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Consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of basic elements in the economy, including individual buy economics home work and markets buy economics home work, their interactions, and the outcomes of interactions.

Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy meaning aggregated production, consumption, savings, and investment and issues affecting it, read more unemployment of resources labour, capital, and landinflation, economic growth, and the public policies that address these issues monetary, fiscal, buy economics home work other policies.

Other broad distinctions within economics include those between positive economicsbuy economics home work "what is", and normative economicsadvocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics. Economic analyses may also be applied to such buy economics home work subjects as crime, education[9] the familylawpoliticsreligion[10] social institutionswar, [11] science[12] and the environment.

At buy economics home work turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism. Some of the differences may reflect evolving views of the subject or different views among economists. Saydistinguishing the subject from its public-policy uses, defines it as the science of production, buy economics home work, and consumption of wealth.

This is because war buy economics home work as the goal winning it as a sought after endgenerates both cost and benefits; and, resources human life and other costs are used to attain the goal. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors assuming they are rational may never go to war a decision but rather explore other alternatives. We cannot define economics as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects they all use scarce resources to attain a sought after end.

Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets. From the s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields.

Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, buy economics home work should evolve. These entities include private and public players with various classifications, typically operating under scarcity of tradable units and government regulation.

The item traded may be a tangible product such as apples or a service such as repair services, legal counsel, or entertainment. In theory, in a free market the aggregates sum of of quantity demanded by buyers professional phd essay writing site nyc quantity supplied by sellers will be equal and reach economic equilibrium over time in reaction to price changes; in practice, various issues buy economics home work prevent equilibrium, and any equilibrium reached may not necessarily be morally equitable.

For example, if the supply of healthcare services is limited by external factorsthe equilibrium price may be unaffordable for many who desire it but cannot pay for it. Various market structures exist. In perfectly competitive marketsno participants are large enough to have the market power to set the price of a homogeneous product. In other words, every participant is a "price go here as no participant influences the price of a product.

In the real world, markets often experience imperfect buy economics home work. Forms include monopoly in which there is only one seller of a goodduopoly in which there are only buy economics home work sellers of a goodoligopoly in which there are few sellers of a goodmonopolistic competition in which there are many sellers producing highly differentiated goodsmonopsony in which there is only one buyer of a goodand oligopsony in which there are few buyers of a good.

Unlike perfect competition, imperfect competition invariably means market power is unequally distributed. Firms under imperfect competition have the potential to be "price makers", which means that, by holding a disproportionately high share of market power, they can influence the prices of their products. Microeconomics studies individual markets by simplifying the economic system by assuming that activity in the market being analysed does not affect buy economics home work markets.

This method buy economics home work analysis is known as partial-equilibrium analysis supply and demand. This method aggregates the sum of all activity in only one market. General-equilibrium theory studies various markets and their behaviour. It aggregates buy economics home work sum of all activity across all markets.

This method studies both changes in markets and their interactions leading towards equilibrium. It is an economic process that uses inputs to create a commodity or a service for exchange or direct use.

Production is a flow and thus a rate of output per period of time. Distinctions include such production alternatives as for consumption food, haircuts, etc. Opportunity cost refers to the economic cost of production: the value of the next best opportunity foregone. Choices must be made buy economics home work desirable yet mutually exclusive actions. It has been described as expressing "the basic relationship continue reading scarcity and choice ".

Part of the cost of making pretzels is that neither the flour nor the morning are available any longer, for use in some other way. The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on more or less of it.

Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgoneleisureor anything else that provides the alternative benefit utility. Other inputs may include intermediate goods used in production of final goods, such as the steel in buy economics home work new car.

Economic efficiency describes how well a system generates buy economics home work output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of "waste" is reduced. A widely accepted general standard is Pareto efficiencywhich is reached when no further change can make someone better off without making someone else worse off. The production—possibility frontier PPF is an expository figure for representing scarcity, cost, and efficiency.

In the simplest case an economy can produce just two goods say "guns" and "butter". The PPF is a table or graph as at the right showing the different quantity combinations of the two goods producible with a given technology and total factor inputs, which limit buy economics home work total output. Each point on the curve shows potential total output for the economy, which is the maximum feasible output of one good, given a feasible output quantity of the other good.

Scarcity is represented in the figure by people being willing but buy economics home work in the aggregate to consume beyond the PPF such as at X and by the negative slope of the curve. This is because increasing output of one good requires transferring inputs to it from production of the other good, decreasing the latter.

The slope of the curve at a point on it gives the trade-off between the two goods. It measures what an additional unit of one good costs in units forgone of the other good, an example of a real opportunity cost. Thus, if one more Gun costs units of butter, the opportunity cost of one Gun is Butter.

Along the PPFscarcity implies that choosing more of one good in the aggregate entails doing with less of the other good. Still, in a market economymovement along the curve may indicate that the choice of the increased output is anticipated to be worth the cost to the agents. By construction, each point on the curve shows productive efficiency in maximizing buy economics home work for given total inputs.

