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Economics is the research of unique behaviour and society all together. It is the research concerning human life. It is regarding how they make selections, the way they use resources and just how they produce money. We are now living in modern society and want arises for various products. These kinds of demands are never ending and therefore the problem of deficiency occurs simply because each and every need can't be fulfilled. We make judgements regarding how to fulfill the need with confined resources. It gives us the knowledge of exactly how people use resources at their best and the way the hard work of people are realized or utilized.
Adam Smith was referred to as the Father of Economics. In 1776, he founded the traditional form of theory. People who learn economics are referred to as economists.
Study of economics is classified into two divisions namely:
Micro Economics: - It is that division of economics that studies specific units. Examples of micro economics are: - Theory of demand, Theory of supply, Theory of production, Forms of market.
Macro Economics: - It is that division of economics which refers to the entire country. Examples of macro economics are: - study of national income accounting, study of government budget, study of money etc.
Economic difficulty takes place because of to the confined resources. It is the problem of making selection since we need to select the best substitute available from the resources. Scarcity is described as the excess of demand over supply and this give rise to the problem of choice making.
There are generally three kinds of economic problems in micro economics which are also known as central problems.
Problem of what to produce: - It is simply the problem of exactly what kind of good is to be produced and in what quantity. For example: - Whether a producer produces:-
Problem of how to produce: - It is generally the problem of exactly what sort of approach is to be applied for producing the product. For example: - Techniques are basically of two types:-
Labour intensive techniques ( use of more labour instead of capital)
Capital Intensive techniques( use of more capital instead of labour)
Problem for whom to produce: - It is quite simply the challenge of final supply of manufactured products and services. It is based on the way the income is allocated. For example: - Produces make the decision of distributing the final goods between various categories of people namely rich, middle and poor class.
To solve the economics problems Production possibility curve is applied which abbreviated as PPC. It exhibits the various arrangement of different commodities which a producer can produce using the best utilization of resources. If the PPC is displayed in a graph it is concave to the origin simply because of marginal opportunity cost which the rate of sacrifice of a single unit in comparison to the production of other good.
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