Applied economics assignment help
Applied economics assignment help is the branch, which offers assignment help to students who are seeking assignment help for applied economics.
The below article is a highlight on applied economics and how students should aim in attempting applied economics.
Title: Analyzing and discussing applied economics and its major branches and its relevance and importance
The article gives a brief study of applied economics and the two branches of the significance that is studied in applied economics.
Readers are offered an insight into the crucial relevance of applied branch of economics in the practical world. The article depicts some of the needs for applied economists as a tool to acquire the benefits of the application of applied economics.
Applied economics and Branches of Significance
Applied economics is a field that focuses on the implementation of economic theories and collected data from econometric studies in actual economic situations. The main aim of applied economics is associated with the application of theories and data to in order to attain results in the best interests of the economy. The theories and data are applied to improve the economic conditions by focusing on major economic variables such as consumers, suppliers, and producers.
In order to apply economic theories one must be acquainted with complete and clear knowledge of two main branches of economics- macroeconomics and microeconomics.
1) Macroeconomics: Applied economics studies macroeconomics to apply to understand economic conditions globally and analyze and apply the theories of macroeconomics to arrive at a conclusion that supports the best interests of global economy. Global level issues such as unemployment, GDP, inflation, deflation, foreign exchange rates etc. are firstly studied by an economists and then theories of macroeconomics are applied to arrive at a solution for the issue
Practical application of theories by economists is main role of applied economists that helps in formulating policies to improve the current situation and benefit the economy and people of an economy.
2) Microeconomics: Studying microeconomics provides applied economists an overview of the theories that must be applied when economic issues such as individual demand, individual supply etc. arise in an economy.
Understanding these theories provides economists with a base to formulate policies for the betterment of the economy and market conditions.
Applied Economics- Relevance in Practical World
Professional with a study of applied economics is highly demanded by nations to formulate economic policies that benefit them, population and market conditions of the economy.
Economics with an experience in the field, practice-applied economics in the following ways in practical situations:
1) Take Business Decisions: Applied economics helps businesses to develop effective policies towards their development and growth. Any business will make decisions about the further production and price of its commodity by recognizing the conclusions of the implementation of the demand and supply principle from the past statistical records. Knowledge on the key factors enables a business to formulate policies to achieve their goals.
2) Formulate Appropriate Policies: Government requires an expert in applied economics who can study the current economic situations and guide in formulating policies that benefit the nation and the economic variables involves.
3) Analyze Consumer Behavior: Study in applied economics allows an individual/ body to understand the consumer behavior to analyze the demand and supply of commodities, Consumer behavior is studied as a kick element in understanding phases of the economic cycle and applied economics applies theories and uses the data to guide in decision-making process as per the cycle phase
Need for Applied Economist assignment help:
Considering the importance of the field of applied economics holds, practitioners in the field is highly demanded in the government and private sector as well due to the associated benefits of the appropriate application of theories. An applied economist will guide and direct the organization in its decision-making a process which is a crucial part. It will provide the organization with a clear image of the situation and a guideline for future action, which will lead to a benefit for the organization.
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Economics offers varied courses to have an insight on to the functioning of a country vis-a-vis the other counterparts in relation to the factor influencing the income, wealth and wellbeing, and how it can be imbibed into the formation of policies.Economics defines the lifeline of a nation. From production to consumption, economics looks at the usage of resources & the distribution system involved in reaching to the desired market of consumption. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.
Q1- Using data from the Australian Bureau of Statistics (ABS) examine the contribution of all the various components of aggregate expenditure to recent performance in the Australian economy. Given this information, consider where the economy may currently be in the business cycle and present your analysis using aggregate demand and aggregate supply. Briefly consider the policy implications of this position.
- Demonstrate understanding of theory.
- Ability to utilize data.
- Examine contributions to GDP growth (NOT simply contributions to GDP).
- Present findings in terms of macroeconomic equilibrium and consider policy implications of this position.