Economics Homework Help
Are you an economics student who is struggling to grasp the fundamentals of the subject? With so many facets of what constitutes economics, it can be a bit difficult to understand this academic field leave alone do assignments correctly. Comprehending economics as a subject is not just about knowing to read the graphs and charts. It is familiarizing yourself with difficult concepts like opportunity cost and elasticity in demand.
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But What is Economics?
Economics is the science that analyzes how goods and services are produced, distributed, and consumed. In simpler terms, economics looks into the choices people make when purchasing goods or services as well as why and how they make them.
The study of economics can be classified into macroeconomics and microeconomics. Macroeconomics is the study of the structure and performance of the whole economy without giving consideration to the individual markets. It includes concepts like international trade, inflation, national production and consumption, unemployment, etc. Our macroeconomics assignment help experts are familiar with all these concepts. They can provide you with impeccable solutions that can impress your professor and earn you top grades. Microeconomics on the other hand is the study of how individual businesses or people behave when there is a scarcity of commodities. It involves concepts like supply and demand, quantity demanded versus quantity supplied, price elasticity, etc. Our microeconomics assignment help service caters to all the topics under microeconomics. So feel free to contact us when you are struggling with your assignment.
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Economics and Other Social Sciences
Economics borrows various concepts from other sciences e.g. law or sociology to explain how and why people act the way they do to improve their wealth and well-being. Behavioral economics for instance borrows from history and psychology to analyze or evaluate how past experiences may shape future expectations. However, at times, this may lead to bad decision-making.
Economists basically solve problems by:
Analysis: Observing past data, the problem at hand, and what is predicted by different theories in order to investigate the kind of choices that people make irrationally and why they make them.
Abstraction: This is breaking down problems into various components to determine the factors influencing it. For example when solving a business problem, an economist may look at a number of factors including, the commodities that bring most profit, the roles played by numerous employees, how customers affect the business, etc.
Correction: Developing policies that tweak or remove the source of potential bad choices.
Why students Study Economics
The study of economics can provide students with valuable knowledge to make every day’s decisions. It provides an important tool with which one is able to answer questions like:
Is this financial investment worth making?
Should I go to college or use the college money to start a business?
Is pursuing a career as a programmer better than becoming a lecturer? Etc.
Econometrics, the main quantitative method used in economics enables students to solve statistical based arguments related to day-to-day economy. Student who major in the subject graduate with knowledge and skills that are highly appreciated and valued in today’s job market. These include:
- Strong background in macroeconomics and microeconomics theories
- Knowledge about various economic institutions
- Knowledge of different areas where economics is applied
- The ability to use analytical tools in economics to solve problems
- Knowledge of relevant statistical and mathematical techniques
- Expertise in the use of various computer applications to analyze data
Students taking economics as a major are potentially prepared for careers in different institutions like insurance, banking, service and manufacturing firms, consulting, real estate, non-profit organizations, and government agencies.
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Help with Economics Assignment Topics
Economics is an important subject that every student should consider adding to his/her must-learn subjects. Understanding different topics in economics helps economists understand how different products and services relate to different markets and consumers. It also answers the question of why some products can have high prices yet their demand remains high. Additionally, by studying economics, it gets easier for one to understand why some products and services decrease in value.
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We receive hundreds of homework assistance requests from various economics topics like:
- Currency management
- Cost and benefit analysis
- Opportunity cost
- Aggregate demand
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- Fiscal policy
- Business cycles
- Monetary policy
- Price floors and ceilings
- Producers and consumers
- Elasticity of demand
- Competition and market structures
- Human capital
- Market failures
- Saving and investing
- Risk and return
- Benefits and barriers of trade
Four Types of Economic Systems
There are numerous economies across of the world and while each is unique in its own way, there is a significant number of characteristics shared by all. Hence, we can classify these economies into four major types, namely;
- Traditional economies
- Command economies
- Market economies
- Mixed economies
Traditional economic systems: This system is the most ancient and traditional type of economy in the world. In fact, a huge portion of the world operates under traditional economy systems. The work that people do in this kind of economy, how they use and exchange resources, and the products and services they provide all seem to follow a long-established pattern. A traditional economic system is not very dynamic. Individuals have static living standardsand do not enjoy much occupational or financial mobility. However, economic relationships andbehaviors are predictable. Individuals know what they are supposed to do, what to expect from others and whom they trade with.
