Supply and Demand
Supply and demand are one of the main pillars economics is standing upon. In economics, the term “demand” refers to the quantity of particular products people want to buy in the market at a particular price. Whereas supply refers to the availability of the products people want to buy or demand in the market at a certain price. The theory of supply and demand determine how the price of a particular product is fixed. There are some exceptional products that have no alternative and even after the hike in the price there will be no change in demand.
Scarcity is the primary concept of the economics that refers to the availability of the limited resources that are necessary to meet our needs. Resources like technology, money, raw material, and manpower are limited in quantity in comparison to our unlimited demand. So, economics helps us to take important decisions to properly utilise these resources in order to meet the demand in the market. This sub-discipline of economics allows students to make the proper decision after analysing the demand in the market. Online tutor at the BookMyEssay provide economics dissertation writing help to further elaborate the concept to students
Cost and Benefit Analysis
Cost and benefit analysis involves achieving the set goal by comparing the cost and benefits of various alternatives to maximise the profit. Let’s take an example to further explain the concept. Suppose in a company ABC sends one of his employees to print out some papers on a daily basis. After a long period of time, ABC decides to buy a printer. Now ABC will perform the cost and benefit analysis to find out the profit or loss. In this situation, they will find out if the price of sending a person is more than purchasing a printer. Hence, cost and benefit analysis consider both qualitative and quantitative aspect of any project or investment. Students can hire economics assignment help to write an assignment on the cost and benefit analysis.
Incentives are the source of motivation that encourages employees to follow their preferences in the economic sector. There are two types of incentives namely intrinsic incentives and extrinsic incentives.
Intrinsic incentives originate within the person due to the good working environment. For instance:- if you work hard to bring a change in the working field then, it is an intrinsic incentive.
Extrinsic incentives come from outside the person and further encourage him to accomplish a particular task. For instance: - a company announce to give the incentive on the sales of 100 bottles which is an extrinsic incentive.
Economics Can be Divided Into Two Major Parts Known as
This particular area of the economics deals with the behaviour of a single unit (individual or a business firm). If further explained this area help students to learn about the behaviour of a firm and individual in the market to take the better decision. In this sector of economics, students will learn about product pricing, the study of firms, factor pricing, and many more. BookMyEssay offers reliable economics assignment help to students dealing with microeconomics assignments.
Unlike microeconomic, macroeconomics focus on the bigger picture to determine the decision-making process. The macroeconomics includes regional economy, national economy and the global economy. Hence, this sector of economics draws student’s attention toward the supply of goods and services that determine the price, GDP, unemployment, inflation, etc. In the macroeconomics, students learn about the investment, savings, general price level, economic growth and many other concepts.
Core Concepts Covered in Economics for better Understanding on the Part of Students
Beardly categorised, students seek Economics assignments on topics that fall under one or more categories detailed below:
- History of Economics
- Public Economics
- Social & Economic Data
- International Economics
- Regression Modelling
- Managerial Economics
- Cost Curves Study
- Health Economics
- Business Economics
- Labour Economics
- Demand & Supply Analysis
- Demand Forecasting
- Game Theory
- Qualitative Methods of Economics
- Economic Development & Planning
Apart from the topics discussed above, students assigned with economics coursework need to take up the subject with the intent of interest and learning.