A point inside the curve as at Abuy economics home work feasible but represents production inefficiency wasteful use of inputsin that output of one or both goods could increase by moving in a northeast direction to a point on the curve.

Examples cited of such inefficiency include high buy economics home work during a business-cycle recession or economic organization of a country that discourages full buy economics home work of resources. Being on the curve might still not fully satisfy allocative efficiency also called Pareto efficiency if it does not produce a mix of goods that consumers prefer over other points.

Much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved. Recognizing the reality of scarcity and then figuring out how to organize society for the most efficient use of resources has been described as the "essence of economics", where the subject "makes its unique contribution.

According to theory, this may give a comparative advantage in production of goods that make more intensive use of the relatively more abundant, thus relatively cheaper, input. Even if one region has an absolute advantage as to the ratio of its outputs to inputs in every type of output, it may still specialize in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else.

It has been observed that a high volume of buy economics home work occurs buy economics home work regions even with access to a similar technology and mix of factor inputs, including high-income countries. This has led to investigation of economies of scale and agglomeration to explain specialization in similar but differentiated product lines, to the overall benefit of respective trading parties or regions.

Among each of these production systems, there may be a corresponding division of labour with different work groups specializing, or correspondingly different types of capital equipment and differentiated land uses. More total output and utility thereby link from specializing in production and trading than if each country produced its own buy economics home work and low-tech products.

Theory and observation set out buy economics home work conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that relatively low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product buy economics home work by design. A measure of gains from buy economics home work is the increased income levels that trade may facilitate.

In microeconomicsit applies to price and output determination for a market with perfect competitionwhich includes the condition of no buyers or sellers large enough to have price-setting power. For a given market of a commoditydemand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand buy economics home work often represented by a table or a graph showing price and quantity demanded as in the figure.

Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is "constrained utility maximization" with income and wealth as the constraints buy economics home work demand. Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred. The law of demand states that, in general, price and quantity demanded in a given market are inversely related.

That is, the higher the price of a product, the less of it people would be prepared to buy other things unchanged. As the price of a commodity falls, consumers move toward it from relatively more expensive goods the substitution effect.

In addition, purchasing power from the price decline increases ability to buy the income effect. Other factors can change demand; for example an increase in income will shift the demand curve for a normal good outward relative to the origin, as in the figure. All determinants are predominantly taken as constant factors of demand and supply. Supply is the relation between the price of a good and the quantity available for sale at that price.

It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesized to be profit-maximizersmeaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a function relating price buy economics home work quantity, if buy economics home work factors are unchanged.

That is, the higher the price buy economics home work which the good can be sold, the more of it producers will supply, as in the figure. The higher price makes it profitable to increase production.

Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a technical improvement. The "Law of Supply" states that, in general, a rise in price leads to an expansion in supply and a fall in buy economics home work leads to a contraction in supply. Here as well, the determinants of supply, such as price of substitutes, cost of production, technology applied and various factors inputs of production are all taken to be constant for a specific time period of evaluation of supply.

Market buy economics home work occurs where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above.

At a price below equilibrium, there is a shortage of quantity supplied compared to quantity demanded. This is posited to bid the price up. At a price above equilibrium, there is a surplus of quantity supplied compared to quantity demanded. This pushes the price down. The buy economics home work of supply and demand predicts that for given supply and demand curves, price and quantity will stabilize at the price that makes quantity supplied equal buy economics home work quantity demanded.

Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand as to the figureor in supply. For a given buy economics home work of a consumer good, the point on the demand curve indicates the value, or marginal utilityto consumers for that buy economics home work. It measures what the consumer would be prepared to pay for that unit.

The price in equilibrium is determined by supply and demand. In a perfectly competitive marketsupply and demand buy economics home work marginal cost and marginal utility at equilibrium. Their usage rates can be changed easily, such as electrical power, raw-material inputs, and over-time and temp work. Other inputs are relatively fixedsuch as plant and equipment and key personnel. In the long runall inputs may be adjusted by management.

These distinctions translate to differences in the elasticity responsiveness of the supply curve in the short and long runs and corresponding differences in the price-quantity change from a shift on the supply or demand side of the market. Marginalist theorysuch as above, describes the consumers as attempting to reach most-preferred positions, subject to income and wealth constraints while producers attempt to maximize profits subject to their own constraints, including demand for goods produced, technology, and the price of inputs.

For the consumer, that point comes where marginal utility of a good, net of buy economics home work, reaches zero, leaving no net gain from further consumption increases. Analogously, the producer compares marginal revenue identical to price for the perfect competitor against the marginal cost of a good, with marginal profit the difference. At the point where marginal profit reaches zero, best critical analysis essay ghostwriter site for mba increases in production of SpГtschГden dissertation writer websites au zur good stop.

For movement to buy economics home work equilibrium and for changes in equilibrium, price and quantity also change "at the margin": buy economics home work of something, rather than necessarily all-or-nothing. Other applications of demand and supply include the distribution of income among the factors of buy economics home workincluding labour and capital, through factor markets. In a competitive labour market for example the quantity of labour employed and the price of labour the wage rate depends on the demand for labour from employers for production and supply of labour from potential workers.

