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Importance of Economics Assignment in Academic Life

Economics is an interesting field of study, not just for those who have an affinity for it. It is a subject that has real-life implications, from the basics to the advanced level, the assignments can be a little difficult at times but you can always reach us for economics assignment help. It is not just an interesting subject but it has many career rewards, most elite positions in the government, like; diplomatic services, audit, journalism, tax officer, civil services, scientific research, economics professors, economic advisors to the federal govt., positions like the chair of the board of governors of the federal reserve, etc. And those are just some of the top public sector jobs; there is a greater opportunity in the private sector too, in fact, some of the highest-paid in the private sector are adept economists; the company relies on them for a multitude of decision-making. Some of the prominent careers in the private sector include; investment banking, information technology, marketing, insurance, advertising, management consultancy, etc. According to IFS and BBC, a career in economics is the second most lucrative career only second after medical, and not very far apart.

Economics is the study of various aspects of economic impact that affect the market at the micro or macro levels like the production of goods and services along with their distribution and consumption. It is part of various courses at the school or college level due to its enormous application in professional life. Students while studying economics have to complete assignments that are often lengthy and time-consuming making it difficult to submit them as per the deadline.

So, they can take economics homework help from LiveWebTutors which has the specialized faculty to complete the project, assignment, or homework on behalf of the student. We are a renowned assignment help company that has supported students from countries like the UK, USA, and Australia in their economics homework for the past 10 years.

Foundation of Economics

Economics as a whole is comprised of four major concepts which are mentioned below:

  1. Costs and benefits analysis basically helps in estimating the weakness and strengths of the transactions and miscellaneous activities.
  2. Incentives are a milestone that encourages and stimulates motivation.
  3. Supply and demand are the relationships between the need for the good and the demand for the same. It is a very complex yet important part of the economic market.
  4. Scarcity is basically the lack of a product, service, or resource. This could be related to anything that has an impact on the economy and economical resources.

Best Topics for Writing Economics Assignment

Our assignment writers have expertise in multiple economics-based topics like:

  1. Monetary Policy - Monetary policy is the policy laid down by the central bank and includes regulation of money supply and interest rate. It is the economic policy used by the country to manage the demand and to achieve macroeconomic aims like liquidity, inflation, consumption, and growth.
  2. Managerial Economics - Managerial economics is related to the implementation of economic concepts and the capability of analysis of economies. It also includes formulating problems and taking rational decisions. According to Spencer and Siegelman; they defined managerial economics is “the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.
  3. Equilibrium of Demand and Supply - Demand is the requirement of the product in the market. Whereas supply is the manufactured or delivered amount of product that is there on the market available for the consumers. Equilibrium is where demand and supply match or meet. It is also known as market equilibrium.
  4. Price Elasticity - It ascertains the implications of price stability or a deviation in the value or quantity supplied on behalf of any product or service.
  5. Theory of Consumer Behavior - Consumer behaviour is where the behaviour of people is studied, be it a group, a segment, or other masses. This study helps in judging the reactions of consumers towards a particular product or service.
  6. Public Economics - It is the analysis of government policies with the help of economics.
  7. Inflation - It is basically the increase in the price of a product or service and a decrease in the demand for the same product or service.
  8. Exchange Rate - The exchange rate is basically the rate of conversion of currency into another.
  9. Scarcity - Scarcity is the fundamental concept in Economics. It refers to the availability of limited resources to satisfy our unlimited needs. Explicitly, resources like manpower, technology, money, and raw materials are limited but our needs and demands are unlimited. So, studying Economics helps to make an appropriate decision regarding how to use these resources in order to meet the demand of consumers. The knowledge of this subject helps us discover the reasons for such a decision. It also provides an idea of making proper decisions by researching the need of the present market. Take the example of Strawberries production. Lots of strawberries are produced for 6-8 months in a year. Some prefer strawberry jam, some prefer preserved juices of strawberry whereas there are many who prefer raw strawberry. But among several only one product can be produced in an extensive manner because of the limited availability of strawberries. So, how to decide which product should be produced more than the other? Hence, knowledge can be gained by the study of Economics. Our online Economics Assignment Help provides Economics assignment answers to help to elaborate on the concept of scarcity with some fresh examples.
  10. Supply and demand - Supply and demand is the main pillar of the market economy. Demand refers to the quantity of a product that people want to buy at a particular price whereas supply refers to the availability of products that suppliers are ready to sell at a certain price. Hence, the theory of supply and demand explains how the price for a particular good is fixed. Take an example: If the demand for strawberries increases then suppliers must produce more of it to meet the demand. But with an increase in demand, prices will rise proportionally. On the other hand, if the price rises, the demand tends to lower down and hence suppliers must lower the price to sell strawberries. There are certain products that have no alternative and hence even-after a hike in price, consumers still purchase the product. This is just an overview of this concept. To get a simple yet proper explanation to it, contact our online Economics Assignment Help We also provide Economics help on all the topics segmented under this theory of economics. Our online service in Economics will provide you with answers on consumer behaviour towards the market economy. Our Economics Homework Help expert also provides Economics project help for any market product. They will research the product and provide you with the details clarifying the economical concept of its demand and supply in the present market.
  11. Cost and benefit analysis - Cost and benefit analysis involves reaching an optimal solution by comparing the costs and benefits of various alternatives in order to maximize profitability. Economic professionals have further described cost and benefit analysis with an example. Suppose that a company (XYZ) sends one of its members every day to get the printout done. After a period of time, they find this task tedious, and hence, XYZ plans to purchase a printer. Now, the members of XYZ will perform cost and benefit analyses. Here, they will calculate the cost for sending its members for the printout and that of buying a printer. At this point, they will also consider hidden costs in both these situations. Hence, if the cost of purchasing a printer is equal to the cost of sending one of its members for printout (also called equilibrium) or if the cost of sending the member is higher than purchasing a printer, it will prefer buying a printer over sending its member for printout. Hence, Cost and benefit analysis considers qualitative as well as quantitative aspects for an examination of monetary value for a project or any investment. If you need Economics Assignment Help with some good examples of cost and benefit analysis, you can contact our online Economics Homework Help and get your work done on time.

