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It’s been eminent from the past from doing economics assignments that the society tends to ask for more then available which leads towards the scarcity of resources. The main resources that regulates a society are land, labor and capital and are allocated to generate the goods or services for the society and are meant to be used smartly in order to cope with the scarcity caused by the societal demand. Economics is the source of knowledge that provides the skills and knowledge required for making decisions for the production and distribution of the scared resources.
So we can say economics have helped in acquiring a way of thinking towards the production and distribution of the scared resources.
1 : Microeconomics
Microeconomics talks about individual buyer and studies the market system for small scale and focuses on the preferences and choices of individual buyer or consumer, firm or organization or other small economic units.
2 : Macroeconomics
Considering and studying the choices and preferences of firms, organizations or any other large subsets of society and considering the aggregate performance of the society is termed as macroeconomics.
Every market has a buyer that creates the demand and a seller that manages the supply. Demand is usually represented by a demand schedule which highlights the quantity and price as initiated by the consumer. As explained by the law of demand, the relationship between price and quantity is inverse and is represented through a graph known as the demand curve and algebraically explained through the demand equation.
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GDP (Gross Domestic Product)
Everyone wants to study in the very best universities of Australia. Nowadays, the students are under lots of pressure. Economics is a challenging field on account of the important nature of the issue. He is a very broad subject and we have experts to deal with almost every topic related to it. He is a challenging field because of the analytical nature of the subject. Well, dear students, economics plays a main role in our economy as our day-to-day lives. He requires a lot of research. Agricultural economics is among the sub-fields of applied economics.
Nowadays you know what economics is, now is the time to broaden your understanding of the subject. If it comes to Economics, the majority of the students discover that it’s extremely nerve-wracking. The field experiment approach is one which can be considered in economics too. Economics is among the courses provided in colleges and universities. He is the compendium of economic science. Come to think of it, he is a vast subject. Global trade topics consist of empirical tests of theories of global trade and global capital movements. Whether you are searching for economics Do My Online Exam, economics essay questions and answers, research papers, case studies or any sort of assignment, we will be able to help you.
Economics Assignment Help
Lionel Robbins define economics as the study of available scares means to satisfy unlimited human wants. Economics helps to study the different aspects of goods and services such as goods consumption, production and distribution which is a type of social science and also known as dismal science. In 1849, Thomas Carlyle, a Scottish historian, define economics as dismal science. It also studies the knowledge about wealth distribution, its production and eventually its consumption.The world is full of making choices and every person has to choose one thing from unlimited objects.
They made selection after identifying the pros and cons associated with each available option and specially measures the satisfaction gain from it. Basically, all the things are weighing on one specific thing- a money spent. This is an example of economic operation on run. Adam Smith, the Scottish economist, defines economics as the study of different aspects of goods and services such as goods consumption, production and distribution. Alfred Marshall defines economics in a different way by focusing more on welfare concept as compared to wealth concept. He emphasizes that economics defines men’s characteristics, men’s lifestyle and choices made (Marshall, 1890). For studying economics thoroughly, economist divide the study into two parts- microeconomics and macroeconomics.
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The Classical Theory
The basic principle of the classical theory explains that the economy changes itself and is self-regulating. Traditional economists uphold the believe that the economy is always competent of achieving the natural level of real GDP, but only when the economy’s resources are fully employed.
Money And Banking
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The Demand For Money
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Projects are essential portion of curriculum which enables students to get practical exposure in the appropriate field whilst doing their studies that also enable them to find immense knowledge in the exact same. Since the access to money is prominent for transactions so its demand cannot be sidelined. When the pricing is completed, it’s now their duty to supply you assistance and in-depth solution in Managerial Economics homework help. The cost depends upon the size and urgency.
Macroeconomics on the opposite hand, focuses on the larger picture to establish the decision making process. The growth in the prices ends in inflation, while the downward fall in prices leads to deflation. Demand denotes the quantity of a product which individuals wish to buy at a specific price whereas supply means availability of product that suppliers are prepared to sell at certain price. The demand for numerous commodities by individuals is normally thought of as the results of a utility-maximizing procedure, with each individual attempting to maximise their own utility. Monopolistic market has only a single firm that’s is handling the marketplace and does not have a competition. Also, consumers obtain the bargaining power. Scarcity You can look for aid from best assignment writers to comprehend the notion of scarcity in an in depth method. An individual can also take help of on-line title generators. It is possible to take assistance from our experts. To begin with, you must pinpoint which type of assistance you want.