Command economic systems:In this system, the government takes control of the economy. In other words, it is the government that decides how to distribute and use resources. The government dictates what kind of work individuals should do, and may even regulate the wages and prices of commodities. It usually owns almost all the significant industries like railway, aviation, and utilities. A command economy usually creates a healthy and equal supply of its resources and rewards the public with affordable prices.
Market economic systems:Here, individuals are responsible for making economic decisions. The interaction between companies and individuals in the marketplace determines how goods are distributed and resources are allocated. In this economic system, individuals choose what jobs to take, how and where to invest their personal resources, what products and services to produce, what training to pursue, or what to consume. In a pure market economy, the government is completely absent from economic affairs.
Mixed economic systems: This is usually a combination of different types of economies. In the actual sense, this economic system combines the elements of both command and market economies. However, the government still plays a role in resource allocation and distribution though its intervention is less than in a command economic system. This means that private businesses can cut costs down and run more efficiently than a government entity.
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Importance of Economics Today
Economics is concerned with how different resources are distributed in the society. It involves:
- Understanding what is happening in the markets as well as macroeconomy
- Analyzing the statistics about the state of the economy and explaining their importance
- Understanding various policy options and analyzing their potential outcomes
Below are the major benefits of economics.
Dealing with scarcity of raw materials: Economics provides an important tool for looking at some of the possible consequences if a population runs out of raw materials like oil and gas.
Distribution of resources:Economics helps economists to understand how resources will be distributed in the society. It also helps them to know how inequality affects the economy of a given population or country.
The principle of opportunity cost: Did you know that politicians only win elections because they promise the public more spending and cutting of taxes? More spending and lower taxes is what the voters want to hear. But an economists would argue that every singe thing has an opportunity cost. For instance, giving university students $1000 a month to spend on their tuition may be a great idea but economically it is not the best use of public funds. Spending more on subsidizing free college education obviously means higher taxes.
Knowledge and understanding: One of the major jobs of an economist is to know what is going on in the economy and investigatereasons for unemployment, low economic growth and poverty. For instance,there are many arguments made about immigration. Instead of wasting public funds in political debates of whether immigration should be allowed or not, governments should hire economists to try to evaluate the advantages and disadvantages of free movement of labor. Economics can help examine the effects of immigration on the countries involved.
Forecasts: Making an economic forecast is more difficult than knowing the current situation of the economy. However, even though forecasts are not that reliable, they can still give decision makers an idea of what might be expected in the future.
Evaluation: Economics is not as definitive as maths and due to many unknown variables, it is not really possible to be 100% sure about the outcomes. However, a good economist is able to compare different variables and provide different potential outcomes. Applying economics when solving a problem avoids an overly ideological approach. For instance, a government may argue that a free market is always the best but an economist will provide a more elaborated philosophy that in some markets like transport and healthcare, government intervention can improve welfare and overcome market failure.
Behavioral economics: Behavioral economics studies the reasons why people make certain decisions. For instance, why people behave in a certain way, how governments can force people into a better behavior like banning alcohol and cigarette advertising, etc. Understanding which behaviors affect the economy can help economists know the current state of the economy and predict the future.
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Basic Concepts of Economics
Scarcity: Scarcity is a fundamental concept in economics, which is used to describe the availability of limited resources to meet our unlimited needs. Basically, resources like technology, raw materials, money, and manpower are limited but our demands and needs are unlimited. Studying economics therefore helps us to make informed decisions on how to use these scarce resources to meet our demands.
Supply and demand: This is the main pillar of every market economy. Demand is the quantity of goods consumers want to buy at a given price while supply refers to the availability of goods vendors or suppliers are able to sell at a certain price. Hence, supply and demand explains how prices of certain goods are fixed. For instance, let us take an example of bread. If the demand for bread increases then suppliers have to produce more to meet this demand. However, when demand increases, prices rise proportionally and if the price is high, then demand tends to go down and suppliers have to lower the price in order to sell bread.
Cost and benefit analysis: This involves making a comparison between the costs and benefits of different products and services in order to maximize profits. For instance, suppose a company X sends one of its employees every day to get some printing done. After sometime, the management realizes this task is tedious and so they plan to buy a printer. Now, the management will carry out a cost and benefit analysis where they will calculate the cost of requesting printouts from outside the company and that of purchasing a printer considering the hidden costs in both situations. If they find out that the cost of buying a printer is equal to that of sending the employee out for printouts or buying the printer is cheaper than sending an employee for printouts, then they would prefer purchasing a printer to requesting printouts outside the company.
