In everyday life we produce, consume or distribute various goods and services.But do you really know what factors are responsible for the production or consumption of goods and services? Here Economics helps you know those factors that find out the production of services.Economics thoroughly explains all the economic work and the factors responsible for that.There are two types of Economics, one is Microeconomics and the other is Microeconomics.
EconomicsKey.com provides helpful assignments in both the micro and macro economics as we have specialists from both of these areas .Here is a brief explanation of micro and macro economics respectively:
As the word implies, microeconomics focuses on the factors that have a small impact on the organization.We can easily notice its practical applications in everyday life. The consumption goods that the retailers buy and sell to the consumers comes under the category of microeconomics. There are a number of topics studied under microeconomics and the professionals at the EconomicsKey.com have given a list of all those topics:
- Demand, Supply and Equilibrium
- The Elasticity Measurement.
- Consumer demand theory
- Cost of Production
- Perfect Competition
- Theory of Production
- Opportunity Cost
Demand and Supply: When there is a perfect market competition, the supply and demand play a crucial role to find the cost or price in the market.The economic equilibrium can be achieved with the help of supply and demand. Supply is the provision of goods and services in the market, according to the need or requirement.
Elasticity: This helps you know the extent to which one variable changes with respect to another or what response one variable gives once there is some change in another variable.Let us take an example from the practical life; suppose there is a sudden change in the price of any product, say petroleum.Now what will be the response of petrol dealers? Will they raise the price or not? Most probably, they will raise the price and resultantly the price of other products is also likely to be changed.This is the practical application of the elasticity. Most economics are of the view that the change in the percentage of one variable with respect to another is termed as the elasticity. The topic of elasticity is further categorized into the price elasticity and the scale elasticity.
The theory of consumer demand: This theory determines the relationship between the consumption of goods and services to the respective expenditure.This is a very important topic in Economics and mostly it is understood through the consumer demand curves(that show the relation between the preference of consumption and expenditure of the goods and services).
The Production Theory: The conversion of the input into outputs is called the production or simply the production theory is the study of how input is converted into output.There are various processes through which the input (the raw material) will have to go till the final product (the output) is prepared. The production theory takes into account all the complexities that are faced while converting the input input into output.
Production Cost: The cost of production is that cost which incurred throughout the process of the production.The cost of production may take into account any of the factors of production that are land , labor, capital and Human Resource.Land is your fixed asset while capital is your initial investment and human resource is the basic asset that is responsible for running the affairs of a company. So, you will have to consider all these factors while calculating the production cost.
The Opportunity Cost:Suppose you have two best options of costs, what will be your choice? Surely you try your best, but you are likely to be confused. Here the opportunity cost helps to remove your confusion by providing you the best of the alternatives. The opportunity cost is a very important concept in Economics and is often viewed as a crucial factor in costing.EconomicAssignmentHelp has the honor to publish a number of articles and reports on the opportunity cost.
All the above mentioned topics are generally studied in the microeconomics. The other important topic is Macroeconomics, so let’s discuss that in detail.
The literal meaning of macro is large and it is an important sub-division of economics. It deals with the economic activities as a whole.Unlike microeconomics, the macroeconomics gives a thorough understanding of the overall structure of an economy and it does not focus on the individual markets.It is not limited to a city or country, but it gives a broad understanding of the global economy.The Gross Domestic Product, Price Indices, and unemployment rate are some interesting topics studied under the umbrella of microeconomics. There are some basic concepts of macroeconomics that need to be understood and here is the list and explanation of those topics.
- Gross Domestic Product
- Price Index
- Inflation and deflation
- National Income
- International Trade
- Investment and Savings
Gross Domestic Product: The gross domestic product, or GDP tells the performance of an economy as a whole. It is also defined as the average value of the consumption of a country is equal to the average consumption of the individuals in the country.The gross domestic product of a country is measured by two ways, one is called income approach and another is called the production approach.Both of these have fixed formula for determining the gross domestic product.In production approach, the gross value added is the difference between the gross value out and the value of intermediate consumption.
EconomicsKey.com has hired a number of professionals who have earned a global reputation and have published a number of articles that have earned respect for them.
Price Index: The average of the price in relation to the goods and services over a particular period of time in a tabular form is known as the price index.It is helpful in knowing what would be the price in the future in a particular locality. This happens in the light of the past information that enable you to know the trend through which you can easily evaluate the future rate of the price.There are 3 main categories of the price indices and these are:
- Consumer Price Index
- Producer Price Index
- GDP Deflator
EconomicAssignmentHelp provides separate articles on the topic of price index and the consumer price index is a highly demanded topic, so we have are much focused on that.
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