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All economic questions arise because we want more than we can get. Most of us always want cars, cruise ship tickets, or game tickets. You want more than your money can, so that's the kind of economic questions that come up. Scarcity is the inability to satisfy all our wants and that's quite intuitive as we have all these wants but we only have limited income. And due to scarcity, we got to make choices, on what to buy, like buy food or buy games. Choices are made depending on the incentives faced and the incentive is pretty much a reward or penalty that encourages or discourages an action. For example, to stand outside in front of the class would be a penalty that discourages being late for class and commissions are a reward or an incentive reward that encourages you to sell more. If you are thinking, Can I pay someone to do my microeconomics assignment help?' then you are at the right place.
Economics is Basically Divided Into Two Sub Fields.
Microeconomics: It is the study of individuals or businesses and the choices they make and the effects of choices on markets and governments. As the name suggests, its range is micro, or small.
Macroeconomics: It is the study of national and global economics and their performance.
Consumer requirement Hypothesis: Being one of the most important areas of microeconomics, this main focus on the relationship between the demand for products, price, and utilities by customers.
Concept of Production: It comprises of making demands into products or services. For example, as you see the covid-19 pandemic has made an increase in the demand for sanitizers and hand wash by thus increasing the production.
Production price: The resolution of cost in raw materials and assets used in the production unit.
Perfect Theory: The cost of a product doesn't depend on an individual, but the competitors in the market.
Domination: In the case of a specific product distributed in the market by a specific individual, the cost of production is decided by him.
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