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ECONOMICS: AN INTRODUCTION

Economics is one of the most indispensable branches of social sciences that deals with several aspects of financial conditions that influence the economic conditions of a nation. These perspectives can vary to any extent. The overview of Economics in this video is giving by Economics homework help Experts who help students with there queries related to economics homework/assignment For more information visit - https://www.myassignmentservices.com/usa/economics-homework-help.html

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ECONOMICS: AN INTRODUCTION

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  1. ECONOMICS: AN INTRODUCTION WHELTON SCHOOL OF MARKETING | SESSION 1 Economics Homework Help

  2. Introduction: Economics is one of the most indispensable branches of social sciences that deals with several aspects of financial conditions that influence the economic conditions of a nation. These perspectives can vary to any extent. This discipline also focuses on different groups of people and their approaches towards managing their scarce resources. While studying Economics, you need to refer through various other disciplines that equally contributes to reaching a certain conclusion. These subjects are politics, sociology, psychology, history, law and geography.

  3. BRANCHES OF ECONOMICS The discipline of Economics can be divided majorly into branches, i.e., Microeconomics and Macroeconomics, respectively. Microeconomics studies the behavioural aspects of individuals and businesses regarding their decision-making capabilities at the time of allocating scarce resources and the prices at which they trade their products and services. It also incorporates taxes, regulations and governmental decisions on various issues. Macroeconomics focuses on the behavioural aspects of a country in totality. It focuses on a broader scenario, explaining how its policies can influence the economy entirely. It focuses on entire business industries as well as economies rather than focusing on individuals or a specific group of people or businesses.

  4. MAJOR CONCEPTS OF ECONOMICS Majorly, the discipline of Economics mainly has five concepts on which this subject is entirely based. These are as follows: Value of a product, service, commodity or asset which is directly proportional to the utility by the target customer. Value and Price signifies the value of a product or service according to the price. It is an indispensable factor to consider as it visualises the value of a product or service based on its price or the MRP on which it will be accessible to the customers. Wealth signifies value to everything that has a value. In economics, the wealth is of various forms, like individual wealth, social wealth, national wealth or real wealth, international wealth and financial wealth. Stocks & Flows are the two variables that are constantly used in economics. The stock variable does not have a specific time dimension, but the flow variable is set within a time-frame. Optimisation is all about the efficient utilization of resources irrespective of numerous factors. INTRODUCTION TO ECONOMICS

  5. MAJOR FACTORS INFLUENCING ECONOMICS There are mainly six factors that influence Economics. These are as follows: Natural Resources Physical Capital or Infrastructure Population or labour Human Capita lTechnology Law INTRODUCTION TO ECONOMICS

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