Economics Assignment Help

The study of Economics falls under the branch of Humanities. It is the study of various factors of the economy pertaining to the world including, production, consumption and consumption of  wealth.

Macroeconomics and Microeconomics

 Amongst various areas of study related to economics, Microeconomics and Macroeconomics are considered to be the two main branches of study.

Macroeconomics – As the name suggests, macroeconomics refers to the study of various concepts of economy on the whole. The same would relate to an entire country, industry, or the entire world. The study of Macroeconomics would include various issues like the rate of unemployment, rate of growth, Gross Domestic Product (GDP) of nations and how all of them are interrelated and how they affect the overall world economy.

Microeconomics – Microeconomics as the name suggests refers to things at the micro level including economic issues related to a specific company, tax role in individual business decisions, price determination of specific business, demand and supply etc,.

Macroeconomics	Microeconomics
Deals with economic factors on a larger scale pertaining to the entire world	Deals with economic factors at a lower and rather individual level
Deals with aggregate economic factors	Deals with individual economic factors
The business application is on external factors	The business application is on internal  and/or operational factors
Deals with multiple issues like, employment, national income,  money etc.	Deals with issues like demand and supply, production, consumption and welfare of the economy
Helps keep a check on major issues like inflation, reflation, deflation etc It helps maintain a stability  on the global economic issues.	Deals with determination of  prices of various products along with  the factors of production price – (land, capital, labor, etc,.
Follows a top-down approach	Follows a  bottom-up approach.

An Example of Micro to Macro

The following example shall help you understand all the above mentioned points clearly:

Microeconomics – The following is a demand and supply diagram for motor cars. The diagram shows an analysis that an increase in demand leads to an increase in price and quantity as well.

Macroeconomics – Here, we can see that macroeconomics deals with the totality of goods and services produced in the economy. It deals with the Gross Domestic Product, Overall Price Level (PL), and aggregate demand (AD).

4 Key Concepts of Economics 

There are 4 basic concepts in the study of economics –

1. Scarcity – This is one of the most basic concepts in Economics. Scarcity refers to the supply or availability of limited resources with respect to unlimited demands. For example resources such as the availability of raw materials is limited, but our demands are unlimited. The study of economics helps in determining how to match the limited supply with demands. Our economics assignment experts provide economics assignment help in various topics including that of scarcity!
2. Supply & Demand – Supply and Demand is the backbone of any economy. Supply refers to the availability of products and the price at which the suppliers are ready to sell the same. Demand refers to the quantity of the goods that people  want to buy and rate at which people are ready to purchase the same at. Supply and demand act as the basic determinants behind fixing a price. To know more, on supply and demand, contact Online Assignment Services now!
3. Cost-Benefit Analysis – Cost benefit analysis refers comparing cost and benefits in order to ensure profit maximization. The same can be better understood through an example. Suppose a company (XXX) has 1 dedicated resource who goes to a photocopy shop everyday in order to get some photocopies done. With due course, they find this to be tedious and purchase a photocopy machine. Now the company (XXX) shall perform a cost benefit analysis in order to determine the feasibility and profit maximization of either of the alternatives.
4. Incentives – Incentives acts as a source of motivation in the economic industry. Incentives are of 2 types –

Extrinsic Incentives and Intrinsic Incentives – Extrinsic refers to the incentive that is external in nature. For example, monetary benefits to employees who work overtime.Intrinsic refers to the incentive which is internal in nature.  It refers to the feel of being content. A good example of the same would be that you are one of the top performers and bring value to the organization you work for. This motivates you to aim for more.

 Career Paths

 Wondering what are the opportunities available after studying economics? Read along…

• Market Research
• Asset Management

Retail Banking etc.

*Source – economics.wustl.edu

Skills an Economist Must Have –

• Active Listening
• Excellent written and communication skills
• Critical Thinking

Knowledge –

• Economics
• Mathematics
• Accounting
• Computers and Electronics

Abilities –

• Deductive Reasoning
• Inductive Reasoning
• Mathematical Reasoning
• Good Written Comprehension

Economics Assignment Topics

We at Online Assignment Services provide economics assignment services on various topics like –

• Macroeconomics
•  Microeconomics
• Public Economics
• Managerial Economics
• Price Elasticity of Demand
• Industrial Economics
• Supply and Demand
• International Political Economy
•  Inflation
• Deflation etc

Economics Assignment Sample 

Following is a business economics assignment sample answered by our economics assignment expert –

Question –

Firms in India are losing productivity due to excessive use of social media during working hours i.e. Facebook. According to The Associated Chambers of Commerce and Industry (Assocham) employees use Orkut, Facebook, Myspace, and LinkedIn during working hours for entertainment and other purposes which affects productivity. On average, employees spend an hour a day on sites like Facebook. This reduces work related productivity by 12.5%. Nearly half of office employees accessed Facebook during work time. Some 83% saw nothing wrong in surfing at work during office hours.

1. a) What is meant by productivity? (2 Marks)
2. b) Explain the impact of a fall in productivity on costs. ( 5 Marks)
3. c) Explain 2 possible economic consequences for businesses in India of banning access to Facebook and other social networking sites. (8 Marks)

Our economics assignment answer –

Case study Question 2:

1. a) Productivity is the number of goods and services produced in one hour of labour in any office or factory. The use of social media- facebook (or others) by labourers, increases during the working hours; their productivity (the number of goods produced by them in one hour) decreases. (Samuelson and Marks, 2008)

1. b) When there is a fall in the productivity of labour, to reach the desired production levels, the firm has to employ more hours of labour and this will increase the labour costs or variable costs of production. If the costs of production increase due to increase in the number of labour hours, there would be a decrease in the profitability of the firm (Samuelson and Marks, 2008).

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