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Economics is the branch of social science that studies the production, distribution and consumption of wealth. Economics as a subject of study came into being in the year 1776 in an article named An Inquiry into the Nature and Causes of the Wealth of Nations written by a Scottish Philosopher Adam Smith. Even before Smith Greek philosophers produced several literatures on economics. However, what is known as classical economics today consists of several principles and ideologies that were mentioned in Smith’s full-scale treatise on economics. Economics is a subject that closely analyses how individuals, businesses and the society as a whole are allocating and consuming resources in order to satisfy their several needs and wants. Using numerous models and assumptions, our economics problem solvers use it to understand the different ways of improving production and exchange in the context of commercial activities. The theories in economics also helps a great deal in formulating strategies and techniques to enhance the incentives and policies that are crucial to maximize the outcomes. In order to study the economic development of a nations, economists have designed a few parameters like Gross Domestic Product (GDP) and the Consumer Price Index (CPI). Some of the different types of economic systems are socialism, capitalism and communism.
Macroeconomics homework help: Macroeconomics focuses on the study of the economy at national and international levels. This area of economics discusses a wide range of areas such as foreign trade, inflation, price levels, rate of growth of national income, Gross Domestic Product, rate of un employment and nature of business cycles and its consequences like booms, expansions, recessions and depressions. The study of macroeconomics is crucial in order to find out what stimulates and drives the economic growth of a country. It can also help in formulating strategies to improve the economy of a particular region.
Microeconomics homework help: Microeconomics is an area of economics that closely analyzes various activities and decisions taken by individual consumers, business organizations and governmental agencies. It also tries to understand different types of human behavior and its impact on the fluctuations of price in the market. It deeply studies how humans respond to varying price levels and explains a close connection between the demand and price. Several theories of microeconomics give an in-depth analysis on the dynamics of supply and demand and its relation to the efficiency and cost of production and distribution of goods and services. This branch of economics also analyzes the spending and purchasing patterns of consumers. It also gives an elaborate understanding on how various products and services in the market are valued at different prices and how individuals compare and shape their final decision.
Advanced Econometrics homework help:The concept of econometrics helps in deriving empirical content for economic relationships using quantitative application of statistical methods and mathematical models. Advanced econometrics is a broad area that studies how different concepts and methodologies of time series analysis can be applied to economics. This area of economics gives impetus to concepts like stochastic equations, ARIMA, state-space models and VAR. The subject also deeply analyses Kalman fillers and related applications as well as methods of estimation, structural break models and concepts like unit roots and co-integration.
Advanced Theory of Economics homework help: Dynamic General Equilibrium Theory, Cooperative Game Theory, strategic formation of social networks is some of the advanced theories in economics. The concept of dynamic general equilibrium is modeling concept in macroeconomics that helps you to analyze and compare economic phenomena like growth, business cycle, impact of economic policies using various econometric concepts and principles of microeconomic principles. Cooperative Game theory is a concept that is used to analyze strategic behavior of rational individuals. This scientific theory is crucial to take numerous business decisions on price, product development and promotion etc. Strategic formation of social networks is a broad area which deals with the study of various social groups and how their interaction with each other affects the different economic policies of the nation.
Applied economics homework help: This area of study is significant to understand how different types of economic analysis can be used to solve different kinds of problems in public and private sectors. This area of economics gives a special focus on quantitative analysis. Several economic theories are proved by applying to practical scenarios.
Business economics homework help: It is a part of applied economics that studies the environmental, organizational and financial factors that impacts the functioning of large corporations. Quantitative methods and economic theories are used to formulate business strategies relating to organization, acquisition, management, expansion and other regulations.
Circular flow of income homework help: The circular flow of income explains the relationship between various sectors of the economy. The four important components of circular flow of income are households, businesses, Government and external factors like export. Households receive income in the form of wages from their jobs. Businesses use land, labor, and capital to produce the goods and services. They sell the products and earn profits out of it. These profits are used for paying wages and rent. Government collects tax from public to fund facilities such as education, defense, sanitation etc. The external factor includes import and export of products. Circular flow of income represents the flow of goods and services and components of production between businesses organizations and end consumers
Computational economics homework help: Computational economics is a subject that integrates computer science, management studies and economics. It incorporates advanced computing techniques to solve problems related to different branches of economics. This area also deals with concepts like computational finance, computational tools for internet markets, modeling of macroeconomic markets using computational tools and computational econometrics and statistics.