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A thorough financial assignment should meet several essential criteria that may be attained only if a student understands the fundamental concepts. If you’re struggling to advance your assignment writing task, ask your friend if he or she can assist you. Without understanding the fundamental concepts you can’t prepare economics assignment. Economics defines a study the way the society employs the limited number of resources in a predefined method. He is a very broad subject and we have experts to deal with almost every topic related to it. He is one of the major subjects studied by a lot of students. Hence, economics is quite a practical subject that has many diverse benefits for the world. He is one subject that needs a lot of help no matter what you do and what strategies you go for.
International economics encompasses study of the global trade composed of the flow of goods and services across various nations.
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Microeconomic specifically target individuals, and identify their behaviorsand decision making with respect to change of price. In microeconomics, individuals could be defined as a single person, a firm or a business, a house hold or a government itself.It identifies how individuals respond in certain situations at different price level and analyze how their demand changes accordingly. Microeconomics deals in supply and demand functions, trade decision making, economic equilibrium conditions, different competition aspects, production procedure, labor allotment, material usage, cost behavior and game theory, nationwide (Frank, 2008). Microeconomics helps to develop a market mechanism and helps to establish good’srelative price along with locating the best possible solution with respect to limited resources.
To start a business, it is very crucial to first analyze the market conditions and its economics prevailing features. When comes toward market analysis, one should answer the questions such as the potential customers, customer’ buying and shopping habits, market segment, purchasing power, market competitors and their core competencies, and associated risks. To perform a market analysis, many tools have been developed such as SWOT analysis, PESTAL analysis and value chain integration(MM Helms, J Nixon, 2010). These all analysis tools will specifically targeting the economic conditions. On the other hand, market analysis will be helpful in making decision about different choices. What type of different goods are available with respect to their corresponding prices? Furthermore, the dimensions for market analysis includes market size, growth rate, market trend level, industry cost structure, key success factor and market profitability.
When doing a company analysis, first thing is to do to select a specific company. Then evaluate its related strategic assumptions and core competencies. Develop a road map for evaluating the conditions prevailing in the market with regard to company’s perspective. Follow the road map to solve the specific case study for proposing some strategic solutions for the company.
Here is the example, Procter & Gamble (P&G) wants to expand its customer base or business globally. For this, P&G first should evaluate the economic conditions feasibility. It should identify the supply and demandcondition prevailing across the country, while setting the price level. Furthermore, it should identify the prevailing employment rate, inflation rate and interest rate. Following is the mechanism which provides the step by step solving procedure for a specific case study.
Supply and demand are forces which plays a vital role in setting the price level and consumption of the product. Supply and demand analysis are the main models in economics to determine the price level.
The resulting price thus referred as the equilibrium price. Equilibrium prices define that the quantity produced is equal to the quantity demanded.It identifies the interaction between product’s demand and supplied. The law of supply and demand helps the producer to identify the quantity demanded and the quantity produced. The demand and supply curve interact at one point, this point sets the equilibrium price.
Law of Demand
Law of demand suggest that whenever the price of a product will increase, there will be a significant decrease in the demand of the product while other things will remain same. The consumer purchasing power will not allow them to buy the product in the similar quantity at higher rates because their purchasing power has not been changed.
The slope of the demand is always represent a decreasing trend whenever price increases. When the price increases, the opportunity cost also plays a vital role in determining the satisfaction gain from that product. The opportunity cost is defined as the value which will be lost because of selecting one specific good. For example, if a person buys bananas instead of oranges, then the value of losing oranges defines the opportunity cost for buying these bananas.
However, in the demand curve, prices of the commodity are plotted on Y axis (Vertical line). While, the quantity demanded is placed on x axis (Horizontal line). For example, Davidson primarily buys 1kg of oranges at the price of $5 and then the prices increased. Thus, he will not be able to buy 1 kg of oranges because of this price change and the quantity demanded will decrease. Other things remain the same is the main phenomenon in this law, if there is a change in other factors then this change will yield shift in demand curve.
