Economics is that branch of social sciences that studies the distribution, production and the consumption of services and goods. The interaction of the economic agents and working of economies together is studied under the purview of economics. There are two broad segments of economics i.e. Microeconomics and Macroeconomics. In case of Microeconomics, individual markets and agents, their interaction and outcomes are studied, while Macroeconomics considers analysis of the whole economy and issues that affect it.
Economics is considered important as it involves:
- Comprehending the market performance and macroeconomic behaviour.
- Explaining the economy through different statistical parameter and emphasizing on its relevance.
- Evaluation of the policy options and its outcome.
No other subject in the recent years has witnessed a strong demand like economics. A multiple problems can be solved through knowledge related to economics and following are some of the areas that are considered important in research and academics:
Demand and Supply Analysis
Quantities and prices are considered to be observable attribute for goods to be exchanged and produced in an economy The demand and supply theory helps explain the way the prices coordinates the amount of goods produced and consumed. The market equilibrium is realized where the quantity demand is equal to quantity supplied. A business firm strive to reach the equilibrium position to incur profit. Thus, demand and supply analysis helps in business planning and allows firms in gaining strategic position in the market.
Production and Costs
Production and costs are a part of microeconomic analysis. The process of production involves transformation of inputs to creation of products for the purpose of direct use or exchange. Firms aim at reducing the cost of production to increase the profitability. It is quite important for analysing the production capacity and the costs so that its helps in planning profit, controlling cost and following best pricing strategies.
The field of microeconomics examines the way entities in a market structure interact in the market to form a market system. The entities includes the presence of both public and private sector bodies. There are different forms of market structures operating in the economy, which includes perfectly competitive market, monopoly market, oligopoly market, monopsony market and more. The operation of the different market structure in the economy affects the different macroeconomic indicators. Studying the behaviour of the markets is considered one of the important domains under economics.
The economic efficiency based on the theoretical and empirical consideration are both important aspects related to specialisation. In order to facilitate trade in between nations, there is a need for differences in opportunity cost of production. Through, studying economics the individuals gain knowledge related to a number of trade theories. The theory of comparative advantage and absolute advantage are the two most important theories that helps in explaining the levels of specialisation that is carried out by countries. Specialisation allows an economy to use their resources to full potential.
Game theory is considered one of the most outstanding recent development in the field of economics. The importance of it has grown as it helps in finding the solution to the problems related to bilateral monopoly, oligopoly and duopoly. Determinate solution is quite difficult to arrive in any market situation so the theory of games attempts in arriving at a number of equilibrium solutions related to rational behaviour of the participants under all possible situation. Zero sum game and non-constant game are some of the commonly used games for highlighting the importance of self-interest in the business world.
Monetary and Fiscal Policies
Fiscal and Monetary policies have a direct impact on the macroeconomic condition of the country. Monetary policies are controlled by the central bank of the country and the government implements the fiscal policies. Through studying economics, individuals are able to understand the way all macroeconomic policies operates in the economy and the significance of it.
Due to the industry demand for economists, the popularity of economics discipline among the students has also risen. Almost all universities provide economics as a major course or sometimes tend to provide specialist courses like Business Economics or Agricultural Economics. A number of degree courses like management, history, accounting and finance also tend to have economics as a subject combination. However, students struggle with the subject, as they find it difficult in deciphering the terms, which ultimately lead them to acquire low grades. To overcome this struggle and come out with better grades is going to be an easier process, once you avail our services. We have professional experts, who are capable in handling all the types of economics project. The following are the domains that our experts specialises:
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