Incentives: An incentive is the source of motivation to perform a certain task. There are two types of incentives namely; extrinsic incentives and intrinsic incentives. Extrinsic incentives are usually from outside the person performing the task and motivate him/her to accomplish the task. For example, if a company that produces juice wants to increase its production from 1000 bottles to 1500 bottles every day, it will announce a bonus for workers if they produce 1500 bottles per day. So in this case, the bonus is the source of motivation for workers. Often times extrinsic incentives are in form of money, discounts, awards, bonuses, etc. An intrinsic incentive on the other hand is the internal feeling that comes about when one is satisfied with the work he/she does. For instance, if your work brings a positive impact in your field of employment, you will feel good, satisfied, and motivated to work harder.
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Differences Between Microeconomics and Macroeconomics
|Studies the economy of a particular market segment||Studies the economy of several market segments|
|Focuses on individual economic units||Focuses on aggregate economic variables|
|Applied to internal or operational issues||Is concerned with external and environmental issues|
|Deals with individual products, households, firms, industries, prices, wages, etc.||Deals with aggregates like national output, national income, price level, etc.|
|Covers issues like how prices of certain commodities affect their demand and supply||Covers major issues of an economy including monetary/fiscal policies, unemployment, international trade, poverty, etc.|
|Determines the price of a certain commodity along with the prices of substitute and complementary goods||Maintains the general price level of all commodities|
|Takes a bottom-up approach when analyzing an economy||Takes a top-down approach when analyzing an economy|
Similarities of Microeconomics and Macroeconomics
Even though it is convenient to classify economics in two branches, to some extent the split is so faint that it is hardly noticeable.
- Microeconomics principles are used in macroeconomics. For instance,the study of devaluation uses principles from both categories like elasticity of demand and changes in prices.
- Microeconomics affects macroeconomics and vice versa. For example if there is a rise on the price of a commodity, like fuel, there will be a major impact on cost-push inflation.
- As microeconomics focuses on how scarce resources will be distributed among a population, macroeconomics examines how this allocation of materials will benefit a larger group of people in order to make the best use of the limited resources. When microeconomics studies individual units, macroeconomics studies aggregate variables at the same time. This way, we can say that both areas are interdependent.
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Examples of Microeconomics Issues
Microeconomics solves issues on a small level. A good example of a microeconomics problem could be the possible effects of raising employee salaries in an organization. For instance, if a company raises employee salaries by say 12%, how does this affect the pricing of its products and services? Likewise, what would happen if the company increases salaries for its most productive workers and fires those who are less productive?
These are some of the questions that microeconomics tries to solve. This branch of economics also studies the impact of your own decisions in a principle called opportunity cost. Opportunity cost can be defined as making one decision over another. For instance, you may choose to consume a certain type of food instead of another. This decision involves economy cost as you end up missing out on the benefits offered by the other meal. Choices regarding opportunity cost may be related to your career too. For example, by choosing one job over another, you stand to gainopportunities but lose others. Because of the narrow focus of microeconomics, it is the best tool for making important decisions in your own life.
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Examples of Macroeconomics Issues
While the main focus of microeconomics is the effects of certain decisions on businesses and individuals, macroeconomics focuses on the bigger picture. For instance, a microeconomist may look at how low interest rates affect individual borrowers while a macroeconomist would study how low interest rates affect the unemployment rate or national housing market.
Another common area that macroeconomists might be interested in is how taxes affect a nation’s economy. Macroeconomics would use measures like national income and GDP instead of individual factors to study the impact of a decrease in income taxes.
Themes of Economics
Economicsis constituted of a wide range of themes that showcase its historical and intellectual development. Some of these themes include:
Economic methodology:This is the method used to investigate an economy. An economic methodology can be positive or normative, quantitative or qualitative, inductive or deductive. Economists use mathematical operations like algebra, relationships between economic variables, and equations to make inferences.
Development economics: This is a sub-discipline of economics that studies the processes that prevent or create economic growth, human welfare, incomes, etc. in developing countries. It covers myriad issues such as agriculture, international finance, industrial organization, labor, resource economics, public finance, international, trade, money and banking, and more.
Environmental economics: This discipline of economics deals with the application of principles and tools to the analysis and understanding of environmental issues. Environmental economics borrows from both macroeconomics and microeconomics focusing on changes in polices and institutions as well as individual decisions that affect the environment.
There is no doubt that economics is a subject that every student must consider pursuing either privately or as a regular scholar. It is one of the most important subjects academic institutions are offering today to mold future economists. If you are pursuing a career as an economist but can’t seem to get the concepts of the subject right, you can avail our economics homework help and we will be able to help you. Just live chat with us or email us today and we will offer you the best possible assistance.