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Economics is the social science used to study the production, distribution, and consumption of goods and services. The major focus is on the behavior and interaction of the economist. There are two types of economics; the first one is macroeconomics, and the second one is microeconomics.
Example of economics: Opportunity Cost
Opportunity costs are used to study the profits that a person earns or business drops if it selects different alternatives over previous resources. Normally, all the business decisions are not taken by checking the availability of the resources; hence, many opportunity costs are overlooked or missed.
Opportunity Cost = Return of Former Option – Return of Later Selected Option
Suppose a business is ready to invest its additional money in stock markets to make an annual return of 20%. But it makes a return of 15% within the same year. In this case, it precedes a return of 5% (20% – 15%) that has increased by spending in stock markets. This 5% considers the opportunity cost for the business.
Microeconomics centers around how end-users and firms decide; these people can be individuals, families, a business/association, or government offices. Examining certain aspects of human behavior, microeconomics attempts to explain how they react to cost & what they do at different price levels. It tries to clarify how and why various products are valued unexpectedly, how people make budgetary choices, how people best trade, and facilitate and help each other. Following are some important Microeconomics topics on which our experts provide microeconomics assignment help to students.
In this branch of economics, we study the overall working of national & international economies. Its focus can include a nation, a geographical region, a continent or even the whole world. The following are a few important macroeconomics topics.
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Economics is the social science subject that is used to study the distribution, production, and consumption of services and goods. Get excellent services from our experts to improve your knowledge about the concept of economics. Our economics homework help websites experts are accessible 24*7 for your help.
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Our experts at Calltutors provide economics homework help to students on many topics. Some of the topics related to economics assignment writing help services are mentioned below:
|Rationing and Allocation
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|Elasticity and Revenue
|Constraints on a Firm
|Growth and Development
|Theories of Business Cycles
|Creation of Money
|The Labor Market
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