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What’s economics?
Economics studies how people make decisions when faced with scarcity. These decisions can be made by individuals, families, businesses, or the entire society. Scarcity is part of everyday life. Scarcity is when human needs for goods, services, and resources exceed the available resources. Although resources, such as labor, land, and raw material, are essential to produce the goods or services we desire, they are in short supply. The ultimate scarce resource, however, is time. Everyone, rich and poor, has only 24 hours to get the goods they desire. There is a finite supply of resources at any given moment.
Consider this: According to the U.S. Bureau of Labor Statistics, the US labor force was 158.6 million in 2015. The United States covers 3,794,101 sq miles. Although these are huge numbers for so crucial resources, they are also very limited. These resources are also limited in terms of the number of goods and services that can be produced with them. This is combined with the fact that human needs seem almost infinite, making scarcity a problem.
Why Study Economics?
Let’s now get a better understanding of what economics is. Although there are many important concepts to learn, economics is not just a set of facts that must be remembered. Economics can be thought of more as a set of questions to be answered, or puzzles to solve. The most important thing about economics is that it provides the tools necessary to solve those puzzles. There are many reasons to study economics if you have not yet been bitten by this “economics bug”.
Nature of Economics
The nature of economics is concerned with the question of whether economics can be classified as science or art. Many economists support science, while others are more skeptical.
Economics is a Science
Before we can consider any topic a science, it is important to understand what science is. Science is the systematic study of cause and effect. Science is a collection of facts and figures that are then systematically analyzed to reach a conclusion. Economics can be considered a science because of these attributes. Because of these features, economics can be considered a social science.
It requires a systematic collection and analysis of facts and figures.
It is based on the formulation and application of laws and theories, just like science.
It addresses the cause-and effect relationship.
These points prove that economics and science are closely related. Similar to science, many economic theories are based on logic reasoning.
Economics is an Art
According to the saying, “knowledge is science and action is art,” economic theories can be used to solve different economic problems. It can therefore be concluded that economics is not only a social science but also an art.
We know not everyone can afford to be an econ major so we created this infographic. It outlines some important facts about economics. It is sort of like an Econ 101 cheat sheet. Take a look.
1) Microeconomics vs Macroeconomics
Macroeconomics refers to the study of the entire economy. It examines aggregate data and data for whole countries. It provides a broad view. Microeconomics, on the other side, is the study and analysis of small-sized economic units. This branch examines individual decision-making and how they are made. Although the branches are in different areas of economics, they are closely related.
2 Opportunity Costs
Every day, people have to make trade-offs. Due to limited resources, they must make tough choices. They can’t have everything so they must make choices. The opportunity costs are the cost of the next best alternative that is given up in this process to get something else.
3 ) Supply and Demand
The supply and demand determine the price of a product or service. If all other factors are equal, an increase or decrease in demand will result in an increase of price. A decrease in price can be caused by an increase in supply. The equilibrium price is reached when supply equals demand over the long-term.
4) Comparative advantage
A comparative advantage is an economic actor that can produce a good/service at lower costs than other actors. All actors can benefit from trade and cooperation if they are able to produce and export the goods or services more efficiently than the rest.
Make a structure
Either follow the instructions of your professor, or you can use a standard format. You could lose points if you don’t use a proper format. You can have your economics assignments written by online homework help sites using either standard academic formats or the one you provide. The following format can be used to complete your economics assignment:
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Economics can be broadly divided into microeconomics and macroeconomics. It is difficult to write a flawless assignment in economics. It is important to understand the basics of economics as well as the skills to write. Assignments in economics can involve complicated mathematical computations. Writing an economics assignment requires accurate data collection and interpretation. Although all of this can seem overwhelming, you can still follow these steps to make the assignment easier. Online economics homework assistance sites can save you time and help you save time. This is how to write an economics assignment that will earn you an A grade.
Exam Question # Q.1. How does Managerial Economics differ from Economics?
Ans. i. Managerial economics applies economic principles to solve problems within the firm. Economics deals with the actual principles.
Exam Question # Q.2. What are the different types of demand determinants?
ADVERTISEMENTS:
Ans. i. Ans. i. Producers’ and Consumers Goods:
Capital goods also refer to producer’s goods. These goods are used to produce other goods. Machinery, tools, implements, and factory buildings are all examples of capital goods. These are just a few examples of capital goods.
These goods are consumer goods. They meet the needs of consumers directly. Ready-made clothes, ready-to-eat food, and residential homes are all examples of consumer goods. It is the use for which the product is being used that differentiates between a consumer good from a capital good. A loaf of bread that is used in a household is considered a consumer good. However, a sweet shop uses it as a producer good.
Easy Economics Research Topics
Microeconomics
This branch focuses on behavior models. It focuses on individuals who represent single units or businesses, but not national interests. These are some great microeconomics assignment suggestions to consider:
– Macroeconomics
Macroeconomics is the broad view of macroeconomics. It examines the whole picture, where one views the economy through the prism of the national projection. This includes aspects such as employment, income, poverty and disparities.
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