Economics

Expert Solution

Economics is the study of production, consumption & distribution of goods & services. It studies the behavior of individuals, organizations, businesses & government’s choices on how they allocate resources to satisfy their needs & why they make them. The main principle of economics is that human beings have large no of needs & limited resources to satisfy it. Therefore they want to use resources in a productive & efficient way. This brings the concept of productivity & efficiency.

The study of economics can be further divided into two parts. Microeconomics & macroeconomics.

Microeconomics: This branch of economics studies the behavior of how individual consumers or producers make their choices. This may include individual people or business. Microeconomics include concepts such as supply & demand, price elasticity, quantity demanded & supplied. It also studies efficiency & costs associated with producing goods and services. The allocation & division of labor, uncertainty & risk factor are also studied in it.

Macroeconomics: Macroeconomics is the study of performance & structure of whole economy for example economy of a region, country, a continent or even the whole world rather than focusing on individual market. It includes concepts such as government fiscal & monetary policy, unemployment & employment rate, international trade, & national consumption & production. It studies the behavior of economic factors leading to recession, boom or depression in an economy which affect the GDP & business cycle in an economy.

Rahul Sunny answered 1 year ago

How does managerial economics as a branch of economics differ from economics? Explain.

Identify the following statements as examples of positive economics, normative economics, or the art of economics:...

Identify the following statements as examples of positive economics, normative economics, or the art of economics: a. Based on microeconomic models, extending the tax cuts instituted in 2001 will likely continue to further the trend of growing income inequality in the United States. b. The Federal government needs to raise the minimum wage to $8 per hour so that families will have sufficient income to meet their basic needs. c. A country’s overall income is more important than how that...

Is economics positive or normative economics. Discuss 10marks

In most regards, supply-side economics and Keynesian economics are __________.

In most regards, supply-side economics and Keynesian economics are __________.A.closely associatedB.complementaryC.oppositesD.nearly identical

3.Define: (a)Positive economics (b)Normative economics.

Managerial economics

The basic functions of management of business unit is to achieve the obective of a firm.to achieve the objectives of a firm managerial economics is necessary. It helps business executives to solve gheir business and managerial problems a new branch of economics What is managrial economics its features and scope

Microeconomics economics

The table below shows the short run cost for producing bicycles. Complete all missing values in table below: Marginal costAverage total costAverage variable costAverage fixed costTotal costVariable costFixed costOutputLabor0$600070$$6011$140$6062$210$60113280$$60154$350$60135$420$60126 1. Draw the short run total cost curve (show the total cost, fixed cost, variable cost). 2. Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.

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