Economics Assignment Sample
Q1:
Answer :Economics is the branch of social science that deals with the creation of goods their distribution among the consumers and leading to a generation in money supply between different sectors of the economy. Economics tries to understand the interdependence of the government sector, suppliers, producers, consumers and the influence of foreign sector in order to decide allocation of resources in a sustainable and achievable way for the production of goods and creation of money. Online writing assignment help Different economists and authors have defined economics in their own way. Some of the explanations are given as below
- According to George Bernard Shaw, ‘‘Economics is the art of making most of life.’’
- According to Alfred Marshall, ‘‘Economics is the study of mankind in the ordinary business of life.’’
- According to Lionel Robbins, ‘‘Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
- According to Fritz Machlup, ‘‘Economics comes in whenever more of one thing means less of another.’’
- According to John Maynard Keynes, ‘‘The theory of economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking, which helps its possessor to draw correct conclusions.’
- According to Richard Lipsey, ‘‘Economics is the study of the use of scarce resources to satisfy unlimited human wants.’’
The above mentioned definitions are an attempt by popular economists and authors to explain the concept to economics in a brief and concise way.
COMPONENTS OF ECONOMICS Online writing assignment help
The studies under the field of economics revolve around two main aspects of economics namely macroeconomics and microeconomics.
MACROECONOMICS: This aspect of economics studies the role of individuals in the economic decisions related to goods and services. The individuals can be a single consumer, group of consumers, household, business or government. Microeconomics studies how the individual’s demand and supply for goods and services effects the equilibrium price in the economy, and how price impacts the supply and demand of goods and services. The concepts studies under microeconomics are supply and demand of a particular commodity, production possibility curve, price flooring etc.
MACROECONOMICS: Macroeconomics deals with economics issues at the global level. It considers the whole country as an individual (consumer/ supplier/ producer/ firm) at the international level. The areas covered under macroeconomics are foreign trade, balance of payments, aggregate demand and aggregate supply etc.
ECONOMIC INDICATORS Online writing assignment help
i) Gross Domestic Product: The GDP is an indicator of an economy’s growth. It is the total of market value of all the goods produced in an economy. The GDP is not always considered as a great indicator of the economy’s growth as the increase in GDP can also be due to an increase in one sector and the other sector’s performance can go unnoticed. Also the increase in GDP can be due to an increase in the prices of the goods and services and due to an increase in their quantity produced.
ii) Per capita income: The increase in per capita income refers to the increase in income received by a country’s population in return of the services rendered by them. An increase in income will lead to an increase in expenditure, savings and investment by the people. This indicated an uplift in the economic conditions of an economy and can be considered as a good indicator.
iii) Rate of Unemployment: Rate of unemployment refers to the average number of unemployed people in an economy. Higher rate of unemployment indicates lack ok work opportunities and less rate of unemployment shows that more population in the economy is employed. This can be used as an economic indicator to depict the growth of an economy.
Other than these indicators there are many indicators that can help understand the growth or decline in the economic status of an economy. These are Balance of Payments, Consumer Price Index, Industrial Progress, Capital Formation, Human Development Index etc.
CAREER SCOPE OF ECONOMICS Online writing assignment help
Persuing the evergreen course of economics can help achieve a person success in various dimensions because of high demand of the course. The various dimensions to follow economics as a career includes;
i) Teaching Profession: After completing Maters Degree in economics with good marks, a person can have a secured job of teaching at the high school and university level.
ii) Economic Services: A person can build a way to enter the Planning Commission of n economy after following economics. This profession will allow them to decide about the allocation of resources in different sectors of an economy.
iii) Banks: With the increased demand for economic advisors in private as well as foreign banks, opting for economics as a career option can prove out to be very beneficial.
iv) International Organizations: Organization like the World Bank and International Monetary Fund require economists to plan their investment as they have a great knowledge regarding the demand and supply and investments in an economy.