Economics is the study of production, delivery, and utilization of products and services. The Economics scholars study how and why people make choices when buying a product or a service. This discipline can further be divided into microeconomics and Macroeconomics.
Microeconomics is the study of how individuals or businesses act during scarcity and government involvement. It includes concepts like supply and demand and price elasticity etc. Macroeconomics is the study of the entire economy instead of individual markets. It includes concepts like inflation, unemployment, international trade and, national production and consumption etc.
It is impossible to complete your Economics assignments without the knowledge of its basic principles. So, an assignment that should have been completed sooner can keep you awake for weeks due to your poor understanding of the basics. Well, there is some good news for you. Read this blog to know more about the important principles of Economics and ace all your Economics assignments like a pro.
Basic principles of Economics
There are several principles of Economics that relate to the study of demand, supply, and utilization of products and services. Let’s understand them in detail:
- Scarcity is a common economic problem that arises from the unlimited wants of the humans that cannot be satisfied with the limited resources present in our world. A service or product with a non-zero price is regarded as scarce. You will have to spend something to use that product or service. Scarcity is a big reason to learn economics.
- Incentives are typically financial inducements that can come in the form of fees, taxes, and prices. Incentives are good for attracting the interest of the buyers. When there is a favourite item on sale, people usually buy more. The lower price was an incentive and people respond by utilizing more of that item.
- Marginal cost in economics indicates the effect of a small change. If you had an additional unit of a product, how much happier you will be. It is only logical that you will increase the units until the additional benefit, called the marginal benefit, achieved from the last unit increase equals the additional cost, called the marginal cost, of the last unit increase. This is an important concept in Economics.
- A Market is a place where services and products are exchanged between sellers and buyers. Each market has a quantity of the product that people are willing to sell or purchase at different price points. This is indicated by the demand and supply curve.
- Opportunity costs indicate what we give up in order to obtain what is best for us. The value of our next best choice is known as the opportunity cost. For instance, what did you give up to sleep for an extra hour? If you arrived late for work due to an extra hour of sleep, you have to part with your wage for that lost hour.
- The PPF (Production Possibility Frontier) is a graphical illustration of all the products a country can produce with the given resources in a specific time frame. The study of this curve indicates whether a country is able to meet the unlimited demand with its limited resources or the resources remain underutilized.
How can these principles help you write an excellent dissertation?
While everybody emphasizes on the practical aspects of a subject, having theoretical knowledge has its own advantages too. Here’s how the theoretical knowledge of the Economics basics can be instrumental in writing an A+ paper:
- Answer all the questions
When you are writing an Economics assignment, you will be able to find all the answers to the questions using your knowledge of the concepts and basics of Economics. Since every assignment is based on a particular concept, having the information about the concepts can clarify your doubts that you might have regarding the assignment. Armed with the correct information, you can tackle all the questions with confidence.
- Write a powerful assignment
The lack of knowledge makes your paper look mediocre because you did not seem confident while writing it and that shows in your assignment. In order to show confidence and authority over your subject, you have to gain a strong understanding, and that comes only if you are conversant with all the concepts of Economics. With your solid theoretical grasp, you can write a powerful assignment as the one that’s written by an informed person.
- Error-free assignment
You tend to make mistakes in your assignment if you don’t have much awareness of the topics you are writing about. If you have a supreme command over the Economics concepts, you can write an error-free assignment that is packed with useful information.
- Finish the assignment on time
It takes up a lot of your valuable time when you are writing an assignment without any conceptual knowledge of the subject. You cannot afford to waste your time looking for the Economics terms which you have no clue about. The students are anyways hard-pressed for the time when it comes to meeting deadlines. Those who have the required knowledge of all the principles in advance will not waste their time finding out the meanings until the last minute. Moreover, the knowledge will be useful for completing all future assignments and you will save a lot of time while writing subsequent assignments.
The clarity on the basics of Economics can make your professional path smoother. But, keep in mind to stress on the practical knowledge as well that can be acquired by learning and maintaining different reports and curves related to the theoretical concepts.
Not confident about Economics basics? Talk to the experts
Economics comes across an easier subject when compared to other subjects like Finance and Accounting. But, with poor knowledge of the basic concepts, even the easiest of the assignments can seem like an uphill task. If you are struggling with your assignment, call the online essay writing service Economics experts who can guide you through all the principles and theories related to your subject and provide the required assistance to compose error-free solutions on time.