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Economics Homework Help

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Economics Assignment Help by Economics Professionals

Economics Homework involve a high level of analysis which forces the students to look for professional economics Homework help. Livewebtutors help the students to strengthen their base and clear any doubts related to economics. We have experienced and qualified tutors who are always ready to guide the students. Our experts regularly post videos and articles dealing with the principles of economics to help students become better on the subject.

Economics Homework Help

Economics is a subject that focuses on the rational management of scarce resources in such a manner that our economic welfare can be maximized. In other words, it is a subject which deals with the human behavior as a relationship between ends and scarce means having alternative uses. It studies the economic issues (or economic problems) arising out of the fact that resources are scarce in relation to our needs, desires and the scarce resources have alternative uses. Because of the scarcity of resources and the fact that resources have alternative uses, the problem of choice arises.

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Economics And Its Scope:

As a Subject Matter: Economics studies the behavior of a human being. It is through studying this subject that we get to know that the wants of the human being are unlimited and while purchasing a commodity he/she behaves rationally. With limited money or income, he desires for unlimited wants which leads to the maximum satisfaction.

Economic Activity: Activities which are concerned with the generation of money and whose motive is to earn a profit, come under the category of the economic activity. For example, a job of a lawyer, teacher or a doctor is an economic activity. Why? A person working as a lawyer earns some money from his/her service and buys goods from that money.

Positive and Normative Economics: Positive economics describes and explains an economic phenomena whereas normative economics tells us whether a particular activity is right or wrong. Economics is considered to be positive as well as normative because it explains the cause and effect of a problem and has the ability to explain whether it is bad or good.

Whether Science or Art?

Science is based on the laws and principles which have taken years to develop after a long period of research and study. Several experiments have been carried out to develop theories. The laws and principles of economics have been carried out for a long time which needs a lot of research. To analyze the problems like unemployment, poverty experiments have been carried out. So, economics is a science. On the other hand, economics is also an art because just like an art it guides the people to achieve their goals.

A Social Science: A man tends to buy a product which is not produced by him. The process of buying and selling is known as an exchange. The products are manufactured in the factories which need land, labor, capital, money etc. All these aspects are in relation to the society. Economics studies such aspects of social science as well.

Branches of Economics

BASIS OF DIFFERENCE	MICROECONOMICS	MACROECONOMICS
MEANING	That branch of economics which deals with the individuals.	That branch of economics which deals with an aggregate of economic welfare.
OTHER NAME	It is also called as price theory.	It is also called as income theory.
TOOLS	The main tools are demand and supply.	The main tools are aggregate demand and aggregate supply.
ASSUMPTION	It is based on the assumption “other things being equal”.	It is based on the assumption of “mutual interdependence among various economic variables.
EXAMPLE	Price determination of a commodity.	General price level.

Need Of Economizing The Resources-

There is a need to economize the resources as the resources are limited and scarce. This gives rise to the central problems of the economy. Some problems are specified below.

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What to produce? : According to this problem, an economy has to decide which type of goods needs to be produced and in what quantities they are to be produced with given resources and technology. For example, an economy has to decide whether it should produce capital goods (machines), consumer goods (bread), wartime goods (tanks), peacetime goods (medicines), luxurious goods (car) or essential goods (wheat). The guiding principle in solving this problem is to allocate resources in such a manner that it generates maximum capital and consumer goods lead to maximum aggregate satisfaction.
How to produce? : According to this problem, an economy has to make a choice between the techniques of production to be adopted in order to produce goods and services with given resources and technology. For example, an economy has to make a choice between the labor-intensive technique of production and capital-intensive technique of production.
For whom to produce? : According to this problem, an economy has to decide whether it should produce goods and services for wealthy sections or for weaker sections of the society. The best way to answer this problem is to search for the urgent wants of the people and maximize the efforts to fulfill those wants.

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Topics covered in our economics Homework help-

Our service covers a lot of key topics. Some of them are given below.

Consumer behavior	Macroeconomics
Microeconomics	Classical theory
Economic growth	Industrial economics

Economics Homework Help Service From Live Web Tutors:

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