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DEFINITION OF ECONOMICS - WHAT IS ECONOMICS?

The word Economics is derived from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning account. Economics is a branch of science that studies and deals with the production of wealth, distribution and consumption of products and services. It analyzes how nations, individuals and business organization allocate resources to meet their needs. It studies the human behavior and their decisions and choices in times of scarcity. The publication of the book ‘An Inquiry Into the Nature and Causes Of the Wealth of Nations’ by Adam Smith in 1776 recognized economics as a separate branch of science. Economics focuses on four production elements.

These include:

LAND

The basic natural resource that an organization requires to create goods and services. These products and services in turn generate revenue and profit that is required to run an organization. The scope of land is not restricted to ownership but also utilization of natural resources including crude oil, coal, gold and natural gas. For example, an energy utility company requires land to setup its basic infrastructure. It also requires coal, crude oil or water produce power

LABOR

This refers to the efforts and work put up by laborers and employees of an organization to produce the company’s goods and services.

CAPITAL

This element includes the utilities that are required to produce goods and services. The utilities differ with the type of products and services. They can range from machinery, gadgets to even computer applications. For example, a computer programmer uses a computer to write applications. A graphics designer uses specialized editing and painting applications to manipulate and enhance images. A photographer requires a camera and lens to capture images. The utilities that each of them use are different but they also produce goods and services.

ENTREPRENEURSHIP

This elements brings together the land, labor and capital aspect of production. For example, an entrepreneur starting a graphics designing company would setup an office where there is a high demand for its services. It would then hire skilled photographers and designers who would contribute to the production of goods and services. The company would also provide them the gears and tools needed to create the products. Risks and rewards are managed by the entrepreneur.

ECONOMICS HOMEWORK TOPICS

Human beings have infinite wants. But the resources available to us are limited and finite. Economics studies how scarcity of resources affects choices. It tries to find solutions to problems that typically show up as expenses for living in communities. It includes exploring and analyzing the issues at an individual level and also exploring problems that affect the country’s as well as the world’s economy. Depending on the context, economics can be divided into two types.

These include:

MICROECONOMICS ASSIGNMENT HELP: Microeconomics studies the individual’s behavior and decisions. An individual can be a single person or a group of people or an organization. It focuses on the factors that determine the price of a product in an economy. It also studies different regulations and taxes imposed by the government and its relation to the price factor of goods and services. For example, the scope of microeconomics on an organization would include finding solutions that increase production while keeping manufacturing costs down. It includes concepts like supply and demand, budget constraints, marginalism and opportunity cost

MACROECONOMICS ASSIGNMENT HELP: Macroeconomics is concerned with the bigger picture of studying economic problems that affect a country or has an impact on the world. It studies policies that affect a nation’s economy. It takes factors like how change in net exports contributes to the capital of a country or how the Gross Domestic Product (GDP) is affected by monetary policies or the rate of unemployment. Macroeconomics focuses on aggregates which include national income, the rate of unemployment, inflation in price and fiscal policies.

CIRCULAR FLOW OF INCOME ASSIGNMENT HELP: The Circular Flow of Income is an economic model that describes how money flows in a country’s economy. It states that money flows to laborers and employees in the form of wages. This income is used by an individual to buy basic products like food, shelter, water, healthcare and entertainment products. On the other hand, business organizations use labour, land and capital to build products and services. Laborers are paid money for their services in building products for the company. This money again returns back to firms for exchange of products and goods. This economic model takes in to fact that an economy is made up of households and organizations. In reality, money flow in an economy is complex and includes other sectors like the government and the foreign sector. The Government sector comprises of welfare programs and infrastructure maintenance that the government spends money on. The Foreign sector includes exports where entities from outside the nation’s economy buy products. Just like money is pushed into the economy it can be taken out through different ways.

ROLE OF AN ECONOMIST

Economists are people who possess a sound financial knowledge on how markets function. They collect and analyze financial data related to the economy. They might use this data to exert their influence on business and government organizations in making decisions that affect the nation’s economy at a macro level. Economists also draft data in the form of presentations that are accessible and understandable by the general public. They also work towards contributing vital information to publications and journals. They conduct surveys using various techniques and assess market trends to back up their findings.

Understanding economics is important in dealing with the problems that the modern world faces. It helps in finding solutions in dealing with an economic crisis when demand for a product outweighs its production and supply. It creates well-rounded individuals who are capable of understanding market trends and take sound decisions during a scarcity

ECONOMIC INDICATORS

Economics use indicators to draft reports. They are basically parameters that help in understanding how a country is performing in a certain area. These reports are generally published by private or government agencies on a regular basis. These indicators affect the stock and forex market. They serve as important tools for investors in taking sound investment decisions.

A brief explanation of the indicators is listed below:

GROSS DOMESTIC PRODUCT [GDP]This is considered by most people to be the prominent measuring tool of a country’s performance. It is the total value of all the goods and services produced in a country during a specific year or period. GDP works great in understanding the current market trend. It’s not able to predict upcoming trends. The Gross Domestic product takes into account:

These factors are derived from the Circular Flow of Income. They can be used to calculate the Gross Domestic Product of a country.

