This is a great opportunity for students who have additional information regarding their assignments to contact their assignments handlers with that information. Scarcity is a fundamental concept in economics, which is used to describe the availability of limited resources to meet our unlimited needs. Basically, resources like technology, raw materials, money, and manpower are limited but our demands and needs are unlimited. Studying economics therefore helps us to make informed decisions on how to use these scarce resources to meet our demands.
This is the main pillar of every market economy. Demand is the quantity of goods consumers want to buy at a given price while supply refers to the availability of goods vendors or suppliers are able to sell at a certain price. Hence, supply and demand explains how prices of certain goods are fixed.
For instance, let us take an example of bread. If the demand for bread increases then suppliers have to produce more to meet this demand. However, when demand increases, prices rise proportionally and if the price is high, then demand tends to go down and suppliers have to lower the price in order to sell bread.
Cost and benefit analysis: This involves making a comparison between the costs and benefits of different products and services in order to maximize profits. For instance, suppose a company X sends one of its employees every day to get some printing done. After sometime, the management realizes this task is tedious and so they plan to buy a printer. Now, the management will carry out a cost and benefit analysis where they will calculate the cost of requesting printouts from outside the company and that of purchasing a printer considering the hidden costs in both situations.
If they find out that the cost of buying a printer is equal to that of sending the employee out for printouts or buying the printer is cheaper than sending an employee for printouts, then they would prefer purchasing a printer to requesting printouts outside the company. An incentive is the source of motivation to perform a certain task. There are two types of incentives namely; extrinsic incentives and intrinsic incentives. For example, if a company that produces juice wants to increase its production from bottles to bottles every day, it will announce a bonus for workers if they produce bottles per day.
So in this case, the bonus is the source of motivation for workers. Often times extrinsic incentives are in form of money, discounts, awards, bonuses, etc. For instance, if your work brings a positive impact in your field of employment, you will feel good, satisfied, and motivated to work harder.
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Even though it is convenient to classify economics in two branches, to some extent the split is so faint that it is hardly noticeable. If you are having difficulties coming up with answers to your economics homework, we are here to help. With a highly educated team of economic experts, we can provide concrete economics homework answers to help you obtain good grades in the subject. With our live chat and email services, you can get consultation on economics homework help free of charge.
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Many students who have used our services have mentioned that they have witnessed great improvement in their grades since they started using the homework handling approach provided by our team. It is not too late. You can also become one of these happy students by availing our services. Microeconomics solves issues on a small level. A good example of a microeconomics problem could be the possible effects of raising employee salaries in an organization.
Likewise, what would happen if the company increases salaries for its most productive workers and fires those who are less productive? These are some of the questions that microeconomics tries to solve. This branch of economics also studies the impact of your own decisions in a principle called opportunity cost. Opportunity cost can be defined as making one decision over another.
For instance, you may choose to consume a certain type of food instead of another. This decision involves economy cost as you end up missing out on the benefits offered by the other meal. Choices regarding opportunity cost may be related to your career too. For example, by choosing one job over another, you stand to gainopportunities but lose others.
Because of the narrow focus of microeconomics, it is the best tool for making important decisions in your own life. Students pursuing economics are compelled to seek help in the subject because sometimes it is just the right and easiest thing to do. With academic institutions determined to produce the best possible economists, professors ensure that their approach of teaching the subject prepares students for their career as economists. Economics Homework Helper has analyzed the various economics topics taught in schools and has managed to provide the best economics help for students over the years.
Those students who have been seeking economics help online have benefited greatly from our services by obtaining the grades that they could only dream for. While the main focus of microeconomics is the effects of certain decisions on businesses and individuals, macroeconomics focuses on the bigger picture.
For instance, a microeconomist may look at how low interest rates affect individual borrowers while a macroeconomist would study how low interest rates affect the unemployment rate or national housing market. Macroeconomics would use measures like national income and GDP instead of individual factors to study the impact of a decrease in income taxes.
Economicsis constituted of a wide range of themes that showcase its historical and intellectual development. Some of these themes include:. This is the method used to investigate an economy. An economic methodology can be positive or normative, quantitative or qualitative, inductive or deductive. Economists use mathematical operations like algebra, relationships between economic variables, and equations to make inferences.
This is a sub-discipline of economics that studies the processes that prevent or create economic growth, human welfare, incomes, etc. It covers myriad issues such as agriculture, international finance, industrial organization, labor, resource economics, public finance, international, trade, money and banking, and more. This discipline of economics deals with the application of principles and tools to the analysis and understanding of environmental issues.
Environmental economics borrows from both macroeconomics and microeconomics focusing on changes in polices and institutions as well as individual decisions that affect the environment.
There is no doubt that economics is a subject that every student must consider pursuing either privately or as a regular scholar. It is one of the most important subjects academic institutions are offering today to mold future economists.
P a, P b , Y are the quantity demanded of apples, the price You won a free ticket to see a Drake concert. Arcade Fire is performing on the same This question examines the oligopoly market for lattes on the University of Florida campus. You will use a normal form game to examine the incentives This approximation is often Please answer the following questions on the mathematical proof of endowment effect experiement and loss aversion.
Suppose we have an economy with 3 sectors, each with the following valuation of carbon sequestration: Labor Market Equilibrium 1. After researching the latest consumer confidence estimates, in addition to the latest unemployment and inflation estimates, do you estimate good or I have attached the questions. Have a similar question?
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The direct action the central bank can take is to purchase foreign money perhaps dollars or pounds using newly-created Euros. This will effectively increase the demand for foreign currency, What are two ways the government could encourage an increase in the supply of loanable funds?
The supply of loanable funds comes from two things: Savings, and fractional-reserve banking. When people save money in banks, that money is available to be loaned. But this is relatively unimportant What effect does a shortage have on the price of goods and services? When there is a shortage of a particular good or service in the marketplace, the price of that good or service goes up.
A shortage of a good or service means more people want that good or service Discuss the cardinal utility theory and its assumptions. Utility can be thought of as "goodness" or "desirability"; if we are rational, we do things in order to maximize utility. There are two basic concepts of utility: Ordinal utility, in which utility How do you advise consumers to spend wisely by using the concept of price elasticity of demand? The price elasticity of demand is, for a given product and a given consumer, how much the quantity they would like to purchase changes for any given change in price.
To what extent does a country engaging in more international trade lead to a higher rate of Economic growth is defined as "an increase in the capacity of an economy to produce goods and services, compared What is the importance of elasticity in government revenue collection?
The effect of income elasticity on taxation is quite large, and quite analogous to the effect of demand elasticity on optimal pricing for a monopoly. What are the effects of technological advancement on the financial and economic growth of a nation?
In the long run, technology is the primary determinant of economic growth -- if not the only one. In the short run, all sorts of things can What is the difference between industrial and consumer goods? Industrial goods are products that are manufactured to allow factories to produce goods for the public. Demand for industrial goods is dependent on the demand for consumer goods.
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An engineering industry has the following market supply and demand equations: Your intuition that the monopoly faces a marginal revenue curve with twice the slope of the demand curve is correct.
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