Types of Economic Resources

Economic resources are the goods and services available for the production of consumer goods. 3 resources of economics have been considered as the classical resource of economics. Off recently, entrepreneurship is also considered an economic resource because the business owners start the business and the whole process of production. The resources are described below.

  1. Land – It is an economic resource that includes a wide range of metals like oil, iron, gold, silver, etc. There are some countries that are luckier than the others and they utilize these resources to put life into their economy.
  2. Labor – It is the term used for the human resource that is put to work for the production of goods and services. The work capacity of different workers is different, depending on education, training, and experience. To achieve economic growth, the quality and size of labour must increase.
  3. Capital – It is the investment in a business that is necessary for the production of goods. Fixed capital, working capital, capital productivity, and infrastructure are the factors of capital.
  4. Entrepreneurship – An entrepreneur is a person who invests capital in starting a business and supplies goods to the market for the purpose of making a profit.

Two Major Types of Economics Homework Help From Academic Experts

Economics can be classified into two broad areas of study i.e. Microeconomics and Macroeconomics.

Microeconomics

It is a major area in Economics that deals with the behaviour of a single unit (an individual or a business firm). Explaining it further, this area helps us examine the market behavior of a firm or an individual consumer in order to learn the decision-making process. Hence, the study of Microeconomics broadens our knowledge on the process of interaction with individual buyers and sellers to learn about the elements that stimulate their choices. The concept of microeconomics is mostly concerned with smaller pictures related to individual behaviour. So, in this area of Economics, we study product pricing, factor pricing, the study of firms, and many more. We will provide you with details of the desired topic in the simplest form.

Macroeconomics

Macroeconomics, on the other hand, focuses on the bigger picture to determine the decision-making process. It includes the national economy, regional economy, or the global economy. Hence, this area draws our attention to the collective supply of goods and services to determine price, inflation, GDP, unemployment, etc. We study the general price level, investment and savings, Economic growth, and many more. Our Economics Homework Help writers have highlighted the differences between these two areas of Economics.

Difference between Microeconomics and Macroeconomics

Microeconomics

Macro-Economics

The study of Microeconomics is concerned with the behavior of the individual units.

The study of Macroeconomics is concerned with the behavior of the economy as a whole.

Termed as ‘Price theory’

Termed as ‘Income Theory’

Deals with the issues that disturb an individual or company. Like Opportunity cost, demand, and supply, etc

Deals with the issues that disturb the entire country like unemployment, inflation, price, etc

Unrealistic assumptions are made.

Fallacy of Composition’ is involved which doesn’t turn out to be true because not necessarily, the things that are true for aggregate are also true for the individual.

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