Adam Smith, a Scottish philosopher was the first person to coin the term ‘economics’ in his research on the “wealth of nations”. Economics existed in the political context as a macro view. Over time, scholars examined it at the micro level. Alfred Marshall furthered the study of microeconomics by defining it as “the study of man in the ordinary business of life”. Hence, economics is a part of the social sciences. It is derived from the Greek word “oikonomia”, where oikos means house and nomos refers to custom. The study of economics is vast and requires careful study of all its concepts in order to apply the ideas to real-world problems. Today, economics is categorized into sub-areas: macroeconomics and microeconomics. If this sounds daunting to you, rest assured we’re your go-to economics homework help partner.
Economics examines scarcity and its consequences in the use of resources like goods and services, welfare, growth of production and other complex issues that concern society. This field of study is divided into two broad areas: macroeconomics and microeconomics.
This branch examines the buyer behavior of the individual person. It is concerned with issues such as how do households spend their money or how does a person spend his/her money. In microeconomics, taxes and regulations set by the government are considered. The focus is on the demand and supply of goods and services, and how the powers decide the price value. For example, how a company decides to expand its production while limiting its expenses.
In this branch of economics, the aggregate economy of the society, community and nation is examined. It considers topics like what affects a nation’s wealth or why is there mass repetition in the nation. In macroeconomics, a broader perspective of the economy is taken such as the Gross Domestic Product and factors like unemployment, rate of development, salary and price value. If you are confused how various fields play a role in modern economics, SOPConsultants is a team of professional economics experts who possess the economic analytical abilities to support your requirements.
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This is a branch of economics that examines the behavior of decision makers such as individuals, firms, households, etc. Topics such as market equilibrium, monopolistic competition, behavioural economics and game theory fall into this category. SOPConsultants has specialist writers with expertise in microeconomics who can provide economics assignment help.
This field of economics closely studies the performance of economies. It is interested in inflation, foreign exchange rates, economic output, GDP, capacity utilization, etc. Our team of macroeconomics assignment writers has you covered.
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