Cross elasticity of demand homework help: This is an important variable in economics that weighs the response in terms of the demand of one product when the price of another product changes. The percentage in the quantity of demanded for one is divided by the percentage change of the price of another product gives you the cross elasticity of demand. The elasticity of demand helps you understand how sensitivity of demand of a product changes based on various economic variables like price and income levels of people.
Demand forecast homework help: Demand is an important factor that plays a huge role in the success of any business. Demand forecast is a method by which businesses can predict the probable demand of various goods and services in the future. The prediction is made based on an analysis of the present demand in the market. This is a crucial technique that helps companies to take important decisions on capital investment and expansion.
Engineering economics homework help: Applying economic techniques in engineering helps you to assess the relevance, evaluate its value and justify the production of a particular project. Earlier known as engineering economy, it is a branch of economics that bases the engineering decisions according to the principles of economics. This is a subject that is pragmatic in nature. It studies how different businesses take decisions relating to limited distribution of natural resources. Ideally, this subject integrates economic systems and methods with engineering concepts.
Gross domestic product homework help: The gross domestic product of a country takes into consideration the total value of all the final goods and values produced in the country at a particular year. Before the final GDP report is given, two kinds of reports are released which are of utmost use for traders, financial experts and investors. These are advanced GDP report and preliminary report. The final GDP score is influenced by a lagging indicator which means that this figure can predict a trend in the economy, but it is not capable to predict a trend.
Health economics homework help: Health economics is a broad area that deals with various subjects like efficiency of healthcare services, financing of medical facilities, incorporation of regulations in healthcare and allocation of adequate resources for improving the healthcare sector. In simple terms, this is an important concept where the integration of economics and healthcare sectors helps in studying the different treatment models and factors that affect the health of an individual like smoking and alcoholism.
Law of demand homework help: In simple terms, law of demand states that the demand of a product decreases when the price of the product increases. The demand and price of goods and services are inversely proportional to each other when other factors are constant. This is an important concept in economics that helps businesses to understand consumer behavior. Some of the assumptions of this law are:
Monetary theory homework help: According to this theory, the money supply is the major factor that stimulates the economic activity of any society. The banks that control the monetary policies of a state have immense economic power. They play a huge role in the economic development of a country by improving the flow of currency and other liquid assets in the economy.
Price effect homework help: The concept of impact of market prices on the demand of consumers is called as price effect. This is an important parameter that business organizations must focus on while deciding the prices for various goods and services. This concept consists of two components-substitution effect and income effect. When there is a rise in price of a product, the consumer tends to buy more of low-priced products and less of high - priced products. This is called substitution effect. The fluctuation in the demand of a product caused due to the variation in the income of consumers is known as income effect.
Public economics homework help: Public economics investigates on the various types of government policies and regulations and how it affects the economy of a country. Some of the most important areas in public economics are public expenditure, tax policies and import & export regulations etc. It also deeply analyzes the issues related to efficiency and equity. The study of public economics also helps you to understand the reasons for market failure of a product.
Managerial economics homework help: This is yet another broad area of economics that gives you the tools, techniques and methodologies to solve problems in a business. An integration of economic theories and managerial practices together forms managerial economics. It helps business leaders to analyze the different economic factors and its impact on the business. The study also makes them better decision makers by predicting the consequences of every managerial behavior.
International economics homework help: This branch of economic studies the economic implications between two or more countries. It gives you in-depth insights into subjects like International Finance and International Trade. It guides policy makers to create effective economic rules and regulations by examining factors like patterns of production and nature of investments across countries.
Quantitative analysis homework help: Qualitative analysis is a tool that is used to study and analyze the financial market by using the theories of mathematical & statistical modeling. This type of research is extremely useful in representing the economy in terms of numerical. Quantitative analysis is the most important tool used to calculate Gross Domestic Product of a nation.
Social and economic development homework help: This is a process by which the growth of an economy is observed. Where the economy of a nation enhances, this in turn improves the quality of life of the society in general. Social and economic development goes hand-in-hand. During the process of economic development, societies get transformed with wider choices of resources, wealth, goods and services. Some of the indicators of social and economic development are GDP, level of poverty, level of literacy, per capita income and life expectancy.
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