You have heard about resources being limited. Management of limited resources to get the maximum benefit is what Economics is all about. Resources are managed at the level of individuals, families, and separate businesses. Economics at this level is known as Microeconomics. The management of resources at an aggregate level such as an industry, a market, or at the National Level is known as Macro Economics. The two branches of Economics are interconnected. The changes at the Micro level, when aggregated, result in the net changes at the Macro level. Similarly changes at the Macro level would impact each of the micro level units. Whether you are specializing in Microeconomics or Macro Economics, knowledge of the other branch is also essential. For some, this is quite a difficult task, and they seek economics essay writing help. A course in Economics requires you to write many essays to test your understanding of the course matter. Economics can be complicated, and you would need Economics Essay Help.
Efficient management of resources at the unit level is called Micro Economics. It involves the study of demand and supply of individual units such as individuals, families and businesses. Micro economics uses theories such as
It also uses the principle of demand and supply in the determination of prices under different market conditions namely, perfect competition, oligopoly, oligopsony, oligopolistic competition, monopolistic competition, monopsony and monopoly.
There are some basic assumptions in Micro Economics which are often challenged when applied in real life. These are:
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On the other hand, Macro Economics is the study of aggregates or the sum total of economic activity at the Micro level. In other words the demand of households for warm clothes will result in the aggregate demand for wool for the entire country. At a Macro Level, decisions are then made to meet this demand from within the country or through imports. The decision to import would also depend on a number of Macro Economic factors such as, terms of trade with the country of export, exchange rate, time to deliver etc. The decision to import from a country will also depend on the balance of trade with that country. In other words, something of value must also be exportable to the other country to maintain a balance of trade.
Macro Economics deals with the management of factors of production at the aggregate level. The factors of production are land, labour, capital, and entrepreneurship. Macroeconomic policies impact the decisions that are made with respect to each of these factors of production. In arriving at the policy decisions, macroeconomic models are employed. Some of the popular models are -
Macroeconomics also deals with performance indicators for the national economy as a whole. These include Gross Domestic Product, Net National Income, Inflation, Balance of Payments, Price Indices, Gross and Net Capital Formation etc.
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The essays in your Economics course would cover one of the many facets of economics. Some you would find easy and for others you might use economics essay help.
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