Economics Assignment Solving Techniques

1
Economics Assignment Solving Techniques
www.tutorhelpdesk.com
2
Introduction
www.tutorhelpdesk.com
3

• Economics is a branch of social sciences that
  deals with peoples efforts to satisfy their
  wants with limited resources. Economics involves
  making choices due to the fact that resources are
  scarce and choices have to be made as to how they
  will be used. Thus, there is a need to consider
  the different techniques in solving the
  identified problems in economics which this
  article will enlighten students, researchers and
  practitioners about.

www.tutorhelpdesk.com
4
Understanding Economic Problems
www.tutorhelpdesk.com
5
Definition and Nature of Economic Problems

• The fundamental economic question is due to
  scarcity since while resources with regard to
  land, labor, and capital are scarce, peoples
  demands are unbounded. This scarcity leads to
  choices being made by the individuals and society
  on how the available resources will be used.

www.tutorhelpdesk.com
6
Types of Economic Problems

• What to produce Selecting what products should
  be offered since resources are scarce or the
  allocation of available resources to different
  products.
• How to produce Identifying how the organization
  can effectively create goods and services through
  defining techniques and procedures.
• For whom to produce Selecting consumers that
  will acquire the finished goods and services, and
  handling problems associated with distribution
  and fairness.

www.tutorhelpdesk.com
7
Problem-Solving Frameworks in Economics
www.tutorhelpdesk.com
8
Positive vs. Normative Economics

• Positive Economics Involves the approach that is
  based on objectivity such as and facts. It
  essentially narrates or reports the existing
  conditions about an economy with no evaluations
  (e. g., What is).
• Normative Economics Entails the making of value
  judgments and forming of opinions. It also
  recommended economic strategies and organize
  results concerning right or Sixth sense standards
  (e.g. what should be).

www.tutorhelpdesk.com
9
Microeconomics vs. Macroeconomics

• Microeconomics Concerned with individuals or
  groups in the economy such as the household, the
  firm and markets. It analyses how such entities
  behave and how they reach their decisions.
• Macroeconomics Focuses on macroeconomics, its
  characteristics at the broad level, such as gross
  domestic products, joblessness indexes, and cost
  of living indices. This topic pertains to vast
  concepts such as economic development and public
  finance.

www.tutorhelpdesk.com
10
Analytical Tools and Techniques
www.tutorhelpdesk.com
11

• Mathematical Models
• Economic theories and economic relationships are
  expressed through different mathematical models
  which involve use of equations that help in the
  analysis and prediction of different economic
  indicators. Such models may be as simple as
  linear equations, or as rather complicated as
  systems of differential equations.
• Graphical Analysis
• Supply on the vertical axis and demand on the
  horizontal axis is some of the graphical
  representations of economic relationship and
  equilibrium conditions. Because of this property,
  graphs can be used to explain economic concepts
  and how change in one variable influences another.

www.tutorhelpdesk.com
12

• Statistical Methods
• Statistical analysis refers to the process
  whereby measures are taken in order to gather
  data in order to test hypotheses and forecast the
  future trends of events. These are regression
  analysis, hypothesis testing and time series
  analysis.
• Econometric Models
• Econometrics is the application of economic
  theories, quantitative methods, mathematical
  modeling, and statistical methods to examine and
  analyze economic data. It involves actual data in
  order to check the hypotheses and to assess the
  effects of economical measures.

www.tutorhelpdesk.com
13
Problem-Solving Strategies
www.tutorhelpdesk.com
14

• Cost-Benefit Analysis
• According to cost-benefit analysis, it compares
  the costs and benefits of various choices with
  regards to the efficient choice available in the
  market. Converting qualitative analysis into
  numbers makes it easy for the policymakers and
  the businesses that can use it in its
  decision-making to understand the kind of
  sacrifices that is being made.
• Marginal Analysis
• Marginal analysis takes into view the benefits
  and cost beyond the_BASELINE to decide the
  pertinent level of an activity. Pivotal for such
  decision making including production, price and
  consumption levels of the products.

www.tutorhelpdesk.com
15

• Optimization Techniques
• Optimization means the search of the best
  decision which will provide the maximum or
  minimum value of an objective, for instance,
  profit or cost. Common methods used are linear
  programming along with those based on use of
  calculus.
• Game Theory
• Game theory is the branch of mathematics that
  deals with decision-making situations were the
  utility of choice is contingent on the decision
  made by other players. They use it to study
  conflicts and collaboration situations, for
  instance, with respect to price fixing.
• Scenario Analysis
• Business forecasting assesses the effects of
  various economic conditions and the policy
  decisions that can be made with regard to
  results. Although it is a rather complex
  methodology on its own, it assists planners and
  policymakers in anticipating different possible
  futures by envisioning other possibilities.

