Economics Assignment Help

Author: Krishtina Smith

What is Economics?

Economics is stated as a science of wealth and its significance has been defined over time and now it is grown as a social science of the aspects swaying "well-being" as officially termed via Quality Assurance Agency for Higher Education.

Maths around Economics

Though the subject economics deals with comprehending & inferring the social order, it too falls back deeply on tangible, arithmetical proof of what mechanism work in the economy & what doesn’t.

This will include detecting statistics to letting errors are recognized, and not repetitive. However, this can be irritating, but the economic math is comparatively simpler that being trained at universities for math graduates.

Economics

Economics is the social science that describes the factors that determine the production, distribution, and consumption of goods and services. Economics mainly focuses on the behavior and interactions of economic agents and how economies work.

The main two categories of economics are:

Microeconomics:

Microeconomics focuses on the behavior of basic elements in the economy, which include individual agents and markets, their interactions and its outcomes.

Macroeconomics:

Macroeconomics analyzes the entire economy and issues affecting it which include unemployment of resources, inflation, economic growth and public policies that address these issues.

The four basic concepts of economics:

  • Scarcity

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants at possible. Figuring out ways to make the best use of scarce resources or find alternatives is fundamental to economics.

  • Supply and demand

Supply and demand are the relationships between the quantities of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. It is the essential concept of price determination in economic theory. The price of a commodity is determined by the interaction of supply and demand.

  • Costs and benefit

The cost-benefit analysis is a systematic process for calculating and comparing benefits and costs of a project, decision or government policy. Its main purpose is to determine if it is a sound investment and providing a basis for comparing projects.

  • Incentives

An incentive is something that incites one to action. It is a type of motivation and provocation for the employee. Economists understood that incentive is the key to achieving organizational goals. Some incentive schemes have been proved to be so efficient that they are followed by the rule book in many firms, such as profit sharing, performance bonuses, and employee shareholding.

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