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A BRIEF CONTENT ABOUT ECONOMICS THAT WILL HELP ME DO MY ECONOMICS HOMEWORK EFFICIENTLY
To do Economics homework, it’s important to have a good understanding about what Economics entails. Peremptorily, let’s jump into;
What is Economics? Economics is a social science that deals with Scarcity and choice and focuses on regulating production and exchange. We will further look into Scarcity and Choice.
Scope and Method of Economics. We have Microeconomics and Macroeconomics and the diverse fields of Economics. No doubt, Economics is a wide subject that requires a lot of time and dedication to grasp and to understand.
Microeconomics examines the economy as a whole
Macroeconomics examines individual consumers, firms and markets in the economy
List three Short-Run Costs? We have fixed costs, Variable Costs and Total costs.
Which are Long-Run Cost? We will look into Minimizing losses, Maximizing profits, Long-Run Directions and Short-Run industry supply curves.
The Economics of Taxation. Under this category, we will look into tax equity, the gift and estate tax and what is the best tax base?
Which are Methods of Economics Analysis? There are two methods which are Deductive method and Inductive Method.
Two Approaches to Economics. There are two main approaches that one must understand. Which are positive Economics and Normative Economics.
List three main types of Economic Systems. There are three main types which are Mixed Economic System, Capitalistic Economic System and Socialist Economic system.
Marginalism: The process of analyzing the additional or incrementalcost or benefits arising from a choice of decision
Opportunity Cost: The best alternative that we forgot, or give up When we make a choice or decision.
Industrial Revolution: The period in the nineteenth century Whereby new manufacturing technologies and improvedTransportation gave rise to the modern factory system andA massive movement of people from the countryside to cities
Efficient market: A market in which profit opportunities areEliminated almost instantaneously.
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IMPORTANCE OF ECONOMICS
Economics affects our daily lives through areas such as wealth, tax, interest rates, and inflation. With studying economics an individual becomes an informed citizen, able to make financial and business decisions.
Understand Global Affairs such as Taxation, Theories of income distribution and equality, Understand economic exchange between countries, understand the structure of markets
The concepts learned in economics helps one to become a better thinker, able to allocate funds and other resources and a problem solver.Understand Economic growth and ways of thinking about the growth process
It’s also a source of employment for economists’, Financial analyst, Market research analyst, One can be employed by the local or central government or one can become a private consultant
States major financial institutions seek help and advice from economists during pandemics due to their Economy crushing
Students pursuing economics have problem solving skills and analytical skills which allows them to succeed in various areas such as law, Risk management, Finance, Foreign affairs, Politics, Public administration among other areas
MAJOR TERMS AND CONCEPTS THAT I NEED TO UNDERSTAND TO GUIDE ME TO DO MY ECONOMIC HOMEWORK
It’s important to build up Economics knowledge so that you can do your homework perfectly and provide accurate Economics homework answers. Let’s look into some terms that will guide you to answer economics assignments.
- Scarcity. This means that Economic resources are limited in supply
- Non-Economic Resources. These are commodities that are unlimited in supply. Example is sunshine.
- Choice. When Economic resources are limited in supply, one must rank wants according to how argent and intense they are
- Wants. This is basically an individual desire to have a commodity.
There are two types of wants which are Secondary and Basic wants
- Opportunity Cost. This represents the benefits that a firm misses out when choosing an alternative over another.
- Goods. This refers to a tangible commodity which satisfies human want and has an exchange value
There are various types of goods. Consumer goods, free goods, Inferior goods, capital goods, substitute goods, Giffen goods, Complementary goods, Public goods and Consumer goods.
Other terms include; Utility, Demand, Production possibility frontier and production possibility curve
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