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Full-fledge theories intertwined with stats and formulas can be a tiring combination. There is no hesitation in admitting that sometimes a little help is needed during examination days. This subject is specifically scoring and very practical in day to day life. Understanding economics is not impossible, all you need is our push and you can cross any economics related hurdle.
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Economics in 4 lines. -Economics is the study of behaviour and interactions of all factors resulting in production n sale of good & services inter-economy. -It’s concerned with production, consumption, transfer of wealth. -It studies economic conditions such as Per Capita Income, Good produced, good sold as aggregate -It’s because of study of economics, we can tackle issues such as unemployment, budget allocation and other monetary decisions. www.homeworkminutes.com
Classification of Economics -Micro Economics – It studies the economics at individual/group/company level. i.e a small cluster or at individual level. Includes – Study of per person income, supply and demand of companies etc -Macro Economics- It studies the economy as a whole.i.e Nation’s GDP, Employment Rates etc Both of the above mentioned are interrelated to understand the economy as a whole. www.homeworkminutes.com
Importance of study of economics -Economics is crucial to study as only by this way we can learn how society, government, business, individuals allocate the scarce resources in such a way that it not only get 100% utilized effectively but the optimum is made with the best possible outcome out of that allocation. -One can’t simply survive/make profits for the long run without the sound knowledge of economics. www.homeworkminutes.com
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Discuss with experts as you please -Covered the whole syllabus, now there’s a few out of syllabus topics that you want to understand? We have a discussion page for sharp minds such as yourself to understand it all. -Deepen the understanding of the economy as the whole, know how your economy works, send in your topic or query and learn as much as you want. www.homeworkminutes.com
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