one to understand why some products and services decrease in value. At Economics Homework Helper, we provide help with economics assignment topics to help students master various topics of the subject.
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Hence, we can classify these economies into four major types, namely;. This system is the most ancient and traditional type of economy in the world. In fact, a huge portion of the world operates under traditional economy systems. The work that people do in this kind of economy, how they use and exchange resources, and the products and services they provide all seem to follow a long-established pattern.
A traditional economic system is not very dynamic. Individuals have static living standardsand do not enjoy much occupational or financial mobility. However, economic relationships andbehaviors are predictable. Individuals know what they are supposed to do, what to expect from others and whom they trade with.
In this system, the government takes control of the economy. In other words, it is the government that decides how to distribute and use resources. The government dictates what kind of work individuals should do, and may even regulate the wages and prices of commodities. It usually owns almost all the significant industries like railway, aviation, and utilities. A command economy usually creates a healthy and equal supply of its resources and rewards the public with affordable prices.
Here, individuals are responsible for making economic decisions. The interaction between companies and individuals in the marketplace determines how goods are distributed and resources are allocated. In this economic system, individuals choose what jobs to take, how and where to invest their personal resources, what products and services to produce, what training to pursue, or what to consume.
In a pure market economy, the government is completely absent from economic affairs. This is usually a combination of different types of economies. In the actual sense, this economic system combines the elements of both command and market economies. However, the government still plays a role in resource allocation and distribution though its intervention is less than in a command economic system.
This means that private businesses can cut costs down and run more efficiently than a government entity. If you are looking for a timely and reliable online economics assignment help, then this is the right place to be. We have helped students like you in the past who have been stranded with their assignments and given them a reason to smile.
So, if your economics assignments make you feel like you are in a recession, you can get quality help from our economics help platform. Perhaps you need help answering an econ question — we can help. It can also be represented through supply curve to know the relationship between price and quantity which in this case is directly proportional.
There can be either reduction in supply or increase in supply but this change is dependent on some factors like any change in the price of other goods will encourage the supplier to switch similarly the change in the prices of raw materials used in production will also affect the supply curve. Another factor is the technological advancement which, if adopted, will result in increased prices, or it can also result in a reduction of the production prices and increasing demand.
A record of the changes occurred in the market place due to deflation, or inflation is known as gross domestic product or simply GDP. The rise in the prices results in inflation, while the downward fall in prices results in deflation. If the change is evaluated at the prices of some base year, it is called real GDP.
Unemployment rate refers to that skilled labor force which is well capable of working but are not being utilized for doing any work and are still unemployed. It does not include those who are capable of working, but are not willing to work; such people are termed as discouraged workers. Frictional describes the concept of not finding and matching the new jobs with the qualified labor, which is willing to work and the reason is mostly due to insufficient information about the new and current job openings.
On the other hand structural unemployment occurs mostly due the changes in the economy, which results in downsizing in organizations and restricting the workers from the work available due to lack of knowledge or not up to date knowledge. The basic principle of the classical theory explains that the economy changes itself and is self-regulating. Money as defined is anything that is accepted in transaction from one person to another for the sale and purchase of goods.
Money can be used as:. The medium of exchange is vital as it helps in eradicating the barter system which involved the exchange of goods or services only which is termed as a double coincidence of wants. Medium of exchange made transactions easier and broadened the scope of trade around the world. Money needs a store of value to hold its value over time and to remain the medium of exchange.
If there is no store of value for money, then it will lose its importance as a medium of exchange. Although it does not have the uniqueness as a store of value and people have other options, but its liquidity gives it and edge and preference over other stores of value as it is readily accepted and available and can be easily transported.
As a unit of account money provides valuable information and helps in decision making. It helps the supplier in deciding the rate of supply and the buyer to calculate the demand and the measuring their values in terms of price or money.
The uncertainty of the future, the inflation and the interest rates and not to forget the level of income are factors that greatly influences the demand for money. The three motives that creates the demands are briefly explained below. Since the availability of money is prominent for transactions so its demand cannot be sidelined.
With the passage of time, transactions tend to increase and so will the income rise with a rise in the GDP and that directly increases the transaction motive. As mentioned above that the uncertainty of future influences the demand for money. Precautionary motive require demand for money whenever there is some unexpected payment to be done. The value and demand of an asset heavily depend on its opportunity cost and the rate of return.
Money is also an asset, but results in depreciation during inflation and will provide no rate of return no matter for how long its been saved or holding it.
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