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Economics is a branch of social science related to study of the behavioural framework of human beings. Basically, in economics we study how to utilize limited resources in order to gain maximum profit. Adam Smith is the father of economics and capitalism. The two branches of economics are- Microeconomics and Macroeconomics. The study of economics is simplified by four viewpoints; they are given in Economics Dissertation Help- Wealth Viewpoint (It describes about the classical perspective of economics and was proposed by Adam Smith), Welfare Viewpoint (It describes about a neo-classical standpoint of economics and was proposed by Alfred Marshall), Scarcity Viewpoint (It describes about the pre-Keynesian thought of economics and was proposed by Lionel Robbins), Growth Viewpoint (It describes about the modern perspective of economics and was proposed by Paul Samuelson). It has four factors of production, they are- land, labour, enterprise and capital. Various topics included in economics are- finance, wealth, banking and recessions. Economics helps us in understanding the economic system. It is helpful for labours, house holders, solves the problems of poverty and is also useful for good citizenship. Students looking for various topic related to economics can refer Economics Dissertation Help.
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Economics and its branches
The two different branches of economics explained in Economics Dissertation Help are
• Microeconomics: – The term microeconomics is derived from the Greek word “Mikro” which means small. Thus microeconomics is a branch of economics that deals with the analysis of economic studies of small individual units such as market, firm, individual consumer, etc. It is based on the principle of partial equilibrium. Equilibrium price can be determined by equality between demand and supply of a product in the market. In micro analysis, income, population, taxation and price are constant. Various theories included in microeconomics are- factor pricing, product pricing, theory of trade, economic efficiency, etc. Allocation of resources is also based upon microeconomics. Hence, consumption, distribution and economic efficiency in production are also included in it. Microeconomics can be studied thoroughly in Economics Dissertation Help.
• Macroeconomics: – The term microeconomics is derived from the Greek word “Makro” which means large. Thus macroeconomics is a branch of economics that deals with the analysis of economy as a whole and its large aggregates such as Per capita Income, National income, national output, employment inflation, etc. It is based on the principle of general equilibrium which means aggregate demand is equal to aggregate supply. Under general equilibrium, employment, equilibrium of national income, output, etc. are produced. In macroeconomics, income, population, taxation and price can never be the same. It studies about optimum utilization of natural resources in order to get maximum economic growth.
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