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Economics Homework Help
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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 economics homework helps experts to improve your knowledge about the concept of economics. Our experts are accessible 24*7 for your help.
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What is economics?
Economics is the social science used to study the production, distribution, and consumption of goods and services. The major focus of economics 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.
Basic Concepts of Economics
It is a basic concept of economics that is used to describe the availability of limited resources to meet the unlimited needs. For example the technology in many countries is still limited but the demand for technology is unlimited. Therefore scarcity allows us to use the least resources to meet the high demands.
Demand and Supply
The demand and supply is the major concept of economics. It is known as the pillar of market economy. Demand refers to the quantity of goods and services that the customers want to buy at the given price. On the other hand the supply refers to the availability of goods and services for the vendors and suppliers to sell at the given price. In most of the cases when the company want to increase the demand of their product they lower the price of their product so that the products would have the high demand and they meet the demand by proper supply.
Cost and benefit analysis
It is the major point for the business. Because everyone in the industry wants to make money. It is based on the comparison between cost and benefits of various products and services in order to increase their revenue as high as it can be.
It is similar to the extra money that is paid by the employer to the employee in order to motivate themself to perform the job with more effort. Economics has two types of incentives i.e. extrinsic incentives and the intrinsic incentives. The extrinsic incentives provide the motivation to the person to accomplish the task. On the other hand the extrinsic incentives are based on the money, discounts, rewards and bonus extra.
Economics Problem Solution Methods
It is the process that is based on some points i.e. the past data observation and the problem in hand. With the help of this technique we take the estimation of what choice will be made by the people in irrational bases and why they would make them.
In this process we break down the problem into various parts or compete to find out which factor influencing it.
It is the simple technique which eliminates the source of bad choices from economics.
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Remember: Economic knowledge is essential not only for good grades but also because it is useful in our daily lives. We can't remove our lives from different economic cycles because we all are consumers.
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What are the topics that are covered in our economics help?
Rationing and Allocation
Risk and Exclusion
Elasticity and Revenue
Constraints on a Firm
Growth and Development
Theories of Business Cycles
Creation of Money
The Labor Market
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