Economics is a branch of study that deals with the production, consumption, and transfer of wealth. It is a form of social science that is concerned with goods and services, distributions, etc. This branch of study involves government policies, individuals, businesses, and overall nations. For example, if you take the stock market an economist here studies the stock market, by figuring out the figures of ups and downs based on certain trends in the share of various organizations. Similarly, trade deals are also considered to be an important form of economics. The economy helps in analyzing the demand and the supply for the nations, which is directly or indirectly very useful for companies to customize their products as per the requirements. The economy of any country is a large set of linked consumption and production-related activities that assist in deciding to allocate resources.
Economics is the study of the behavior of mankind. When it comes to humans and their needs economy plays a major role in one’s life as it can easily be determined by knowing certain features of the economy. There are main four features that are tools of economics – demand and supply, cost and benefits, scarcity, and incentives.
Demands: In economics, demand refers to consumer need and desire for any product or service to be purchased by them at a certain price. As per the law of demand and supply, it has been the trend that when the price of any goods and services goes high then demand the same reduces.
Supply: These are fundamental economic concept, which elaborates on the total amount of goods and services that are available in the market for consumers. Goods and services that are offered to the final consumers at a certain price are supplied.
Scarcity & Incentives: it is referred to be basic economic-related problems. It is an economic decision made to meet human needs and desires by maintaining the availability of resources. Shortage of any products and services that are used by people in day-to-day life is termed to be scarcity.
Incentives are anything that a person uses to get an additional amount by putting its extra effort, it is a motivational factor for a person and insists them to do more and more to earn more amount of incentives. The incentives in economics are provided by the government of respective countries in favor of the common society as a whole. It is an object, action, or event to do more to gain extra provided by the employer.
Cost and Benefits: this concept of cost and benefits is associated withlogical expectations and choicesbased on economics. When an economist comments on people that they are behaving logically, then they meant that the people are trying to maximize the benefits while making certain decisions.
To make it clearer if demand for Pepsi is high, then the manufacturing unit will hire more employees to make more Pepsi, but at the same time the price of Pepsi and the amount of Pepsi they are selling justify the additional cost or not, especially the premises, raw materials and the salary of an additional employee. Consumers on the other hand would like to buy the best cold drinks which they can afford to buy, infect not the best-tasting cold drinks. So every company needs proper research before making any decision whether it is related to production or cost.
Relevance in dissertations
Economics is the study of determining the use of limited resources that are available to mankind and producing commodities for the use of different people in society. The goal of the study is to analyze and develop the standard of living of the common man in everyday life by deciding what to be produced how to produce and how to distribute the same in society. Economics thus proves to be a very important topic and should be given extra weightage on it if you are seeking your focus on becoming an economist. This has been proved to be the most interesting topic who wanted to focus on becoming an analyst for government services and do welfare for society. As it is completely related to the economy of the country so the relevance of this topic in form of dissertations can be justified easily.
Types of Economic Dissertation
There are four types of economic systems that persist in the current scenario Traditional economic system, Market economic system, mixed system and Command economic system and the instructors can assign any topics on the above mentioned. Further to make you clear economics are divided into two categories i.e. Microeconomics and Macroeconomics. Microeconomicsis a study of a particular market and segment of the economy, on the other hand, Macroeconomics is the study related to the entire economy. To make you understand why these are important to understand as the Professors assign you any topic related to it.
Microeconomics: It is completely related to the study of an individual or a business entity. It includes individual markets, the effect on the price of goods, the supply of goods and services, and individual behavior on buying patterns and the labor market. It deals with the common public and enterprises' decisions while doing studies related to the income of an individual. It is also a study of the prices of the product in the market along with the buying capacity of an individual. It analyzes the demand and supply of labor and products as well.
Macroeconomics: these are border terms as it is a study related to the economy of any country. It deals with the performance, formation, conduct, and decision-making of the economy of any country as a whole. This study is related to Taxes, reforms, government regulations, etc. It includes the whole economy, inflation level, employment and unemployment in the country, aggregate demand in the country, and the capacity of an economy to produce the product and services of the desire.
The above studies are further divided into various aspects and there might be so many reasons to study economics, since being a detailed study and related to the complete economy of any country, and why professors choose a topic on economics for writing dissertation assignments can be clarified up to an extent but knowing some facts. Here are a few important points that can reveal the importance of the Economics Dissertation and its Help services asIt helps in creating higher job prospects, highly desirable transferable skills, gaining more relevant knowledge, understanding the facts of how the economy of the world runs, and many more. By analyzing the above details one can easily identify the importance of economics, so this is the reason why it has become the favorite topic of professors to assign Economics Dissertations topic and then the need for Economics Dissertation Writing Service comes in.