Let our experts help you achieve your goals in economics. Dealing with scarcity of raw materials: Economics provides an important tool for looking at some of the possible consequences if a population runs out of raw materials like oil and gas.
Economics helps economists to understand how resources will be distributed in the society. It also helps them to know how inequality affects the economy of a given population or country. The principle of opportunity cost: Did you know that politicians only win elections because they promise the public more spending and cutting of taxes?
More spending and lower taxes is what the voters want to hear. But an economists would argue that every singe thing has an opportunity cost. Spending more on subsidizing free college education obviously means higher taxes. One of the major jobs of an economist is to know what is going on in the economy and investigatereasons for unemployment, low economic growth and poverty. For instance,there are many arguments made about immigration. Instead of wasting public funds in political debates of whether immigration should be allowed or not, governments should hire economists to try to evaluate the advantages and disadvantages of free movement of labor.
Economics can help examine the effects of immigration on the countries involved. Making an economic forecast is more difficult than knowing the current situation of the economy.
However, even though forecasts are not that reliable, they can still give decision makers an idea of what might be expected in the future. However, a good economist is able to compare different variables and provide different potential outcomes. Applying economics when solving a problem avoids an overly ideological approach. For instance, a government may argue that a free market is always the best but an economist will provide a more elaborated philosophy that in some markets like transport and healthcare, government intervention can improve welfare and overcome market failure.
Behavioral economics studies the reasons why people make certain decisions. For instance, why people behave in a certain way, how governments can force people into a better behavior like banning alcohol and cigarette advertising, etc. Understanding which behaviors affect the economy can help economists know the current state of the economy and predict the future. With so many companies promising to help studentswith their assignments today, many students are having a hard time deciding which company to trust.
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Basically, resources like technology, raw materials, money, and manpower are limited but our demands and needs are unlimited. Studying economics therefore helps us to make informed decisions on how to use these scarce resources to meet our demands.
This is the main pillar of every market economy. Demand is the quantity of goods consumers want to buy at a given price while supply refers to the availability of goods vendors or suppliers are able to sell at a certain price. Hence, supply and demand explains how prices of certain goods are fixed. For instance, let us take an example of bread.
If the demand for bread increases then suppliers have to produce more to meet this demand. However, when demand increases, prices rise proportionally and if the price is high, then demand tends to go down and suppliers have to lower the price in order to sell bread.
Cost and benefit analysis: This involves making a comparison between the costs and benefits of different products and services in order to maximize profits. For instance, suppose a company X sends one of its employees every day to get some printing done. After sometime, the management realizes this task is tedious and so they plan to buy a printer.
Now, the management will carry out a cost and benefit analysis where they will calculate the cost of requesting printouts from outside the company and that of purchasing a printer considering the hidden costs in both situations. If they find out that the cost of buying a printer is equal to that of sending the employee out for printouts or buying the printer is cheaper than sending an employee for printouts, then they would prefer purchasing a printer to requesting printouts outside the company.
An incentive is the source of motivation to perform a certain task. There are two types of incentives namely; extrinsic incentives and intrinsic incentives.
For example, if a company that produces juice wants to increase its production from bottles to bottles every day, it will announce a bonus for workers if they produce bottles per day. So in this case, the bonus is the source of motivation for workers. Often times extrinsic incentives are in form of money, discounts, awards, bonuses, etc. For instance, if your work brings a positive impact in your field of employment, you will feel good, satisfied, and motivated to work harder.
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These are some of the questions that microeconomics tries to solve. This branch of economics also studies the impact of your own decisions in a principle called opportunity cost. Opportunity cost can be defined as making one decision over another. For instance, you may choose to consume a certain type of food instead of another. This decision involves economy cost as you end up missing out on the benefits offered by the other meal. Choices regarding opportunity cost may be related to your career too.
For example, by choosing one job over another, you stand to gainopportunities but lose others. Because of the narrow focus of microeconomics, it is the best tool for making important decisions in your own life. Students pursuing economics are compelled to seek help in the subject because sometimes it is just the right and easiest thing to do. With academic institutions determined to produce the best possible economists, professors ensure that their approach of teaching the subject prepares students for their career as economists.
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While the main focus of microeconomics is the effects of certain decisions on businesses and individuals, macroeconomics focuses on the bigger picture. For instance, a microeconomist may look at how low interest rates affect individual borrowers while a macroeconomist would study how low interest rates affect the unemployment rate or national housing market.
Macroeconomics would use measures like national income and GDP instead of individual factors to study the impact of a decrease in income taxes.
Economicsis constituted of a wide range of themes that showcase its historical and intellectual development. Some of these themes include:.
This is the method used to investigate an economy. An economic methodology can be positive or normative, quantitative or qualitative, inductive or deductive. Economists use mathematical operations like algebra, relationships between economic variables, and equations to make inferences.
This is a sub-discipline of economics that studies the processes that prevent or create economic growth, human welfare, incomes, etc. It covers myriad issues such as agriculture, international finance, industrial organization, labor, resource economics, public finance, international, trade, money and banking, and more. This discipline of economics deals with the application of principles and tools to the analysis and understanding of environmental issues.
Environmental economics borrows from both macroeconomics and microeconomics focusing on changes in polices and institutions as well as individual decisions that affect the environment. There is no doubt that economics is a subject that every student must consider pursuing either privately or as a regular scholar.
It is one of the most important subjects academic institutions are offering today to mold future economists. Just live chat with us or email us today and we will offer you the best possible assistance. Economics Homework Help Are you an economics student who is struggling to grasp the fundamentals of the subject? But What is Economics? Best Economic Homework Solution If you are scoring less in major economics assignments topics, then we welcome you at Economics Homework Helper where we will help you forget about poor grades and join the group of top performers.
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Economics and Other Social Sciences Economics borrows various concepts from other sciences e. Economists basically solve problems by: It provides an important tool with which one is able to answer questions like: Is this financial investment worth making? Should I go to college or use the college money to start a business? A change in demand might occur due to a change in the prices of other allied goods that include the components and the substitutes.
Also, any change in the income of the buyers it will also result in a change in demand. For the normal goods, a change in demand is direct while for inferior goods the change is inverse.
Other reasons that may cause changes in demand are the changes in the preferences and expectations of the customers or consumers. Supply is the other factor in shaping the prices and quantities of the market along with demand.
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. The legislative branches of the government hold and implement the fiscal policy for every country.
Government expenditures and the taxes are defined as the two main instruments of the fiscal policy because government needs to finance the expenditures that it undertakes to fulfill the demand of goods and services of people and to finance those expenditures it collects taxes from the people.
The government can either be in deficit or surplus depending the number of people paying the taxes. When the payments surpass the expenses, the government stays in budget surplus, but if the case is opposite, i. To fulfil or overcome that deficit in the budget, the governments borrow money or take loans from other nations or international financial institutions like the world bank and IMF thus increasing the national debt. Governments taking loan from other nations for the fulfilment, expenses continuously increase the national debt and stays in the credit line because the money supply stays constant.
With loans comes interest that shows an increasing trend thus resulting in increase debts. This situation eventually gives rise to aggregate demand and country has to deal with inflation that brings its own charms and result in making the situation even worse. So keeping the national budget balanced a government needs a balance in income and expenses.
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Economics Assignment Help. Scarcity of resources in society to fabricate goods and services and then allocating the sacred goods and services to the society are the main highlight of economics.
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