Law of Supply
Law of supply suggest that whenever the price of a product will increase, there will be a significant increase in the supply of the product while other things will remain same. When the price increases, the opportunity cost also plays a vital role in determining the satisfaction gain from that product.
The opportunity cost is defined as the value which will be lost because of selecting one specific good. For example, if a person buys bananas instead of oranges, then the value of losing oranges defines the opportunity cost for buying these bananas. However, in the supply curve, prices of the commodity are plotted on Y axis (Vertical line).
While, the quantity supplied is placed on x axis (Horizontal line). For example, jack primarily has a stock of 1kg of oranges at the price of $5 and then the prices increased. Thus, people will not be able to buy 1 kg of oranges because of this price change and the quantity of the stock will increase. Consumer purchasing power will not allow them to buy the product in the similar quantity. Other things remain the same is the main phenomenon in this law, if there is a change in other factors then this change will yield shift in supply curve.
Ceiling Price Numerical
Price ceiling is a limit or restrictions on the prices of products set by the government, that how much the price of a product can risesup to the upper limit which should be fixed, imposed by the government. It is for the consumer to avoid the burden of too much expensive goods. It gives right to the seller to sell his product up to the maximum limit set by the regulators. The regulating bodies or the government can set prices under following four assumptions:
- The government sets the maximum limit for the prices which will be acceptable by the buyers. The seller has to sell his product up to that maximum limit or lower than the prices set by the regulatory bodies. This call for refund of excess profit generated by the company.
- The government could also set the maximum limit over the basket of services delivered. In this supplier is free to raise the prices of one product from the basket so that he could be able to adjust the basket fixed prices. This approach calls for a weighted average pricing. Furthermore, this will help to discourage the competitive pricing strategy.
- In the third phase, the regulatory bodies could adjust the ceiling prices according to the price changes made in market or the related industry. This will help to maintain an equilibrium environment across the country.
- Through out the year, regulatory bodies are free to review the ceiling prices and could adjust the ceiling prices according to the price changes made in market or the related industry. They have to maintain regular check and balance which calls for the change of ceiling formula.
The government sets the maximum limit for the prices which will be acceptable by the buyers. This price ceiling could generate many problems such as chronic excess demand for on product. The government prefer these ceiling because it will prevent from many other problems. This price ceiling approach was first introduced in the world war II. Price floor is another term which has been used for setting the minimum prices for the products which will yield in chronic excess supply.
Let’s take an example, the rental industry is moving smoothly, and the demand and supply forces plays their part to figure out the specific prevailing equilibrium prices. At price 500, the quantity demanded is equal to quantity supplied which is 15000 apartments and hence making 500 its equilibrium price.
But after some time, the tourism industry grows and creates an increasing demand for hotels and houses. Thus, the demand curve shifted toward right and increases the demand up to 19000 apartments. This yields an increased in prices. The residents approached the higher bodies for ceiling these increasing prices by setting maximum upper limit. The graph represents the shifting in the rental prices.
The table provided us with the quantity demand and the quantity supplied at certain price levels.
Cut Off Price Mathematical Equation
Cut off price is the fixed price in which the upper and lower price limits are fixed by the governing bodies. It is just like the concepts such as ceiling price and floor price. Cut off price is basically used in bidding or acquisition. This mechanism is usually helpful in certain conditions. The cut off price could be generated with the help of breakeven analysis. The breakeven analysis suggests a price where the product will yield no profit no loss. The NPV valuation is used in breakeven analysis. The mathematical equation is:
Cut off price= (c+ mo +mw)/(y(s-r)) OR Cut off price= FC ÷ (Revenue per Unit – VC per Unit)
Macroeconomics deals under national and international levels of an overall economy. It studies the overall economic mechanism of the whole world, country or a distinct geographical region and studies the topics such as inflation rate, unemployment rate, changes in the GDP (Gross domestic product), fiscal and monetary policies, interest rate and the business cycle.
