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Economics is the study of how people, organizations and societies behave when dealing with limited resources. Economics has been defined in different terms by different people and yet in its most basic form, the discipline seeks to study and predict how humans manage their demands with respect to limited supplies around them. From how households make material choices to how nations manage their resources, economics deals with a wide range of topics and hence draws heavily upon philosophy, history and mathematics.
Economics is broadly categorized into microeconomics and macroeconomics. Microeconomics deals with decisions and choices made by people and firms with respect to allocation of their resources. It basically deals with cost and benefit considerations. On the other hand macroeconomics considers the larger picture, that of an entire economy as a whole. It deals with subjects like national income, consumption, investment, inflation, unemployment, relative trade performance, etc.
Students of economics also study econometrics, which uses mathematics and statistical methods to analyze economic data to arrive at empirical conclusions. Economics theory and econometrics are together used to address practical social and business issues and thus form the basis of applied economics.
Economics, as a subject needs strong reasoning and analytical skills apart from some amount of knowledge of mathematics and statistics. Economics homework helps students become more rigorous thinkers. Economics homework helps students use the concepts and principles of the subject in appropriate contexts. Economics assignments help students improve their comprehension skills by learning to describe, distinguish, explain, identify and illustrate. Graphs and tables are important means to achieve this purpose. Economics homework also strengthens their ability to analyze, compare, contrast, discuss and tabulate the details available in their homework in order to interpret, construct, calculate and solve their economics homework assignments.
Students studying accountancy sometimes find the subject difficult because it is slightly different from other subjects in that it has a lot of context based rules to remember and requires a lot of practice. This means that students need to put more hours into studying accounting before they can do well in the subject.
Economics assignments often cover questions and problems related to the history of economics thoughts, principles of scarcity, demand, supply, utility theory, elasticity, theory of production, theory of cost, market structure, etc. Economics homework in these areas help students deepen their understanding of the fundamentals and principles of the subject. They also help students build their critical reasoning skills and apply their knowledge of economics to predict the effect of an event in a particular situation.
At advanced levels, however, economics homework helps students apply the subject's methodologies to study real world cases. Advanced economics problems require the use of statistical methodologies. Such homework assignments help students combine concepts of descriptive statistics, probability, estimation, statistical distributions, regression analysis, etc. with their knowledge of economics to analyze and predict the outcome of events in various scenarios. These types of economics homework assignments also usually involve the use of statistical software thus giving students an insight into the world of statistics. Economics at this level becomes interdisciplinary in nature with applications in areas such as business, organization, planning, etc. Advanced economics problems teach students to predict the consequences of events, evaluate a set of data and information and propose a course of action and construct complex economic models to describe economic processes.
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