Economics homework help and assignment help for college students | The Knowledge Dynasty

Economics homework help and assignment help for college students

What is economics?

 Adam smith who is popularly known as father of economics wrote in his book that economics can be defined by two aspects i.e. 

1) Wealth and welfare definition of economics – which states that economic activities of people are guided by objective of acquiring wealth.

2) Scarcity of means definition of economics- states that human wants are unlimited and means to fulfill those wants are scarce. The means have alternative uses and the user puts it to that use which gives him maximum satisfaction. People of every country and society are faced with the responsibility of making best use of the scarce resources to satisfy their unlimited wants. This responsibility is organized, managed and controlled by the political system that the country adopts. Today economics as a subject has a wide scope, economics alone offers a large number of branches and career opportunities to the students.

The branches of economics comprises of subjects like:
• Micro Economics
• Macro Economics
• Managerial Economics
• International Economics
• Econometrics
• Public Economics
• Environmental Economics
• Industrial Economics
• Political Economics
• Health Economics
• Development Economics

These form the broad classification then again under each category there are sub categories of topics which makes your subject complete. Students these days are increasingly taking up separate branches of economics as their career interests but due to paucity of time they feel stressed out with the work and assignments. Economics as a subject is very interesting but one has to devote proper time towards it. Doing regular assignments and economics homework assignment help you to improve your grades. If basics of economics are not understood properly it becomes very difficult for students to understand the concepts which follows the basics. For example, if law of demand is not understood properly then it will be impossible for a student to understand concepts like elasticity of demand, cardinal and ordinal utility analysis. A student can understand the various concepts by referring to some good books, articles, journals available on the internet as well as libraries which can be a great deal of help in economics. Different branches of economics have different purpose of existence.

Micro economics– talks about the analysis of individual firms operations. How a firm can make best utilization of resources and can achieve high profits. Macro economics- on the other hand is the analysis of a nation as a whole i.e. how a nation or a particular region can put its resources to the best usage and gain competitive advantage over others.

Managerial economics– it deals with the application of economics concepts to the business. It helps the business firms to build strategy based on the economic concepts.
International economics– it deals with the study of different economies of the world like US economy, Indian economy etc. international economics goes beyond the national boundaries.

Econometrics– Econometrics is defined as the application of mathematical and statistical tools and methods to define the relationship between key economic factors such as capital, wages, bank interest rates, population, and fiscal & monetary policies. It is a combination of economic theory and statistical techniques to study the economic relationships.

Public economics– Public economics is about the interaction of the government and the economy. It considers the effects of taxes and government expenditures, with particular emphasis upon how the choices of the government can improve or hinder economic efficiency. Public economics also investigates the extent to which it is possible, or Public economics desirable, for the government to influence the distribution of income and wealth.

Environmental economics– Environmental economics is the branch of economics that deals with the effective and efficient allocation of environmental resources. It deals with the managing a healthy relationship of our environment and the economy. To carry out economic activities we need raw material or natural resources. This environmental resources and the economy are dependent on each other. Environmental economics takes into consideration issues such as the conservation and valuation of natural resources, pollution control, waste management and recycling, and the efficient creation of emission standards.

Industrial economics– Industrial economics is the branch of economics that deals with the strategic behaviour of a firm, the market structure and the interactions between them. There are two approaches in industrial economics. The first one is the descriptive approach, which gives the overview of the industrial organization and the second one is the price theory approach, which uses microeconomic models to explain firm behavior and market structure.

Political economics– Political Economics is the social science that deals with the study of the interrelationships between political and economic processes. It is a combination of political science and economics.

Health economics– Health economics is a branch of economics that deals with issues and concerns associated with scarcity in the allocation of health care. In broad terms, health economists study the functioning of the health care system and the private and social causes of health-affecting behaviours such as smoking.

Developmental economics– Development Economics is a branch of economics which deals with various economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example, through health and education and workplace conditions, whether through public or private channels. All these leads to creation of different career opportunities for students. So one should analyze all the options and take up the one which interests him/ her more.

 

Article is written by Ben marsh economics tutor. For on any kind of assignment help or economics homework help feel free to contact.

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