Economics College Homework Help
Economics is a modern science that is an extensive study of merchandise and services. The subject is studied in order to understand how the economy of a nation works. The behavior of financial agents and systems are also examined before conclusions are drawn.
Economics is generally studied under three groups.
- Microeconomics- This branch of study deals with the individual and often referred to “small economies”. It is the extensive study of how individuals and other small entities like business firms and households function in relation to the goods and services available in the market. Here the principles of price, demand and supply play a vital role.
- Macroeconomics- This branch is a level higher and relates to the complete financial system in a national economy. Here the terms of national income and output play a vital role vis a vis unemployment and inflation. This category lays emphasis on the fiscal and national financial economical policies in a country.
- International- As the name suggests this branch of economics crosses national barriers and connects nations to one another. Here the functions of money across global borders, tariff and the flow of a nation’s assets are studied and measured. It is a broad branch of study that also involves the tax and other related aspects to international economies.