Economics Assignment Help Tips: 4 Basic Concepts in Economics You Should Know About
Every topic of economics applies four basic concepts. Our professional experts have identified the following as the 4 key concepts of economics that every student should know:
Being one of the fundamental concepts in Economics, scarcity refers to the availability of limited resources to satisfy the unending needs. Human needs are unlimited while resources such as money, technology, raw materials, and manpower are limited. Students pursuing a course in Economics are equipped with extensive knowledge of how to use scarce resources to satisfy the unending needs of consumers. Our economics assignment help experts provide students elaborate fresh examples of the scarcity concept. Do not hesitate to get in touch with us if you need help with this concept.
- Demand and Supply
Demand and supply are considered as a vital pillar of the market economy. Demand is defined as the number of goods or services that consumers are willing to buy at a particular price. Supply refers to the availability of goods or services that suppliers are willing to deliver at a certain price. The concept of demand and supply provides an explanation of how the prices of goods and services are fixed. If the demand for a product increases, suppliers must deliver more of the product to counter the demand. An increase in the price of a product leads to a decrease in demand and vice –versa. However, there are some certain products that do not have alternatives hence, consumers still buy them even after the price is hiked. Our professional assignment writers are well-versed with this concept. They can provide you with excellent solutions for your assignment.
- Cost and Benefit Analysis
Cost and benefit analysis is the process of reaching an optimal decision or solution by comparing the benefits of various alternatives and their costs. It is often done in order to maximize profitability. For example, if company A outsources cleaning services from another company and after a period of time, they find that this task is expensive and hence they decide to hire their own cleaner. Company A will perform a cost and benefit analysis of outsourcing cleaning services and hiring their personal cleaner. They will consider all the hidden costs in both situations and only settle on the one that is viable.
Incentives are a motivation for employees to work hard. There are two types of incentives, Extrinsic and intrinsic incentives. Extrinsic incentives come from outside the person. For example, a bonus offered to employees for accomplishing a certain task. Intrinsic incentives originate from you or inside. For example, if the work you do brings a positive change in your field.
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