The 9 Best Things About Economics And Its Assignments

The subject of Economics has an enormous impact on all our lives. It is concerned with the optimal sharing of resources in our society.  This subject deals with the economy and sheds light into what happens in the market. Students, who study this as a subject and dream of becoming a future economist, seek Economics assignment help online to complete the coursework given to them.

They would often go online and search for a reliable Economics assignment help. These assignments require a lot of calculations, analysis and concentration. To ease this pressure, we have come up with nine best aspects of Economics and its assignments, so that students can sink their teeth deep into this subject.

1. The problem of insufficiency

Economics teaches us at a ground level that the society at every level must make choices about how to use its resources. At an individual level, it teaches us whether we should spend money on our daily bread or the fancy car that we dreamt of.  

All these choices get fulfilled as we work and earn money. In most cases,  consumers do not have enough resources to purchase everything. This is a result of insufficiency.  

2. The fundamental chain of demand and supply

The importance of this demand and supply chain is the fundamental framework of Economics.

• Demand is the number of goods that a buyer is willing to purchase at a particular price
• Supply is the quantity of the product that the sellers are eager to sell at a specific price.

The higher the price, higher, will be the demand for supply from the manufacturers.  Students are assigned case studies and in-depth analysis of this law of demand and supply. Assignments like these help the individuals to dive very deep into the core concepts of Economics.

3. The importance of the free market hypothesis

Economics pushes home the idea that the entire free market is one where for any goods or services, there is an economic equilibrium over the total quantity supplied and the total quantity demanded.   

This hypothesis also clarifies that if and only if the perfect competition and the absence of government quotas and regulations are met, then only this hypothesis holds true.

4. The government’s intervention

Continuing with our previous issue; the free market hypothesis, Economics teaches us the importance of a critical divide between some economists. This divide is essentially at its core the extent to which the government should intervene in a country’s economy.

Some economists believe that the government's intervention should be limited, while some believe that the government's intervention can overcome inequality.

5.The importance of principal of opportunity cost

An economist is fully aware that everything has an opportunity cost. Unlike economists, the politicians who win elections by promising more spending and cutting taxes, they are unaware of this phenomenon. The principle of opportunity cost teaches us how to utilise the public's money in the best way possible.  

Students receiving case studies and assignment on this particular topic can cover a wide range of examples, thereby strengthening their grip on the core concepts of opportunity cost.

6. The importance of Trade and Markets

As we work, we work for jobs in a specified field. Over time we tend to specialise in that field. We earn money by doing our job to purchase the goods and services we need to sustain our lives. It is this specialisation that requires trade.

We do not need to know about a sewing machine if we need a jacket. Similarly, the market allows us to learn a specific skill (instead of acquiring a wholesome knowledge about the entire process). Then put that knowledge to earn money and buy the goods and services we need.

7. Social efficiency

Economics provides us with reasons why a market failure happens. It takes into account the entire private and social costs and how it extracts the benefits of a decision.  

8. Knowledge and understanding

One of the main jobs-role of an economist is to figure out the reasons and investigate for low economic growth, job crisis and poverty. Economic studies can examine the effects that cause these situations in a country. Going into the future, these factors decide the fate of a particular country.

9. Evaluation

Unlike other subjects like Mathematics and Science, we can’t be definite about Economics. As there are several unknown variables, it is practically challenging to be definitive about anything.

So, there can be many outcomes of a possible situation, and a good economist knows about it. This approach helps prevent many overly ideological approaches.

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Created on Aug 19th 2020 09:32. Viewed 222 times.

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