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DEMAND AND SUPPLY ASSIGNMENT HELP

Demand refers to the customer’s desire to buy a product for a specific price. Supply refers to the production of a product by manufacturers. The basic economic principles of demand include:

LAW OF DEMAND

The Law of Demand defines that the demand of a product decreases with how high the price is. This is a result of diminishing marginal utility. This stems from the fact that human beings as consumers first focus on meeting their basic needs. The law of demand along with the law of supply dictates allocation of resources in a market.

LAW OF DEMAND ASSIGNMENT HELP

This concept assesses the demand for a substitute product when the price of the main product has increased. The cross elasticity of demand for a substituted product is always positive. For example, if the price of Pepsi increases the demand for a substitute carbonated soft drinks like Coca Cola would increase.

ECONOMICS ASSIGNENT QUESTIONS. INSTANT ECONOMICS ASSIGNMENT HELP

Given below are a few important economics assignment questions. Get in touch with us if you need help. Our experts are ready to help you 24x7.

  1. Describe the value chain of a company's main products or services and analyze the extent to which the company is vertically integrated.
  2. Analyze any positive or negative externalities resulting from the company's market activity.
  3. Describe the phenomena of Globalization?
  4. How would you determine the economic profit of a company? How does Economic profit differ from Accounting profit? What would be a numerical example that would illustrate a situation in which there are positive accounting profits and zero economic profits? Should managers maximize economic profit or accounting profit? Explain Why?
  5. Identify a product produced by a specific company (a Camry by Toyota, the Xbox by Microsoft, a computer by Dell…). Describe the factors of production used to produce this product. Describe the types of costs involved in the production of this product. How would you determine whether the company is using the optimal mix of factors of production in the short run?
  6. What would be an example of a company that benefits from economies of scale? How does this company achieve its economies of scale? What would be an example of a company that benefits from economies of scope? How does this company achieve its economies of scope?
  7. Suppose D0 and S0 are the initial demand and supply curves for natural gas. P0* and Q0* are respectively the initial equilibrium price and initial equilibrium quantity in the market for natural gas. A new technology reduces the cost of extracting natural gas. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in the market for natural gas will change as a result of this new technology? Illustrate your answer with graph.
  8. Suppose D0 and S0 are the initial demand and supply curves for tablets. P0* and Q0* are respectively the initial equilibrium price and initial equilibrium quantity in the market for tablets. Rapid economic growth over the last three years has substantially increased the disposable income of most households. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in the market for tablets will change as a result of the increase in disposable income. Illustrate your answer with graph.
  9. Suppose a market with an inelastic supply curve experiences a shift to the right in the demand curve. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in this market will change as a result of the shift to the right in the demand curve. What is the magnitude of the change in the equilibrium price and equilibrium quantity? Illustrate your answer with graph.
  10. Suppose a market with an inelastic demand curve experiences an upward shift (to the left) in the supply curve. Using comparative statics, analyze how the equilibrium price and equilibrium quantity in this market will change as a result of this shift in the supply curve. What is the magnitude of the change in the equilibrium price and equilibrium quantity? Illustrate your answer with graph.
  11. How would you differentiate Opportunity Cost from Sunk Cost? Provide examples for both costs in your life.
  12. Should managers aim for Breakeven Point in their business? Explain why or why not.
  13. Analyse the Demand Factors for any company.
  14. Describe the value chain of the companys main products or services and analyze the extent to which the company is vertically integrated.
  15. Differentiate the concepts Free Market Economies and Collectivist Economies. State the Pro's and Con's of market regulations.
  16. What is the concept Pareto Efficiency? Provide a Real Life example of Pareto Efficiency
  17. Differentiate between Rival Good and Public Good. Offer an example for each of these terms.
  18. What is Positive and Negative Externality? Provide an example for both concepts.
  19. Explain the Bertrand model. Give an example.
  20. Explain the Cournot model. Give an example.
  21. What are the shortcomings of Concentration Ratios?
  22. State one similarity and one difference between a Monopolist and a Monopsonist.
  23. Give an example of an industry with an oligopolistic structure. What are the main products/services offered by this industry? What are the main firms in the industry? To what extent the products/services from this industry are homogeneous? What is the level of concentration in the industry? How would you characterize the barriers to entry in the industry
  24. Describe and distinguish between Monopoly, Oligopoly, and Cartel. Give examples for each of the above definitions.
  25. Linda is evaluating two options. The first option is to open her own legal practice. Based on her business plan, she computed the following annual estimates using very conservative assumptions:
    - Total revenue = $220,000
    - Purchases = $80,000
    - Utility costs = $27,000
    - Part-time Administrative Assistant = $25,000
    Linda will operate the business by herself. She will operate the business from a building that she owns. The building has been paid in full.
    The second option is to work for a law firm as a legal associate. Her annual salary would be $64,000. She could also rent her building for $24,000 per year.
