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A Brief Introduction to Economics and Its Branches

Economics is the study of the production, distribution, and consumption of goods and services. It examines how individuals, corporations, and governments allocate resources to meet their demands and needs and how these organizations should plan and manage their activities to achieve the best results. Economics aims to educate students to identify the forces driving key economic trends and their influence on workers, corporations, and governments as part of their economics degree. Such abilities deal with scientifically analyzing economic facts, so offering a rationale for all economic difficulties and, as a result, finding answers. Read also about PolarMortgages London Lloyds

Introduction to Financial Economics

Financial Economics is a branch of economics that focuses on monetary valuation. It uses economic theories to evaluate how time, risks, financial costs, and information can be used to create incentives. Financial econometrics is the Growth of models used to measure the variables attempting to influence a particular decision. The models were developed to assume the rationality of the groups involved in the decision process.

Two Important Branches of Economics

  • Macroeconomics
  • Microeconomics

Introduction to Microeconomics

Microeconomics is a dominant branch of economics. Microeconomics is the study of how a person or a business organization makes decisions about how to allocate resources and trade commodities and services. A student might select from various job options after completing proficiency in the field. This branch of economics envelope the consumer theory, producer theory, and market structures through which individuals and organizations react.

The major concepts of microeconomics are:

  1. The elasticity of demand.
  2. Marginal utility and demand.
  3. The elasticity of supply.

Major Theories of Microeconomics

  • Consumer Demand Theory- The process of making decisions to spend their money according to the needs and budget is considered as microeconomic.
  • Production Theory– It is an effective and useful theory of microeconomics created by Jean-Baptiste Say. It works for tracking the money and time spent by a firm to sell goods and services. It also works to check the profit saved by a company through its goods and services.
  • Price Theory– This theory of microeconomics includes the process of making decisions to decide the correct price or value of goods and services in an organization or business firm.
  • Supply and Demand Theory– The process of communication between an organization and its customers regarding the sale and purchase of products and services is called the supply and demand theory of microeconomics.
  • Opportunity Cost Theory– The theory of opportunity costs indicates the potential economic advantages that a person, shareholder, or organization eliminates when choosing one option over another.

Hence, it isn’t easy to understand these theories. Therefore, many students studying in Australia seek assignment helper to avoid a negative impact on their academics and to understand subject-related knowledge.

What are the Best Career Opportunities Available for the Students of Microeconomics?

Students can opt for many different career scopes according to their own interests after learning and taking a degree in microeconomics. Some of those career options are mentioned below:

  1. Economists
  2. Microeconomics Lecturer
  3. Financial Risk Analyst
  4. Researcher of Economics
  5. Investment Analyst

Introduction to Macroeconomics

Macroeconomics is the branch of economics that examines the overall performance of a country’s economy over a period of time. Gross domestic product, unemployment, and the price index are macroeconomic indicators. National income, output, consumption, unemployment, inflation, savings, investment, international commerce, and international finance are all rational aspects that macroeconomics aims to explain. Scarcity, choice, opportunity cost, production possibility curve, demand, supply, market equilibrium, comparative advantage, specialization, and exchange are all ideas in microeconomics.

Types of Macroeconomics Factors

  • Inflation: Inflation regulates an increase in the average cost of goods and services over a particular period.
  • Interest Rates: The interest rate decides the amount earned by collaborating money within the country’s financial system.
  • Fiscal Policy: Fiscal policy regulates the flow of money in circulation within both sectors of the economy.
  • GDP: GDP stands for Gross Domestic Product which determines the overall value of products and services produced by a country.
  • National income: The total amount of money produced by the country’s economy.
  • Economic Growth Rate: This factor regulates the change in a country’s cost proportion of producing goods and services over a given time period compared to the previous growth period.

Macroeconomics Research Areas

There are two specific areas of research for macroeconomics are:

  1. Economic Growth refers to an aggregate increase in overall production in an economy. It is commonly measured in the rise in the value of goods and services over a specific time using estimates by procuring GDP.
  2. Business Cycles: It determines the expansion between the recession and boom over a specific period.

What is the Difference between Macroeconomics and Microeconomics?

Microeconomics and macroeconomics are the two most important branches of economics. Macroeconomics is the broader branch of economics that deals with the economy of a country and tries to increase the living standards of all the citizens living in a country whereas, Microeconomics is the smaller branch of economics that works to make decisions to develop the economy of an individual or a business organization. Microeconomics is concerned with a narrower scope of research than macroeconomics. Microeconomics is concerned with individual and small business behavior in a single market and decision-making processes and resource allocation. Microeconomics is concerned with individual and small business behaviour in a single market, as well as decision-making processes and resource allocation. The study of the effects of major market participants’ decision-making on the supply and production of goods and services, which influences pricing and, ultimately, the quantities demanded and provided in the market, is known as microeconomics. It also examines how national economic policies, such as changing tax rates, affect market demand and supply dynamics.

What are the Best Career Opportunities Available for the Students of Macroeconomics?

Macroeconomics is considered the vast and major branch of economics. Many students are studying this vast field as their career option. There are several career opportunities available for the students of macroeconomics. A few of them are given below:

  • Economist
  • Macroeconomic Analyst
  • Economic Advisor
  • Macroeconomics Professor

Different topics of Economics Assignment

  • Cost and Production: Assignments on declining marginal productivity, Isoquant & Cost minimization and Profit maximization are common in this field.
  • Market Structure: The major typical topics requested in writing economics assignments include market sort such as monopoly, oligopoly, and oligopolistic competition, as well as different types of competition such as monopolistic or perfect competition.
  • International Trade: Theories like the production possibility frontier, opportunity cost, comparative advantage, terms of trade, and gain from trade are frequently utilized in international trade assignments.
  • GDP accounting: GDP Accounting determines the whole value of goods and services produced by a country over a specific time period. GDP Accounting analyzes the size of an economy and its growth rate over a period of time.
  • AD-AS model: These are about macroeconomic ideas, which are one of the most significant branches of economics, such as full employment, output gap, fiscal policy, and monetary policy.

Economics students need to be aware of all of these major economics concepts. Economics is a lucrative topic of study that requires students to complete various assignments. Therefore, many students seek assignments writing help to avoid a negative impact on their academics and to understand subject-related concepts.

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