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Economics Assignment Help

In general, social science deals with various aspects of society and its most important part - human beings. It includes areas such as history, geography, political science, psychology, sociology, etc. Economics is one such area of social science. In fact, the term “economic science” is often abbreviated as “Economics” to distinguish itself from various other disciplines of social science such as sociology, psychology, political science, etc. as mentioned above. Economics forms the base of any country’s development. The progress of a country is reflected by the way its economy is working. In other words, it can be said that economics is the performance measure tool of a country. Economics is a science that involves the systematic and organized study of economic behaviour of human beings. Economics, as defined in Wikipedia, is the social science that describes the factors that determine the production, distribution and consumption of goods and services. In short, economics defines the actual working of the economy of any country by focussing on the behaviour of various economic agents and the kind of interactions among them.

 "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."

Economics is referred to as a type of social science that focuses on the study of the ways in which the society chooses to use its limited resources, having alternate uses, so as to produce goods and services and to distribute these goods and services among people of different groups. In simple terms, we can say that Economics is all about making choices in the presence of scarcity. It focuses on the study of human behaviour and establishes the relationship between the means i.e., resources and ends, i.e., human wants.

BRANCHES OF ECONOMICS

Economics deals with the individual aspect of the economy as well as the aggregate (i.e. in- total) aspect of economy. Economics can be categorised under two broad branches, i.e., micro- economics and macro- economics. These two branches are briefly explained below:-

  1. MICRO- ECONOMICS: Micro-economics is a part of economic theory that is concerned with study of behaviour of individual units of an economy. It is also referred to as Price Theory since it is the one which aims at determining the price of a commodity. Various concepts within the ambit of micro-economics are markets and its forms, production cost and efficiency, specialization, supply and demand, firms, etc. further, concepts such as uncertainty and game theory, market failure and its causes, etc. are also covered.
  2. MACRO- ECONOMICS:Another aspect of economic theory is Macro- economic which focuses on the study of behaviour of aggregates of the economy as a whole. It is also referred to as Income Theory. Macro-economic aims to determine income and employment level of the economy. The major area covered under macro-economics is the study of growth in terms of Gross Domestic Product (GDP) and National Income, etc. Various other macro- economic related concepts include business cycle, unemployment, inflation and monetary policy and fiscal policy, etc.

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IMPORTANT TERMINOLOGIES OF ECONOMIC:

Every field has its associated terms and concepts. For example, algebra is associated with mathematics, experiments comes under the purview of science whereas the terms such as balance sheet and profit and loss is related with accountancy. Similarly, concepts such as Gross Domestic Product i.e., GDP, inflation, demand and supply, price determination, etc. are the various concepts related to the subject of “Economics”. Besides the above-mentioned terms, there are various other terms used in economics, understanding of which is very important to have a clear understanding of the subject. Some of these terms are discussed in the following paragraphs:-

  1. Supply and Demand : The most important concept to be understood at individual level (in micro- level) and in aggregate (at macro level) is the study of the relationship between demand and supply. The theory of demand and supply explains the relation between the quantity produced or consumed and the respective prices of such commodity.
  2. Forms of Market : Various private and public entities interact and thereby play a vital role in the creation of a market system. This is one of the major aspects to be understood while studying micro- economics. It also includes the study of various forms of market structure such as monopoly, duopoly, oligopoly, monopolistic market, etc.
  3. Production Cost and Efficiency : The process by which inputs are converted to outputs is termed as production. It is defined as an economic process that involves the usage of various inputs with an aim to create commodity or offer a service. Efficiency is described by the ability with which a system generates outputs with the inputs and technology available. Further, it includes the study of production- possibility frontier (PPF)
  4. Specialization : The other major area to be focussed in micro- economics is the study of specialisation. Efficiency is mainly reflected by specialisation. It involves the study of economies of scale and various concepts such as division of labour. This theory is mainly applied to trade that take place among individual, manufacturers or economies.
  5. Firms : The analysis of micro- economics is applied to the decisions made by the business firms. The types of firms include corporations, partnerships, trusts, etc. firms aim to achieve the economies of scale by combining the labour and capital.
  6. Growth : The term ‘growth’ deals with various aspects and describes various factors that describe economic growth such as technological changes, population growth, etc. Concepts like Gross Domestic Product (GDP), national income, etc. are studied. It is one of the major aspect to be studied at macro- level.
  7. Business Cycle : Business cycle describes the various stages such as expansion, boom and depression. This is another key area where the main focus lies at macro- level.
  8. Unemployment : Unemployment rate describes the amount of unemployment that exists within the economy. It involves the study of various concepts such as various types of unemployment such as frictional unemployment, structural unemployment, cyclical unemployment, etc.
  9. Monetary Policy & Inflation : Another major area of focus in macro- economics is the study of money and its related concepts. Money is the medium for exchange of things. So, it is a very important part of the economy. Monetary policy basically covers the aspect of management of supply of money within the economy.
  10. Fiscal Policy : Fiscal policy is implemented by the Government. These policies have a bearing on the macro- economic conditions. Aggregate demand is altered by making adjustments in the taxation policies, etc

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"NAH" For Economics Assignment Help in USA, Australia & UK

During the academic life, a student interested in pursuing Economics needs to be focussed towards understanding the basic concepts (some of which are mentioned above) and applying those concepts in practical life as well. To achieve this target, various educational institutions such as universities, colleges and institutions have designed the curriculum of Economics course in such a way that the students get the chance to relate these concepts with the practical life.

The students often get economics assignments wherein they have questions from within the course and the students are expected to attempt these questions as per the instructions given to them and within a specified time deadline. The assignments may have theoretical questions (checking on the understanding of the students over the key concepts such as GDP or inflation, etc.) or practical questions (such as calculation of GDP, etc.) or questions based on case- studies (where they need to apply the theoretical concepts to real- life situations).

But, at times, students may face difficulties in understanding the concepts and it may be difficult for the students to complete the assignments on time. In such situations, an expert guidance may prove to be the saviour. Need Assignment Help not only ensures timely completion of the assignments, but also provide solutions for various theoretical and numerical questions, besides book’s solution manuals. Further, Need Assignment Help also provide economics assignment help for Economics Homework or any other Economics- related Course Work and the Economics Project Work as well, thereby ensuring all- round assistance and expert guidance to students for their Economics assignment.

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