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Understand the Basic Economic Concepts to Know the Subject More Elaborately and Work on the Assignments Efficiently , Nov 2017

By : Abram Scharf Posted November 6, 2017 Reading Time: 2 minutes
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Economics is one of the most popular social science subjects with hundreds of interesting topics and applicable methodologies that are immensely important in any functional social system. The subject is complicated in many respects that mainly deals with rational choices that an individual, a group, or a nation can make or generally makes. Economics is not an isolated subject but related with other important subjects like sociology, statistics, mathematics, political science, anthropology, etc. Students who study economics may sometimes need professional help assignment writing or in completing any other tasks like homework or case study solving. BookMyEssay is an assignment writing service with one of the best Economics Assignment help.

What is Economics?

Economics is the study of demand and supply, it is the study of the allocation of scarce resources, and it is the study of the allocation wealth and finance. It also looks into the matters that are directly affected by the above matters, like what happens if a scarce resource is not properly allocated among the rich and the poor or who are worst affected if a market demand of an essential product is not met, etc.

Economics is divided into two major branches: Microeconomics and Macroeconomics. Microeconomics is basically the study of individuals, groups, and firms from various economic angles like decision making and the allocation of resources. When the studies like national production, national income, interest rates, etc. are made on larger units like a nation or a society it becomes a part of macroeconomics. Macroeconomy looks and investigated the behavior of theaggregate economy.

The Foundation of Economics: Demand and Supply

Demand is the quantities of goods or types of services buyers want to avail at any point of time at a particular price. On the other hand, supply is the quantity of goods or types of services the producer of the goods or developer of the services are willing to provide at any given point of time at a particular price. In the meantime, the price of a good or service is mostly market driven. So, if the demand of the good is fairly high but the supply is not so smooth, the price of the product is going to rise. Again, neither demand nor supply is independent factors. They depend on some other variable forces like the time, availability of resources, theutility of the product or service, etc.

Key Economic Concepts

Following are some of the key economic concept which every student in this field needs to study:

  • Decision making and cost-benefit analysis
  • Economic systems and Economic institutions
  • Division of labor
  • Elasticity of demand
  • Income distribution
  • Opportunity cost
  • Productive resources
  • Trade and commerce
  • Aggregate demand and supply
  • Business cycles
  • Economic growth
  • Budget deficits and public debts
  • Inflation
  • Fiscal policy
  • GDP and National Income

Knowledge on the core subjects and related topics are essential in order to write on any economics assignment proficiently. Otherwise, professional assignment help from expert writers can also be sought for accomplishing the assignment writing job right in time.