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Economics is often called the “dismal science”, but this isn’t entirely fair. It’s true that there are always going to be economists who focus on some aspect of economics and ignore others. However, as a whole, economics is a very broad field with many different subfields.
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Popular Topics for Economics assignment help
Microeconomics is the study of how individuals and firms make decisions about the allocation of limited resources. It’s also the study of how markets work, especially in terms of consumer behavior, production and supply curve analysis, pricing models and economic growth theory.
Microeconomics is often taught as part of undergraduate economics courses because it provides a good foundation for understanding many other topics covered by economists. For example:
Macroeconomics is the study of the economy as a whole. This can include national and international issues, such as inflation, unemployment, economic growth and economic development. Macroeconomics is also a branch of economics that studies how individuals and firms make decisions about money supply (money supply), interest rates (interest rate), prices (prices) and exchange rates (exchange rate).
Law of supply and demand
The law of supply and demand is an economic law that states that, in a competitive market, the price of a good will vary according to the quantity demanded and the quantity supplied. It can be illustrated with a simple example: if there are 10 apples available for sale at $1 per apple, then no one will buy them because they’re all gone when they arrive at your local grocery store. However, if you have a bunch of people standing outside your business with bags full of apples (supplying), then eventually everyone will start going home empty-handed after having bought some from someone else!
This means that when there are less than enough sellers and buyers in any particular market (like in this case), prices rise until equilibrium is reached at which point both sides get what they need at prices appropriate for their needs—in other words: supply equals demand!
Factor markets are markets where factors of production are bought and sold. Factors of production are land, labor, and capital (or tools). Land is fixed in supply and does not change over time; labor can be hired or fired at will; capital fixes the supplies of both inputs into production.
In a factor market setting, there may also exist a price for each input as well as prices for outputs (products). For example: if you want to buy some wheat from your neighbor but only have enough money for one bag per week then you’ll have to give up something else that you would rather have instead such as having more time off work so that he doesn’t have enough workers during harvest season when all his fields need attention before they can begin growing again after winter ends in May/June depending on what region they live in North America or Europe respectively…
Elasticity of demand
Elasticity of demand is the responsiveness of the quantity demanded of a good or service to a change in its price. It is usually measured by elasticity, which is closely related to sensitivity and responsiveness. The more elastic the demand, the greater percentage change in quantity demanded from a given percentage change in price.
Elasticity can be calculated as follows:
If Q = P*Y – (P-Y) then:
The consumer surplus is the difference between what consumers pay for a good, and what they would be willing to pay for it. This can be thought of as the amount that consumers are willing to pay for something.
For example, suppose you buy a bicycle from your local bike shop for $100. You’re happy with it—it rides well and looks nice—but you know there are better bikes out there which cost much less than yours does but still meet most of your needs. If you had bought those other bikes instead, how much extra would each one have cost? Your own personal bike has a consumer surplus greater than $100 because it meets all your needs while costing only $100; in this case, the consumer surplus equals the price paid by buyers minus their willingness-to-pay (WTP).
Producer surplus is the difference between the price a producer receives and the minimum price they would be willing to sell at. It’s related to supply and demand, which are two important concepts in economics. Producer surplus isn’t a measure of profit—it’s more like an indication of how much people are willing to pay for something (and vice versa).
Producer surplus can come from two main sources:
- Price discrimination: When sellers charge different prices based on factors such as location or time of day, producers get extra money from consumers because they’re willing to pay more for certain items than others. For example, if you go into Starbucks during rush hour and buy an iced coffee with whipped cream for $4 dollars instead of $3 dollars like usual—that may seem like a bargain but actually gives them less money overall because there aren’t many customers buying these drinks at that time period so each one costs them more than normal due to lack of competition!
Opportunity cost, or what you give up to get something else
Opportunity cost is the value of the next best alternative foregone. It isn’t just monetary value, but can also include time, effort and energy.
