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High-Quality Economics Assignment Help
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What is covered in the economics assignment help?
If something has to be clear about this topic, it is that economics is the science that tries to manage scarce resources to satisfy human needs. But just as mathematics can be divided into algebra, geometry or probability or language into syntax, grammar or phonetics, in the same way economics can be segregated in several branches.
Economic science can be divided into two main branches: the positive economy and the normative economy. When economists try to describe the world around us (positive economy) they behave like scientists. When they try to improve it with recommendations (normative economics), they enter the world of economic policy. There is no year without a student saying that the positive economy studies the good parts of the economy and the bad regulations.
Objectively analyzes economic phenomena as they have happened or can happen without making judgments about it (it does not judge whether something is good or bad). Study what is, has been or could be. We divide it into microeconomics and macroeconomics.
Study what should be, assess situations and recommend actions to try to improve reality. It is therefore based on personal opinions of what is better or worse, that is, in value judgments. Its main exponent is economic policy.
A difference between positive and normative affirmations is the way in which we can confirm them. In principle, we can confirm positive affirmations through data. We could check the rate of lung diseases to see if the factories are so bad for health. We could also see what happened to unemployment when similar factories were closed.
The thing is complicated by normative claims. If we close the factories, it is very complicated to prove that the city would be better or worse if we had not done it. How can we not show it with data, say why a measure is good or bad will depend on philosophical or ethical aspects? In short, it will depend on our personal opinion. If these normative measures are carried out, we enter into the field of economic policy.
These are measures taken by the Public Sector trying to improve the reality of a country. They are based on value judgments of how things should be. It is difficult to prove who is right by what is a source of conflict for economists and political parties.
Microeconomics and macroeconomics
We have just seen that the positive economy is the branch that tries to explain economic facts. Within this branch (which has more divisions), we will focus on the part that tries to develop theories and laws: Microeconomics and macroeconomics.
Study the individual decisions of families and businesses and the public sector and the way they relate to markets. When we study how a family spends money or how many workers a company must hire, we are within the Microeconomics. The same happens when we study a specific market, such as housing or fruit.
A positive and microeconomics affirmation would be: If the fruit growers lower the price of the fruit, people will buy more. It is positive because it describes a fact without giving recommendations. I can go to the market and see if that is true. It is microeconomics because it studies a market individually.
Study the functioning of the economy as a whole. Macroeconomics does not worry about the actions of a company or an individual person, but the important thing is the sum of all those actions. It studies, therefore, the sum of all the decisions of families, companies and Public Sector.
In microeconomics, we study the production of a company. In macroeconomics the production of goods and services of all the companies of a country, the Gross Domestic Product. In microeconomics, we study the spending of a family and why it spends more or less. In macroeconomics the spending of all consumers, regardless of whether some spend more or others less. In macroeconomics, the total is what counts.
A positive and macroeconomic affirmation would be: If the citizens of a country have more money, the total consumption of the country will increase. Notice that we are not talking about a family or a specific company, or about a single market (the fruit before), but about the sum total of the decisions of companies or families in a country.
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