What is economics?
The term economics originates from two Greek words ‘eco’ meaning home and ‘nomos’ meaning accounts. It finds its origin from the Greek term ‘Oikonomia’ meaning ‘household management. The term has however evolved over time from being house management to the wide-ranging subject it is today.
Economics is defined as a social science that is mainly concerned with the various factors that determine the production, distribution, and consumption of goods and services.
Classifications of economics
Economics is divided into two major branches that include;
Microeconomics
This branch of economics mainly deals with the actions of individuals and industries, like the dynamics that exist between buyers and sellers and between lenders and borrowers. Examples of topics regarding this branch of economics include;
- Market analysis
- Analysis case-study of specific companies
- Demand and supply curve analysis
- Ceiling price numerical
- Cut-off price mathematical equation
Macroeconomics
This branch of economics studies the behavior of an economy as a whole. It specializes in the aggregate adjustments that occur within the economic system by analyzing the factors that affect the whole economic system. It attempts to apprehend the causes and consequences of short-run fluctuations in national income and facilitates to decide the reasons for long-time monetary boom i.e. growth in national income. Examples of topics regarding this branch include;
- Monetary and inflation policy
- Growth Policy Assignment
- Financial policy and regulation economics.
5 Basic concepts of economics
Below are some of the basic concepts you will come across when handling an economics assignment.
- The scale of preference. This is described as a listing of unhappy desires, organized in the order of their relative importance. In other words, it is a list of our needs arranged by way of preference and importance. With this, the most pressing wants come first and the least pressing ones last.
- Choice. Described as choosing one out of a number of options. We have very many needs but we cannot satisfy them all simply because of our constrained resources. We must thus in all cases decide what we fulfill first. Choice arises as a result of the limited resources used in enjoying these wishes and due to a shortage of resources. To make a choice, one has to choose the most pressing needs for satisfaction based on the available resources.
- Opportunity cost. This is defined as an expression of cost in terms of foregone alternatives. It is the satisfaction of one’s want at the cost of some other need. It refers back to the desires which can be left unhappy for you to fulfill some other extra urgent want. Opportunity costs must not be confused with money costs. Money costs refer to the entire amount of cash that is spent so one can collect a set of goods and services.
- Scarcity. This is the constrained delivery of sources. It is the incapacity of human beings to provide themselves with all the things they choose or need.
- Wants. These are desires that can be satisfied by consuming a good, service, or leisure activity. Because people have differing economic wants, they purchase a wide variety of goods and services or choose to “consume” differing amounts of leisure time.
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