For example: If you want to go on vacation but can only afford one month out of your working year, then you’ve given up an opportunity to work more hours or take on other responsibilities during that same period (i.e., more money in salary). The benefit of staying at home and relaxing for that extra month will be lower than what could have been earned if it had been spent working instead—and thus opportunity cost is higher than simply monetary value alone would indicate (though still not as large as some people imagine!).
The concept goes further than this though: opportunity costs aren’t just about what was lost; they also include potential gains from doing something else instead (like missing out on potentially lucrative contracts). In other words: Opportunity cost isn’t really “what I give up” so much as how much I could have made if I had chosen differently!
Uncertainty, risk and information asymmetry
The topic of uncertainty, risk and information asymmetry is one that has been studied by economists for years. In this section, we’ll explore the concepts behind these three main topics in more detail.
Uncertainty refers to a situation where you don’t know what will happen next or how much it will cost when something happens. For example, if there is no way for us to predict how many people will visit our website tomorrow morning based on past experiences with other websites, then we can say that there are unknowns involved in this situation (unpredictable outcomes). Similarly, if someone knows some details about another person’s life but not enough information about yours before meeting them face-to-face–then there are also unknowns involved in this relationship (incomplete information).
Public goods and externalities
Public goods and externalities are two ways of describing the same thing: situations in which individuals have an incentive to consume a good without paying for it. This means that one person’s consumption does not reduce the amount available for others. Public goods are non-rivalrous, meaning that only one person’s uses will affect another’s use of it (for example, if you borrow my pencil so you can do your homework, then I’ll still have an opportunity to complete my own assignment). Externalities are excludable but rivalrous—they’re costly for those who don’t benefit from using them but provide benefits to those who do (such as by causing pollution).
Market failure, market structure and oligopoly
Market failure is the term used when a market does not work as well as it should. A good example of market failure is monopoly, where there are just a few companies in a market and they have no competition for customers.
Market structure refers to how the market is set up: Is it monopolistic (one company), oligopolistic (a few large companies), or competitive? The main point here is that if you want to understand what happens in an economy, then you need to know how markets work and whether they’re working properly or not.
Oligopoly refers specifically to situations where there are only a few large companies within an industry—for example, Amazon has been able to gain market share because it was able to offer lower prices than its competitors while providing superior customer service and convenience features like Prime shipping offers or same-day delivery on orders placed before noon local time each day (though this policy isn’t always followed).
Comparative advantage, absolute advantage and trade barriers
Comparative advantage and absolute advantage are two tools economists use to explain how trade between countries can occur.
Comparative advantage is the concept that each country has a certain ratio of resources that it can produce at a lower cost than other countries, so if you have more of one good than another, you’ll be able to produce it for less money. Absolute advantage means that if you have all the inputs needed to make something (e.g., labor), then you will be able to produce more of it at lower cost than someone who doesn’t have these inputs available or is not as efficient at using them.
Trade barriers are policies or regulations designed by governments which discourage imports or exports of certain goods and services into or out of their country’s borders—a policy often referred to as protectionism
Capital markets, interest rates and exchange rates
Capital markets, interest rates and exchange rates
Capital markets are the markets for the buying and selling of bonds. Interest rates are the price that investors are willing to pay to borrow money from a bank or other financial institution, usually expressed as a percentage annualized rate (APR). An example of an interest rate would be if you had a 30-year fixed mortgage at 5% interest. That means every month your payment is $500 but there’s no way for anyone else to determine what this actually costs because it could be either less or more than that depending on their own personal circumstances.
The role of capital markets in the economy: When we talk about how capital affects economic activity, one thing we need to consider is whether or not there are restrictions placed on financial institutions’ ability to issue new debt instruments—that is, bonds—which could potentially lead them into trouble during times when demand for those instruments falls off due to less optimistic expectations about future performance levels etc…
Economics is a large field with many different aspects to it.
Economics is a large field with many different aspects to it. It is the study of how people and societies choose to allocate scarce resources. Within this field, there are many subfields, each with its own focus:
- Microeconomics focuses on individual actors and their choices within markets;
- Macroeconomics studies aggregate economic variables such as national income or unemployment rates;
- Public finance deals with government spending and taxation;
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