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Key concepts and areas of Economics You Should Know

Key concepts and areas of Economics You Should Know

‘ECONOMY’ after hearing this word the only thing that strikes in the majority of minds is ‘MONEY.’ But for the scholars of Economics, Only the word ‘Money’ doesn’t justify the whole concept of Economics.

In the words of famous economists Marshall, “Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.”

It is a wider branch of the academic curriculum that is taught to the students and assignments are given to them based on whatever is taught. Sometimes to deal with the complex issues of individual, national or global economics students need Economics assignment help.

What is Economics all about?

Economics is all about making choices, choices that are made on an initial or individual level to choices that are made on national as well as global level. Every morning, after saying Hello! To the Sun, we start making choices like whether I should go for a cup of tea or a cappuccino? How much should I spend on buying breakfast items today? What should I cook at dinner?  Which car should I buy? Which course should I opt for my higher studies? Along with these, we deal with endless other questions where we have to select the best of ourselves.

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So economics is based on selection. Some of the important choices need money while others don’t. Money is not involved in a few of our daily, weekly, monthly, yearly or lifetime choices yet they are the subject of economics. This is because in some cases, money plays the most important role while in other cases, it’s a partial way to evaluate some of the goals you care about or focus to fulfill.

Hence, it deals with all making wise choices, avoiding foolish or unnecessary choices, managing the resources needed to fulfill them, understanding the urgency of demands, etc.

In this article, we will learn about some of the key concepts and areas of economics that will help the students in doing an in-depth study of economics.

Economics Fundamentals

Every study or finding hides some logical concept behind it, and for learners who pay heed on doing a deep analysis of those studies need to understand all the concepts infused in it.

Economics is also based on various key concepts that every university scholar should learn before doing an economics assignment. These concepts are mentioned below.

The fundamental concept of economics ‘Scarcity’

In simple words, scarcity means the availability of limited resources to meet unlimited needs. Resources such as manpower, ram material, money, technology, etc., are limited but every human on this globe needs them all so the demands are unlimited. To meet all those unlimited demands by making the correct decision of how to use those limited resources effectively is an art that is taught to the students while learning economics. Economics teaches to create a balance between the demand and the consumption of demands, as well as the ways to meet those demands. It also provides an opportunity to understand the reason behind the decisions by doing extensive research on the needs of the market.

The strongest pillar of every economy ‘Supply & Demand’

The theory of Supply and Demand is based on how the price of a product is decided by analyzing the demand and supply for that good. Here demand means the number of products that people want to buy at a particular cost whereas supply means the availability of the final products that suppliers are ready to sell in the market at a certain amount.

Cost and benefits analysis tools to maximize profit

Cost & benefit analysis is necessary to maximize profitability. It includes researching the best solution by comparing the costs and benefits of various alternatives. In cost & benefit analysis companies do research on all the spheres of completing a task and select the best alternative among all. For example, if a computer is required in an office. The company will look for all the alternatives such as whether to buy it online, or buy from a local shop or a flagship store, etc. They will check out the price, specifications, brand, delivery charges, the hidden cost in every situation, etc. and go for the optimum option. Hence, in cost and benefit analysis, we do qualitative as well and quantitative analysis of all the available options and examine the monetary requirement in any project or investment.

Important areas of economics to understand all the aspects of the subject

Economics is a complex subject that includes various concepts, theories, and formulae. To understand them all students need to have extensive knowledge and understanding of the broader areas of economics that is microeconomics and macroeconomics.

  • Microeconomics – Microeconomics is the study of analyzing the behavior of a single firm or an individual. It the study of the decision made by businesses or persons regarding the uses of resources and the price of goods and services. It focuses on supply and demand and also pays attention to all the other point that determines the price level in the economy. Hence, the study of microeconomics enhances our knowledge of the process of interaction with individual consumers and sellers to understand the elements that stimulate their choices.
  • Macroeconomics – Macroeconomics focuses on the bigger area of economics that shows the decision-making process of a national or global economy. It studies how the behavior and policies of the country affect the economy as a whole. It is the top-down approach of analyzing the entire economy and industry process.

In macroeconomics, we learn about how to understand the increase and decrease in the net exports that affects the national capital account, etc.

Why My Assignment Services is the best Economics homework help provider in Australia?

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Author: Mike McDonnell

Mike is of the belief that every student who needs assignment help should get one. So, he decided to not pursue a job in fortune 500 company but share his knowledge and skill to aid students in their academic. Mike provides assignment help to students across Australia with their doubts and queries in the subject of economics. His expertise of the basic concepts of microeconomics and macroeconomics has gained him credibility among the students looking for economics assignment help. Mike McDonnell has provided expert consultation to students for a long time and has been an assignment writer at My Assignment Services since his postgraduation.

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