Economics is the study of resources including money. The basic 3 resources economics deals with are Natural Resources, which are things that occur in nature, like wood from trees and coal from the Earth; Human Resources, which are the people who create and make items for others to use, especially the people who make cakes at the bakery; and, Capital Resources, which are tools & types of equipment that workers use to make things like a crane to build a tall building. The study of economics takes a look at goods or services are manufactured.
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Experts In Economics Assignment Help Break Down The Main Types Of Economics
Economics can be divided into two components:
- Microeconomics: It deals with the behavior of individual market participants and the resulting interactions among these individuals & markets. It is the study of how individuals make decisions about resources, goods & services for themselves. It studies how the individual markets work and is concerned with the behavior of individual consumers & producers & studies how economic agents interact in a particular market.
It is typically divided into 2 parts-
a. Microeconomic theory: It examines the behavior of individual agents in a market, specifically the effect that prices have on those decisions.
b. applied microeconomics: This branch uses the knowledge used in the theory to analyze how these markets work in practice.
Microeconomics covers concepts like Demand, i.e., the amount of a good or a service that people are willing & able to buy at each price; Supply, i.e., the amount of a good or service that producers are willing & able to sell at each price; Elasticity, i.e., a measure of responsiveness in demand for a good or service when there is a change in its price; Market equilibrium, i.e., a situation where supply equals demand for any particular good or service, so there is no tendency for prices to change unless something affects either supply or demand.
- Macroeconomics: It studies the economy as a whole, not just individual markets & industries. It looks at how events like Unemployment, Inflation & GDP affect the lives of people in a country, and how different sectors in an economy interact & influence each other.
Macroeconomics covers concepts like the relationships between national income, production & consumption, & how they are influenced by government policies; the effect of international trade on macroeconomic variables such as employment, wages, and prices; and the effect of inflation on economic growth.
There are 3 main types of Macroeconomics-
a. Keynesian economics – it’s based on John Keynes’s theory that government intervention can help stabilize the economy during an economic downturn.
b. Monetarist economics – it’s based on Milton Friedman’s theory that changes in the money supply affect inflation rates and economic growth rates.
c. Classical economics – it’s based on Adam Smith’s theory that free markets can balance themselves out over time.
Macroeconomics is crucial in the study of economics as it helps us understand how the global economy works. It also helps us understand how to make decisions that will benefit not only our country but also the world. It’s important to understand macroeconomics because it can help predict. what might happen in the future & how we can act accordingly.
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