December 26, 2019 by economicshelpdesk
Information About Economics
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, firms, governments, business, and nations work on allocating resources to fulfil their wants and needs.
They also try to verify how these groups should organize and coordinate endeavours to achieve maximum outputs. It is also the study of scarcity or the study of decision-making. It focuses on topics like wealth and finance but it’s not all about money.
The Realm Of Economics
Economics touches everyone’s lives and helps to see the world in a new way. The study of economics ranges from the very small to very large. It is divided into two main categories.
Macroeconomics- As the name suggests, it looks at the overall, larger picture of the economy, including inflation, unemployment, economic growth and decline, price-levels, and how they are all related to each other. It also makes us understand the reasons for our economy’s growth and contract.
Microeconomics- It is different from Macroeconomics. It is the science of how people make decisions at a smaller scale with scarce resources and then apply to analyse policy. It applies to markets of goods and services and deals with individual and economic issues.
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Applied Economics is the application of economic theories to the real world’s economic conditions. It finds practical solutions to economic problems. With applied economics, students can apply all the theories to real situations facing the economy. Fortunately, students can get an Applied Economics tutor online through our reputed and trustworthy website. We also provide our Energy Economics Tutorwho will help you understand the topic in the best possible way.
Welfare Economics refers to the allocation of scares resources for the welfare of society. It makes you understand the unequal distribution of wealth.Welfare Economic Tutor can help you better to understand the topic who has already done the research work in this field.