4 Basic Yet Important Economic Terms and Concepts

economics assignment help
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The study of certain skills and techniques that can be used to make an informed decision regarding the utmost utilisation of scared resources that could be in the form of production, distribution or consumption. The main thing about opting for Economics assignment writing help services is to get a basic understanding about the allocation and effective utilisation of the scared resources, which gets mapped up in their assignments and they fail to even comprehend it. That is why they fall prey to low scores and even lower motivational thoughts.  

There are two major types of Economics studied all around:

  • Microeconomics – It talks about the implication of certain types of individual action that relates to the consequent effects for an individual. Microeconomics has its focus on the preferences and choices of an individual buyer or consumer or other economic component units.
  • Macroeconomics – Many economics assignment experts define macro and economics as the two separate terms for considering the larger subsets of a society. It helps in taking out the performance as the aggregate value in subsequent firms or organisations.

Economics can be understood from the following example, if a person wants to purchase an iPhone X, he will do every possible thing to allocate his funds in order to buy that product. But there will be a time when iPhone Xs Max come in the market with the latest of the technologies and features. His demand will consequently shift to the new product. But he will have no money by then to purchase the new product (scarcity of resources). Therefore, economics specifically focuses upon the identification and selection of scarce resources in a possible way such that it can maximise his wants and are optimum satisfied.

Factors That Regulates Economics

There are different types of factors that takes some or the major considerations while making accounts of producing and distributing scared resources. These factors are listed down below:

Demand

It refers to customer’s willingness and desire to buy a specific good or service and his willingness to pay the specific amount of money on that product or service. There is a Law of demand theory prevalent in economics, which states that if a price of a certain good increases, the demand gets decreased and vice versa because people gets switches on to substitute of that good or service. However, it is not applicable in most of the cases.

Supply

After demand, comes the supply. Without demand and supply, there will be no economics. These two help a business to shape prices of their commodities in a market. There is a supply curve which helps to determine the relationship between the prices and their quantities, which is generally proportional to each other. However, many experts dealing in economics assignment services says the same concept of substitute also applies here as well.

Unemployment Rate

There are many skilled labour force in a society who is capable of working but they do not have adequate level of knowledge so that they can be employed for work. Unemployment rate is a crucial factor of economics. For example, if a person loses a job, he and his family will get affected for a period of time. Similarly this plays a major factor if it happens to many people at once, which will have its impact on the economics.

Gross Domestic Product (GDP)

In a simple language, GDP takes note of market inflation and deflation. When there is too much rise in prices of goods and services, it results in inflation. While when there is too much depreciation in their prices, it results in deflation. That change when analysed by keeping the base year constant, it is known as GDP. The concept of GDP is not limited to this, therefore, there are economics assignment help services that attempts to guide and assist students in their written assessments and in the examinations as well.

 My Assignment Services is such a website that not only assists students by completing their assignments flawless for them, but also is a great source of providing academic guidance to prepare them for their examinations that alone weighs a lot of marks. With more than 2000 professional experts giving in their time and efforts to provide economics assignment help to students, there is nothing a student will feel discourage for.

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