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Economics and its History
Meaning of Economics:
Economics is the study of making choices about production, distribution and consumption of goods by giving consideration on people and their preferences towards resources. The word economics basically originated from the Greek word monomania that’s meaning is household. According to economics writers There are two fundamental facts of economics such as needs relatively insufficient from the subject material of economics and people have unlimited needs Economics include a range of theories, principles, and models that deal with creation and distribution of wealth in communities. It also concerned with how people allocate resources to satisfying their unlimited wants with scarce resources. The term of economics assignment help can be understood as science of wealth, choice making, material well-being, and active improvement and development.
History of Economics:
Adam Smith (the father of economics) is a classical economist as he describes the economics as “an investigation into the environment and reason of wealth of nation”. According to him, economics deal with disbursement, accumulation and gaining of wealth. So it’s called wealth definition of economics. In 1759, he published his first book “The Theory of Moral Sentiments”, while second book called “The Wealth of Nation” in 1776. In these books, he wrote on capitalism and gave many opinions such as labor as source in the industry and mutual benefits in the market
Furthermore, Karl Marx described economics as profits imitate social relation and development of capitalism. As per research, prices do not equal labor values and co-founded international workers’ political party Prof. Lionel Robbins presented a new definition of economics. As per this economics assignment
help, definition, economics discovered the problem, which occur because an insufficiency of sources. The definition deals with the various characteristics such as different use, insufficient represent and unlimited ends.
Six Basic Concepts of Economics by assignment help services
According to the Australian Economics Assignment Help following are the main basic concept of economics:
- Supply and Demand: According to economics assignment help, It is one of the key economic concepts that develop a foundation for economic activities in a national economy. Demand means quality and quantity desired by the buyers in an economy, while supply represents quantity that offered by producers. It helps to determine price of goods and service in an economy.
- Scarcity: Resources are limited but needs of people are unlimited. Scare resources include time, financial resources, natural resources etc. This concept helps to place value of resources. Due to limited resources, it would be very difficult to write economics assignment and you need the experienced tutor for economics assignment help. We would be very happy help with your economics assignment help online.
- Factors of Production/Resources: Factors of production can be defined as elements that a nation uses to solve scarcity issue. Land, capital, labor etc, are some factors of production, which effective management ensures success of a nation .
- Opportunity Cost: People have made to choice due to scarcity of resources. This concept of economics assignment helps people to access value and cost of decisions systematically. It allows them to take informed decisions.
- Market: This concept of economy includes systems, procedures, institutions and other factors that facilities exchange of goods and services.
- Productivity: In this economic concept, nation’s ability to product goods is accessed to determine efficiency of their functions, policies and procedures.
These are the basic concept of economics. If you do not knowledge of basic economics then it would be very difficult to get good grades in economics assignment. But you do not worry, our economics experts writes provides you best economics assignment help or economics homework help.
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Classification of Economics
Economics mainly classified as a micro economics and macro economics. In this our economics assignment help experts explain the concept of micro economics and macro economics
Micro economics stand for study of economy comparatively at a small level, which covers the study of individual behavior with changing economic factors
On the other hand, macro economics provide the explanation of economy at large extent or descriptive level.
Micro economics mainly deals with study of demand and supply of products, product pricing, factor pricing, and the concepts of economic welfare.
According to the Australian assignment help, macro economics deals with study of broader level issues such as national income, employment or unemployment rate, standard of living, GDP etc. as it covers the analysis of entire economy .
Micro economics is important to determine price level for products by giving consideration on pricing factors like land, labor, capital, entrepreneur etc. In contrast to this, macro economics deal with stabilizing general price level by resolving problems related to economic slowdown, inflation, deflation, unemployment etc. Both these are the main types in which economics classified, but further it also classified as positive economics and normative economics. Positive economics assignment mean the study of what is in economics, while normative economics mean what should be in economic. Positive economics deal with cause-effect relationship, but normative economics deal with opinions and value judgments.
Importance of Study of Economics in our life.
If you planning to take economics subject, Study of economics assignment help is quite important to understand how demand and supply affect price of products in daily lives of people. It enables them to know how a particular change in external environmental factor can affect price levels in market as well as purchasing power of consumers. Our economics assignment writes creates an understanding of different types of structures of economies, which is significant to know about economy of a country effectively. Through a detailed understanding of micro and macro economical factors, individuals can determine the suitability of different investment products for investment of money. It improves individual’s knowledge and insights about impact of developments in the fields of business, society and global economy as a whole. The study of economics assignment help is also important to take better decisions as it help to get understanding about economic factors like taxation norms, changing interest rates, VAT etc.
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