Economics Homework Help
Economics defines the consumption, production & transfer of wealth. It is a study of how various governments and individual use their resources to satisfy their operational and non operational needs. Economics is a very vast social science subject which defines various theories and models on how the entire market utilizes its resources and works towards a positive economic outlook. These resources include money, time , talent, labor, land, government expenditure, taxes , equipments, machinery and other array or fixed and variable assets. People studying economics and implementing its theories to derive the financial outlook are known as Economists.
Economics can be broken down into two broad theories –
- Micro Economics
- Macro Economics
It analyzes the market behavior of individual customers or firms and try to understand their decision making pattern pertaining to their spending patterns. It is a study of single rational and utility maximizing for an individual. . Micro economics considers that patterns which influences an individual to buy or sell products in a market. It identifies the interaction of factors and the buying choices made by the individual or a firm. It looks into to the smaller picture and focuses on demand and supply variations at the individual level. Entrepreneurs have a greater interest in micro economic activities as its provides an exact picture on how a particular product should be priced.
Following are the important topics that are needed to be studied in order to be averse in Microeconomics:-
- Demand, supply, and equilibrium: Supply and demand are used as an economic model for price determination in a perfectly competitive market.
- Measurement of elasticity’s: Elasticity measure the changes of an economic variable with respect to another variable. It can be quantified as the ration of percentage change in one variable with respect to the other variable.
- Consumer demand theory: It defines as the preferences for the consumption of both goods and services to the consumption expenditure.
- Theory of production : The study of theory of converting inputs into outputs is known as theory of production. Production uses all the resources required to create goods for daily use and services.
- Cost of production: The total cost required for the production of a particular good is called as cost of production.
- Perfect Competition: A market scenario where no player is large enough to influence the entire market behavior.
- Monopoly: Monopoly is a market scenario where there is only one large seller or supplier for a particular commodity.
- Oligopoly: Oligopoly is a market scenario where the entire market is dominated by small player selling a particular commodity.
- Market Structure: A combination of several types of interaction market system are known as market structure.
- Game Theory : Game theory is a mathematical model used for modeling competitive behavior of various interacting agents. It includes a wide array of economic phenomena like auctions, bargaining , merger and acquisition.
- Labor Economics : It study the functioning and dynamics of market for wage labor
- Welfare Economics : Welfare economics uses microeconomic techniques to evaluate the well being from allocation of various productive factors.
- Economics of information: It is a branch of Economics which studies and identifies how information affect the economy and economic decisions.
Macro Economics deal with the performance, structure, decision making and behavior of the entire economy. It takes into account regional , national , global economies. Macro Economics is aggregated with indicators like GDP , unemployment rate , price indices and interrelation between other sectors of economy. Macro Economics experts understands the relationship between various factors like National Income , investment, international trade and international finance.
Other than Micro and Macro Economics , here are the list of few more economics topics to be studied.
- Fundamental Economics
- Decision Making and Cost-Benefit Analysis
- Division of Labor and Specialization
- Economic Institutions
- Economic Systems
- Opportunity Cost
- Productive Resources
- Property Rights
- Trade, Exchange and Interdependence
- Aggregate Demand
- Aggregate Supply
- Budget Deficits and Public Debt
- Business Cycles
- Economic Growth
- Employment and Unemployment
- Fiscal Policy
- Monetary Policy and the Federal Reserve
- Real vs. Nominal
- Competition and Market Structures
- Elasticity of Demand
- Government Failures/Public-Choice Analysis
- Income Distribution
- Market Failures
- Markets and Prices
- Price Ceilings and Floors
- Roles of Government
- International Economics
- Balance of Trade and Balance of Payments
- Barriers to Trade
- Benefits of Trade/Comparative Advantage
- Economic Development
- Foreign Currency Markets/Exchange Rates
- Personal Finance Economics
- Compound Interest
- Financial Markets
- Human Capital
- Money Management/Budgeting
- Risk and Return
- Saving and Investing
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