Economics is a multi-disciplinary field of education which is concerned with the production, distribution and consumption of goods and services as well as their management. It is a study of production and management of finance and economic growth. It is also used to know the necessities of life and their relations with money and resources from the view of social, political and economical aspects. It is a research for unlimited wants with limited resources to satisfy the social life. Economics uses qualitative and quantitative techniques and methodology of mathematics to analyze the business and financial scenario. Briefly we can describe economics as the scientific study of the economical factors of human society which motivates him to make choices about goods production, consumption and wealth. Economics is categorized in two section— microeconomics and macroeconomics.
Microeconomics is made from micro (small) and economics and encircles the business from individual level to the big corporation level. Simply it is concerned with consumers (buyer) and producers (sellers or service providers) and their interrelations. It is also concerned with the production and consumption of goods and services too.
Microeconomics is derived from macro (large) and economics, which is also a definition in itself. While the microeconomics studies the consumer and buyer of a particular industry or business, macroeconomics covers the whole economies of the state, nation or globe. In other manners it is a study of large economics having many microeconomics. It is not concerned directly with buyer and producer but it considers the issues of national and global issues such as national resources, unemployment, inflation, government policies, output growth and as on. It also studies the cause and effects of these issues on microeconomics and social infrastructure.
Economics is a discipline of social sciences and makes effort to study the economical activities of human. It is based on trade, models, choices, efficiency, scarcity, costs, money, production, consumptions, rationality and happiness. Economics has many sub-branches, which are— Attention economics, behavioral economics, bio-economics, contract theory, development economics, econometrics, economic geography, economic history, economic sociology, education economics, energy economics, entrepreneurial economics, environmental economics, feminist economics, financial economics, green economics, industrial organization, information economics, institutional economics, international economics, labor economics, law and economics, managerial economics, mathematical economics, monetary economics, public economics, public finance, real estate economics, regional science, resource economics, socialist economics, welfare economics.
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