Economics assignment help from the best experts
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What is Economics and its basic concepts
Economics basically refers to the study of those factors that influence income, saving, expenditure, wealth and well-being of the society. Economics is the enormous field that encompasses dozens of issues responsible for affecting the economy such as inflation, price rise, bankruptcy, interest rates and market shares to name a few. It also involves the use of some important mathematical and statistical equations to analyze different components of economics.
Just as economics is important for the economy so is the study of economics-fundamentals for the students. Our economics tutors explain some crucial and basic concepts of economics, those are:
- Wants:Wants can be defined as the desires expressed by the people of the society to own goods, services and property.Although the basic needs of humans are food, clothing and shelter. However, no one in the world is in anyway satisfied with these. We always have a tendency to ask for more that is,we need additional things such as cars, computers, furniture and electronics etc.
- Scarcity: Scarcity refers to a situation where the unlimited wants of consumers are satisfied with a limited means. So the resources available to fulfill the human needs can never be sufficient at any given time.
- Scale of preference: Scale of preference means the importance of needs are categorized in a priority manner due to the availability of limited resources. So by definition the most pressing need will be listed first and so on.
- Choice: The selection of any of the given alternatives is known as choice.In economics parlance, because of the limitation of resources that are available, we have to choose those goods and services that we can afford. So clearly choice arises as a result of scarcity.
- Opportunity Cost: It as a form of cost incurred in terms of opportunity lost. In other words satisfying one want at the expense of another.The opportunity cost does not mean the real cost.It actually is saving some cost in terms of money by choosing best alternative.
- Demand and Supply: Demand and supply are two most rudimentary principles studied in economics.The whole economy of any country is based on the concept of demand and supply.Demand refers to the quantity of products or services needed by the consumers whereas supply refers how much amount can the market could offer. So the price of goods and services is always a reflection of demand and supply.
Students need to understand the topics thoroughly and deeply.The assignments should reflect their grasp of the subject matter.So it is in their best interest to hire someone who is so professionally and technically sound about the subject that the students become sure of getting top grades in their curriculum.
Two major areas of Economics
According to our economics assignment help specialists, economics can be broadly classified in two areas:
- Macroeconomics: Under the field of macroeconomics, we take a look of the overall output of a country and the way it assigns its limited resources.The land, labor and capital are allocated in such a way that the maximum production levels in terms of growth can be achieved. Our online experts further add that the macroeconomic market forces always keep the economy functioning.
- Microeconomics: Our experts state that the field of economics the actions of individuals and companies are taken into account such as transactions between buyers and sellers, borrowers and lenders etc.It carefully studies those factors that influence the decisions about purchasing, savings and behaviors etc.
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