What is economics?
Economics is viewed as a social science subject because it uses scientific methods to construct theories that explain the behavior of individuals and organizations. The subject focuses on the production, consumption, demand, supply, and price of the products. It studies the relationship between people (consumer) and society when resources are scarce. Economics is divided into two categories i.e. microeconomics and macroeconomics.
Microeconomics is the study of individuals, households, prices, production, and supply in single markets and organizations making decisions based on their available resources. Macroeconomics is the study of national income, gross domestic product (GDP), inflation, unemployment, savings, and investments.
The central problem of the economy:
- What to produce: It is the primary problem of an economy. Our economy must decide what to produce to satisfy the demand of consumers.
- How to produce: It implies how factors of production like labor, capital, land, and entrepreneurship are used to produce commodities to satisfy the demand of consumers.
- For whom to produce: It implicit allocation of resources, and chosen customer for whom they will produce.
My assignment expert provides help on all three types of economics:
- Market economy: In this type of economy, the market is the determinant force. It plays an important role in determining the price of the commodity. Seller is free to sell its product to customers at any rate they want. It is called a free economy.
- Centrally planned economy: All economic transactions are handled by the central government. Government fixes the price of each commodity in the market and sellers have to sell it at that price.
- Mixed economy: Economy where both private and public sectors are present. Few things are regulated by the government and other things are regulated by the private sector.
Different countries have different types of economies. Students have to learn and study each economy in detail. There are varied factors that influence our economy. My assignment expert will help you to understand each economy and will provide you with economic assignment help.
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Importance of studying economics:
Every individual needs to understand that natural resources are not abundant. In such a situation to manage demand and supply in response to price is an important factor. Study of the economy is important to cope with this topic. It gives a vivid picture of a market, economy, and its significance. It educates us to cope with three major problems of the economy i.e what to produce, how to produce and for whom to produce. The study of political economy tells us how a country distributes its resources effectively. According to an economic assignment expert, studying the economy provides a valuable set of intellectual skills, and has numerous employment opportunities.
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