Introduction The topic of the assignment is “Exchange rates”. “Price of one currency expressed in respect of another currency is called exchange rate”. It has 2 parts: That is domestic currency and foreign currency. Often exchange rates are quoted against the foreign currency that is the US Dollar. Regularly trade rates are cited against the…
As with most academic disciplines, research in economics builds on a combination of theory and empirical evidence. These provide a groundwork for the economists to perform experimental models with a consequential framework in respect to the assumptions looked upon and stated by the faculties. Economic assumptions are assumptions that a company makes about the general…
Economics is the study of how different actors such as governments and firms manage the limited resources of the planet to meet the unlimited demands of our society. Clearly, humans can never be satisfied with what they have. Hence, the study of economics is important to help maximise consumers’ satisfaction in line with the limited…
Microeconomics refers to the study of particular markets and segments of the economy. It looks such like consumer behavior, individual labor markets and the theory of the firms in other words it deals with individual units. While macro economics refers to the study of the whole economy at large instead of dealing with individual aspects….
Globalization refers to the increasing economic integration and interdependence between countries across a national, regional, and local scale. The intensification of movement of goods, services, and capital across multiple borders with the reduction in trade barriers, allows all domestic economies to combine together as one global economy. Both positive and negative impacts can arise from…
Abstract Industrial was an approximately un-effected by the depression. The principal mineral industry, coal, on the other hand, suffered a good deal with the depression. The production and consumption of coal in India is only partially dependent on industrial activity in the country. And is the large part of the demand for Indian coal is…
Division of labor is the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency (Lexico, 2020). This processed is used to produce a greater quantity of output by employees and businesses that can meet the demand for goods and services by creating a smoother flow and…
Broadly stated, there are two schools of economic thought which support capitalism: the Keynesian school and the Mainstream school. The Keynesian school popularized by the eponymous John Maynard Keynes, heavily relies on equilibrium modeling to argue that the government should play a pivotal role in the economy. This role of the government does not necessarily…
Introduction Robinson Crusoe is a novel published in 1719 by Daniel Defoe (1660-1731), a British novelist and journalist. Robinson Crusoe, the main character, a British young man, is obsessed with trying to make money in the world across the sea. Robinson shipwreck on the uninhabited island while sailing the sea as a sailor in opposition…
Economics Economics is a knowledge of social science concerned with the production, distribution, consumption of goods and services and transfer of wealth. We can know about the nature of market. From the economics we can know about the stock market, interest rate and income of the country. Economics can be divided into two parts Microeconomics…
Check a list of useful topics on Economics selected by experts
The balance between demand and supply
Elasticity: quick response of one variant from the change of the other
Consumer demand theory
The theory of production: The process of changing materials into products
The structure of a market and the system that comprises it
The labor economics
The information economics
The economics of market structure
10 principles of economics
How has the internet changed marketing?
The four-day workweek: Is that something more companies should adopt?
What role do consumers play in keeping the market stable?
What Role Does Advertising Play In Microeconomics?
Ways In Which Creativity Can Lead To Huge Success
Industrialization Impacts On The Environment.
The Seasonal Changes In Our Economy.
The Purchasing Ability Of A Consumer And Its Impact On Prices.
The Latest Marketing Trends.
Focus On Companies That Have A No Sale Policy.
Changes In Oil Demand Over The Last Decade.
How Does Economy Change With the Change of Seasons
An Argumentative Essay on the Microeconomic Market Structures
How Do Different Microeconomic Market Structures Affect Supply?
The Impact of Labor Market and the Labor Union on Supply and Demand.
How Does Consumer Purchasing Ability Affect Pricing System?
The Use of Advertising in Microeconomics and How it Affects Customer’s Decisions
Should credit card companies add a warning page as part of their contracts?
Does outsourcing reduce costs?
Does outsourcing benefit the country receiving the work?
Would a European economic crisis affect other countries?
What is economic?
Economics is a set of economic sciences, a type of social science that studies the relationship between people in the production, consumption, distribution, and exchange of goods or services. The subject of economic theory is how people and society choose to use limited resources.
In addition to the basic one, there are several other definitions of economics put forward by scientists over the years. Its founder as a separate science is considered to be Adam Smith.
Economics was also called political economy, but from the second half of the nineteenth century it became politically neutral, and the word “politics” was excluded from the definition. Nowadays, economics is considered to predict the outcome of certain political decisions without interfering with politics.
Historically, economics has come a long way. Its main directions were mercantilism of XV-XVIII centuries, physiocracy of the second half of XVIII century, classical political economy of the end of XVIII century – 30s of XIX century, neoclassical economics which appeared in 1890s, Keynesianism and monetarism of XX century. A separate direction in economics – a peculiar offshoot of it – is Marxism.
The subject of the study of economics is not values, but agents of economic activity, such as individual households and society as a whole. That is why economics belongs to the social sciences.
On the scale of the study it is divided into microeconomics, the subject of which is organizations and households, and the study of the functioning of the economy as a whole.
Microeconomics looks at individual agents and their choices: what and for whom to produce, consume, how to interact in the process of exchange, etc. It studies the efficiency of production, cost, supply and demand, the specialization of economic agents, uncertainty and game theory.
The main macroeconomic indicators are unemployment, inflation, economic growth, monetary and monetary policy, and business cycles.
In addition to macro- and microeconomics, economic sciences include the following disciplines: econometrics, economic statistics, history of economic teachings and economic history, management, marketing, branch economics, engineering economics, enterprise economics and labor economics, accounting, managerial and financial accounting, etc.
Videos about Economics
- Intro to Economics: Crash Course Econ #1
2. Inflation Is Driving Secondhand Markets Out Of Control. Here’s Why.
3. How The Economic Machine Works by Ray Dalio
Interesting infographics about Economics
- World economics
2. Example of economic – Shipping Industry in EU in 2020
3. Importance of economics