ECONOMICS ASSIGNMENT HELP

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What is Economics?

It is a part of social science that studies the production, the distribution and the consumption of food and various services.

Branches of EconomicsThere are two main branches of Economics1. Micro Economics2. Macro EconomicsThese two branches are used according to the need of the analysis, whether the analysis is of something big or something small.

Micro EconomicsThis branch of economics studies the small part of the economy, which is an individual person. Micro means small, so this is the study of the smaller part of the economy. When one individual makes a decision to buy, what is affected and what affects it.

What Affects an Individual’s Decision to Buy?1. Price change2. Supply change3. Alternate product4. Government decision5. Family influence

Macro EconomicsThis branch of Economics studies aggregates, the city or the country. Any kind of aggregate that is related to the analysis in hand. Micro economics can be a part of macroeconomics but it cannot be the other way around.

Economics is the study to find out what is being produced at what price and if the price changed what would happen to the demand of the product, and if the demand of the product changed, what would happen to the supply of the product.

If an alternate product was to enter the market at a cheaper price, what would happen to the demand of the current product which is sold at a higher price?

So this means that economics has a lot to do with the demand and supply of a given product and the reasons for change in the demand or supply of the product.

Furthermore it deals with the laws that are made to change the monetary condition of the country, company or a school.

Economics is everywhere and used for everything that relates to money, demand and supply of anything in a country.

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