Economics
Not what you're looking for?
1. Please define microeconomics and macroeconomics.
2. Please state the law of demand and law of supply and explain how the law of demand and the law of supply interact to bring about equilibrium.
3. Please explain the importance of substitution to the laws of supply and demand and give a real-world example.
Purchase this Solution
Solution Summary
The response addresses the queries posted in 995 Words, APA Reerences
Solution Preview
Please find the file attached.
As you know, BrainMass is not an assignment-completion service. This response is meant to assist you in tackling your questions and to help you learn the material needed to understand the problems.
Thanks
Concepts of Economics
Answer 1
Microeconomics: This is the branch of economics, which study the patterns of how individuals, firms and households develop decisions to apportion the available resources, particularly in the markets, where the transactions of goods and services take place. It examines the behavior of individual by considering their demand for a good and from the market demand, of the good. It deals with the product and factor pricing. Micro-economics is associated with the interaction between the individual buyers and sellers. Specifically, it emphasizes on the modes of supply and demand. Apart from this, it also examines the determination of output and price in an individual market like coffee industry (McConnell & Brue, 2004).
Macro-economics: It studies the structure, performance and behavior of national and regional economy of the Country. It examines the patterns and methods that state, how the large aggregates like total employment, general price level and national income are determined. It is the larger concept as compared to micro-economics, as it assists the individuals to gain an in-sight about the basic knowledge to perform in the business environment. It examines the effect of fiscal and monetary policies. Apart from this, it also analyzes the total ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
Recent Feedback
- "Thank You so much! "
- "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
- "great job. I will need another help from you. "
- "first class!"
- "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.