Economics is a study of people who work to convert resources into goods and services that can be accessed by people to satisfy their wants and meet their satisfaction level. Several college homework help sites come up with opportunities for students to learn about the branch of economics namely: micro and macroeconomics that help people understand different individuals and a group of individuals.

ECONOMICSHOMEWORKHELP.COM attempts to clear the confusion between micro and macroeconomics which is an essential knowledge to humans and especially students, in evaluating an entity or group of entities. The two broad terms of economics, when studied by a student, can make him a successful economist, the demand for which is more than the supply.

Meaning:

  • Microeconomics is the study of the activities and behavior of an individual, a firm, and family.
  • Macroeconomics, on the other hand, is a source of the study the activities and behavior of the whole economy.

Scope:

  • Issues such as demand, supply, production, and consumption are covered under it.
  • Issues such as national income, employment, and general price level are covered under it.

Importance:

  • Helps figure out the price of the product and the various factors of production.
  • Resolves major issues such as deflation, unemployment, and poverty.

Limitation:

  • The assumptions are unrealistic.
  • The results vary in the case of aggregate and individuals.

When the economy is analyzed, microeconomics takes the back-seat and macroeconomics are the key to the top analysis. However, both the methods of analysis have their own list of pros and cons.

Advantages of microeconomics:

  • The price of the product and factors of production, including the entrepreneur is determined under it.
  • The enterprise that uses microeconomics is independent to reach a decision.

Disadvantages of microeconomics:

  • The assumptions such as full employment are impractical.
  • Only a part of the economy is analyzed.

Advantages of macroeconomics:

  • It evaluates and balances the payments with the causes of surplus and deficit.
  • The fiscal policies and economic policies are decided after the analysis done by using macroeconomics.

Disadvantages of macroeconomics:

  • The aggregates analyzed are not always homogeneous and can be heterogeneous.
  • The welfare of the individual is comprised because it only covers the aggregates.

Micro and macroeconomics are more complementary than contradictory. They cover the whole of the economy because a demerit in one aspect is the merit of another one. The area where the approaches are applied distinguishes one from another on a large scale.

The statistics in economics is also very tuff to handle and often students make silly mistakes. To be a pro in that area, the students can avail the services of statistic homework help. Such websites offer services that include dissertation help and accounting homework help, which are beneficial for the students to achieve better and higher grades.

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