    Using the concepts of accounting profit and economic profit, compare and contrast the two options. Which option is the most profitable for Linda?
  26. Bucks is a pet care company that recently increased the average price of its services by 4%. As a result, the number of customers dropped by 5%. Based on this information, what is the price elasticity of demand for services at Buck’s? How will this 4% increase of the average price of services impact total revenue at Buck’s?
  27. Bufasthar, another pet care company in the area that competes with Buck’s decided to decrease the average price of its services by 2%. How will this decision likely impact the demand for services at Buck’s?
  28. Assume that the average disposable income in the area in which it operates increases by 5% over the last year. As a result, the number of customers at Buck’s increased by 4%. Based on this information, what is the income elasticity of demand for services at Buck’s? Are pet care services at Buck’s considered normal goods?
  29. Identify a product produced by a specific company (a Camry by Toyota, the Xbox by Microsoft, a computer by Dell etc.) Describe the factors of production used to produce this product. Describe the types of costs involved in the production of this product. How would you determine whether the company is using the optimal mix of factors of production in the short run?
  30. What would be an example of a company that benefits from economies of scale? How does this company achieve its economies of scale? What would be an example of a company that benefits from economies of scope? How does this company achieve its economies of scope?
  31. Would you consider the Cell Phone companies an Oligopoly? What is the concentration level?
  32. Describe its market oligopolistic structure. What are the main service(s) offered by this industry? What are the main firms in the industry? To what extent the industry service is homogeneous? How would you characterize the barriers to entry this industry?
  33. Differentiate between Monopolist and a Monopsonist. Give an example for each and describe their economic characteristics.
  34. Does Immigration boost the Economy? Explain.
  35. What would be an example of immigration’s negative externality?
  36. What would be an example of immigration’s positive externality?
  37. What types of regulations would be most effective to control immigration?
  38. What types of regulations would be least effective to control immigration?
  39. You have begun a new business providing one-on-one tutoring. You have fixed costs of $1,900/month and a variable cost of $58. You can provide sessions at $76 each.
    1. Based on this information, calculate the breakeven level of daily output for the firm.
    2. After operating for a while, your variable cost rises to $50. What does this mean for the breakeven quantity of output?
  40. Explain why economic profit provides a better measure of profit than accounting profit.
  41. In measuring economic profit:
    1. How do you deal with a one-time event?
    2. How do you deal with money provided by relatives to get the business started?
    3. How do you handle off-balance sheet expenses – that is, expenses that are incurred by the firm but are not measured as part of the firm’s balance sheet?
  42. How would you determine Marginal Benefit and Marginal Cost of a business decision? Explain your answer with a numerical example.
  43. Why do economists believe that managers should use marginal analysis to make optimal business decisions?
  44. What is more important to a manager Marginal Revenue or Marginal Profit? Provide numerical examples.
  45. What Shutdown Rule means to a business entity? Should managers opt for a shutdown decision if the company is selling below its Fixed Costs? Illustrate your statement.
  46. First, identify a product on the market that can be considered competitive. Then, analyze the extent to which this market meets the five assumptions of the Perfect Competition Model.
  47. Besides warehouse layout decisions, what are some other applications where ranking items according to "bang/buck" might make sense? Have you ever used this concept in your personal life?
  48. Choose a product that you consume on regular basis. What are the determinants of the demand for your chosen product?
  49. List at least 3 substitutes for the product? List at least 3 complements for the product?
  50. Is the price elasticity of demand Elastic or Inelastic for the chosen product? How would you characterize the income elasticity of demand for that product?
  51. What is the Theory of the Consumer about?
  52. How would you distinguish between Utility and Marginal Utility of a good?
  53. What is Forecasting Demand? Give an example.
  54. Explain and differentiate Perfect Competition in the Short Run and in the Long Run. Provide an example. Explain the term Market Equilibrium.

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APPLIED ECONOMICS ASSIGNMENT HELP:

Applied Economics utilizes core economic theories and econometrics to address existing economic problems. It reduces the abstraction of core economics and provides a more practical approach to understand and solve problems related to the economy. Applied Economies is used to solve issues in a variety of fields. These fields include:

BEHAVIOURAL ECONOMICS ASSIGNMENT HELP:

Behavioral Economics studies the behavior of individuals and organizations and its impact on economic decision making. Behavioral factors include:

Behavioral Economics state that every human being is irrational and incapable of taking the right decision. It studies the reason between such irrational behaviors. For example, an individual might think about career options, saving options, which phone to buy, retirement plans. Behavioral economics tries to explain why an individual favors one option over the others. Companies have started to implement behavioral economics to increase sales of products and goods.

For example: Amazon might sell an iPhone through their online vendors for 800$ but decrease the price to 720$ during Amazon Prime Day Sale. The consumer feels that the offer is a good deal that cannot be missed and ends up falling into the temptation.

Behavioural economics include the following:

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