www.tutorhelpdesk.com
16
Problem-Solving Strategies
www.tutorhelpdesk.com
17

• Market Analysis
• Market research is the study of market forces
  such as supply forces, demand forces and the
  price forces in order to facilitate business
  decisions. It is very useful for identifying
  competitor forces and customers forces namely
  Porters five forces model.
• Policy Analysis
• Public policy assessment focuses on the extent to
  which specific policies, in this case the
  economic policies, meet set goals such as growth,
  stability and equity. It entails establishing the
  effects of polices on various groups within the
  society.

www.tutorhelpdesk.com
18

• Resource Allocation
• Resource allocation focuses on the proper use of
  resources in the different areas including
  health sector, learning institutions and
  governmental departments. This entails the
  optimality of resource consumption in the
  interest of enhancing societal welfare.
• Risk Management
• Risk management involves the identification of
  economic risks, evaluation of the risks, and ways
  of reducing or controlling for the risks. Such
  risks are financial risks, market risks as well
  as operation risks which are encountered by
  businesses and individuals.

www.tutorhelpdesk.com
19
Case Studies in Economic Problem Solving
www.tutorhelpdesk.com
20

• The 2008 Financial Crisis
• Using the example of the global financial crisis
  it is possible to highlight such civilizational
  trends as the relations between differentiated
  financial markets and the impact of regulations.
• Climate Change Economics
• Analyzing the economics of climate change
  includes evaluation of the measures for costs and
  effectiveness of preventing climate change and
  the measures for managing its consequences. This
  consists in assessing the consequences of carbon
  pricing and renewable energy policy on the
  economy.

www.tutorhelpdesk.com
21

• Health Economics
• Public health economics incorporates analyses of
  the resource commitment to health within the
  society as well as the economic repercussions of
  health care procedures. It comprises appraisal of
  costs and other concerns, as well as the
  examination of the results of attempts to improve
  the health of patients.
• Education Economics
• Education economics evaluates the likely costs
  and benefits of education polices and
  expenditures for the benefit of the society. It
  involves identification of the return to
  education and the consequences of education
  inequality.

www.tutorhelpdesk.com
22
Challenges and Limitations
www.tutorhelpdesk.com
23

• Data Limitations
• It is also important to understand that the
  sanity of the economic analysis will solely
  depend on the data available and the quality data
  available. Limited and skewed data give wrong
  solutions and recommendations for policies that
  affect peoples lives.
• Complexity of Economic Systems
• Economic environments are unsteady and chaotic
  which implies that the analysis is influenced by
  many interfering factors hence it is hardly
  possible to place a specific bet on an event in
  an economic system. Thus, to comprehend these
  subtleties, one needs to employ rather refined
  models and analytical tools.
• Ethical Considerations
• Many economic choices constituting
  decision-making and even policy-making involve
  value premises and ethical elements all the time.
  Choices involve some type of rationality based on
  a societys self-interest, and the interest of
  all stakeholders unlike the efficiency theory
  that only cares for a societys self-interest.

www.tutorhelpdesk.com
24
Alternative Solution for Economics Assignment
Solving Help
www.tutorhelpdesk.com
25

• Having problems in understanding tough problems
  of economics? Our Economics Assignment Help is
  fitted to help any student learn different and
  efficient economic problem solving and hence
  excel academically. Our team of experienced
  economists and academic professionals provides
  individual assistance with the vast area of
  economics or specific topics within it such as
  microeconomics, macroeconomics, econometrics, etc.

www.tutorhelpdesk.com
26
How to Avail the Service
www.tutorhelpdesk.com
27

• Visit Our Website Access our user-friendly
  website www.tutorhelpdesk.com to explore our
  services.
• Submit Your Request Provide details about your
  assignment and specific requirements.
• Get Matched with an Expert Our system pairs you
  with a suitable economics expert.
• Receive Personalized Help Engage in one-on-one
  sessions to address your academic needs.
• Achieve Academic Success Gain a deeper
  understanding of economics and improve your
  grades.

www.tutorhelpdesk.com
28
Conclusion
www.tutorhelpdesk.com
29

• Economics problem-solving techniques are
  essential tools for addressing a wide range of
  issues, from individual decision-making to global
  policy challenges. By understanding and applying
  these techniques, individuals and organizations
  can make more informed and effective economic
  choices. Avail our Economics Assignment Help
  service to enhance your learning experience and
  excel in your studies. Visit our website today
  and take the first step towards academic success!

www.tutorhelpdesk.com
30
Thank You
www.tutorhelpdesk.com hw_at_tutorhelpdesk.com 1-6178
070926