Growth of any economy is usually measure as increment in percentage of real GDP in per capita terms. Growth could be intensive when the growth is due to efficient utilization of inputs viz capital. Labor, energy and material, and it could be extensive growth when it is due to raise in quantity of input to meet the growth of population.
Inflation and Monetary
Inflation basically defines as a sustained growth in price level, economics further define it as decline in purchasing power of money. It usually stated as percentage, which is measured on index of CPI such as Consumer Price Index. This CPI is a basket of goods and services, so inflation depends on individual to individual. For economic development an optimum inflation is ideal to discourage savings at home and circulation of money in any economic system.
But a rapid or high change in inflation is unsafe for economy. For smooth behavior, monetary authority has to play its roll by controlling the money supply like Central Bank has to take necessary actions for tolerable limit of inflation. Viz alteration of interest rate, regulation of foreign exchange rate, adjustment in reserves such as the amount of money banks has to keep etc.
Besides inflation monetary authorities are also responsible providing policy mandate, for getting sustainable growth in GDP (Gross Domestic Product), regulating foreign exchange rate, maintaining unemployment etc. Monetary policy could be expansionary to raise the money supply by lowering the interest rate and could be contractionary to shrinkage in the money supply by lifting the interest rate.
Financial and Regulation Economics
Financial regulations are laws set by the regulation bodies such as financial institutes. Regulations and law enforcements are very important because it pose some threat over the society. On the other hand, it deals in both macroeconomic and microeconomics levels because it impacts both sides of society. Additionally, investment firms, banks and insurance companies are operated under the supervision of regulation bodies. Financial regulations are set to protect the customers from some potential risk and fraud such as unethical mortgages, bank services, interest rates and other financial aspects. There are some regulatory act such as:
- Sherman Anti-Trust Act helps to avert threat of monopolistic competition
- Truth in Lending Act
- The Real Estate Settlement Procedures Act
- The Expedited Funds Availability Act
- The Fair Credit Reporting Act
- The Truth in Savings Act
Financial regulation imposes some restrictions and guidelines for financial institutions. The main purpose of these regulations is to develop confidence of people over the country’s financial system, increasing the stability of the financial system and at last, ensure customer protection with respect of money fraud and risks.
Planning refers to analyze the problems, determine the solutions, the policy making and the promotions of growth programs. Whenever we start planning and searching, we make both external and internal analysis. In external analysis, we find the problem and circumstances of these problems which occurred by upcoming opportunities and future threats. In internal analysis, we deal on the internal issues of any organization.
Like their internal strengths,their weakness, their core competences,though by these analyses of overall situations we are able to suggest the accurate solutions of social and economic problems of any country, we can make effective monetary policies and beneficial fiscal policies and set the poverty and employment rate of the country to the adjustable level.
Though, these analyses strengthen the country and can increase its development and growth level. Now a days, the overall growth problem has become very less savior. Specially in economics,volatility which is measured by the quarterly output growth which may fall in many industrialscountries when we compare the two decades to the preceding “X” world war II. Some economist suggested these analyses to the policy makers about what aggregate policy can accomplish.
Adam Smith, the Scottish economist, defines economics as the study of different aspects of goods and services such as goods consumption, production and distribution. For studying economics thoroughly, economist divide the study into two parts- microeconomics and macroeconomics. Microeconomics identifies how individuals respond in certain situations at different price level and analyze how their demand changes accordingly.
Supply and demand are forces which plays a vital role in setting the price level and consumption of the product. Supply and demand analysis are the main models in economics to determine the price level. The resulting price thus referred as the equilibrium price. The government sets the maximum limit for the prices which will be acceptable by the buyers which is defined as ceiling price. Macroeconomics deals under national and international levels of an overall economy.
It studies the overall economic mechanism of the whole world, country or a distinct geographical region and studies the topics such as inflation rate, unemployment rate, changes in the GDP (Gross domestic product), fiscal and monetary policies, interest rate and the business cycle. Financial regulation imposes some restrictions and guidelines for financial institutions. The main purpose of these regulations is to develop confidence of people over the country’s financial system, increasing the stability of the financial system and al last, ensure customer protection with respect of money fraud and risks.
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Economics Assignment Help