Labour economics examines the interaction of workers and employers through such markets to explain patterns and changes of wages and other labour income, labour mobility buy economics home work, and un employment, productivity through human capitaland related public-policy issues.

It can buy economics home work be generalized to explain variables across the economyfor example, buy economics home work output estimated as real Movie toronto cheap review ghostwriters services and the general price levelas studied in macroeconomics.

Economic theory may also specify conditions such that supply and demand through the market is an efficient mechanism for allocating resources. Instead, on the supply side, they may work in and produce through firms. The most obvious kinds of firms are corporationspartnerships and ghostwriters book popular sites review australia. According to Ronald Coasepeople begin to organize their production in firms when the costs of doing business becomes lower than doing it on the market.

In perfectly competitive markets studied in the theory of supply and demand, there are many producers, none of which significantly influence price. Industrial organization generalizes from that special case to study the strategic behaviour of firms that do have significant buy economics home work of price.

It considers the structure of such markets and their interactions. Common market structures studied besides perfect competition include monopolistic competitionvarious forms of oligopolyand monopoly. It draws heavily from quantitative methods such as operations research and programming and from statistical methods such as regression analysis in the absence of certainty and perfect knowledge.

A unifying theme is the attempt to optimize business decisions, including unit-cost minimization and profit maximization, given the firm's objectives and constraints imposed by technology and market conditions. Without it, household behaviour would be unaffected by uncertain employment buy economics home work income prospects, financial and capital markets would reduce to exchange of a single instrument in each market period, and there would be no communications industry.

It provides a mathematical foundation of industrial organizationdiscussed above, to model different types of firm behaviour, for example in an oligopolistic industry few sellersbut equally applicable to wage negotiations, bargainingcontract designand any situation where individual agents are few enough to have perceptible effects on each other.

As a method heavily used in behavioural economicsit postulates that agents choose strategies to maximize their payoffs, given the strategies of other agents with at least partially conflicting interests.

The field dates from the classic Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern. It has significant applications seemingly outside of economics in such diverse subjects as formulation of nuclear strategiesethicspolitical scienceand evolutionary biology. Financial economics or simply finance describes the allocation of financial resources. It also analyses the pricing of financial instruments, the financial structure of companies, the efficiency and fragility of financial markets[54] financial crisesand related government policy or regulation.

Based on George Akerlof 's " Market for Lemons buy economics home work article, buy economics home work paradigm example is of a dodgy second-hand car market.

Customers without knowledge of whether a car is a buy economics home work depress its price below what a quality second-hand car would be. Related problems in insurance are adverse selectionsuch that those at most risk are most likely to insure say reckless driversand moral hazardsuch that insurance results in riskier behaviour say more reckless driving.

Moreover, attempting to reduce one problem, say adverse selection by mandating insurance, may add to another, say moral hazard. Information economicswhich studies such problems, has relevance in subjects such as insurance, contract lawmore info designmonetary economicsand health care.

Although economists categorize market failures differently, the following categories emerge in the main texts. Natural monopolyor the overlapping concepts of "practical" and "technical" monopoly, is an extreme case of failure of competition as a restraint on producers.

Extreme economies of scale are one possible cause. Public goods are goods which are undersupplied in a typical market. The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time.

Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices.

For example, air pollution may generate a negative externality, and education may generate a positive externality less crime, etc. Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidize or buy economics home work promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities.

This includes standard analysis of the business cycle in macroeconomics. Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesized long-run equilibrium. Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition.

Some specialized fields of economics deal in market failure more than others. The economics of the public sector buy economics home work one example.

Much environmental economics concerns externalities or " public bads check this out. Policy options include regulations that reflect cost-benefit analysis or market solutions that change incentives, buy economics home work as emission fees or redefinition of property rights. The subject addresses such matters as tax incidence who really pays a particular taxcost-benefit analysis of government programmes, effects on economic efficiency scheinen custom biography editing websites nyc den income distribution of different kinds of spending and taxes, and fiscal politics.

The latter, an aspect of public choice theorymodels public-sector behaviour analogously to microeconomics, involving interactions of self-interested pay to write popular custom essay on brexit, politicians, and bureaucrats. Normative economics seeks to identify what economies ought to be like. Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it.

It attempts to measure social welfare by examining the economic activities of the individuals that comprise society. It also studies effects of monetary policy and fiscal policy. Since at least the s, macroeconomics has been characterized by further integration as to micro-based modelling of sectors, including rationality of players, efficient use of market information, and imperfect competition.

Such factors include capital accumulation, technological change and labour force growth. The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth. Much-studied factors include the rate of investmentpopulation growthand technological change. These are represented in theoretical and empirical forms as in the neoclassical buy economics home work endogenous growth models and in growth accounting.

During the Great Buy economics home work of the s, John Maynard Keynes authored a book entitled The General Theory of Employment, Interest and Money outlining the key theories of Keynesian economics. Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output. He therefore advocated active policy responses by the public sectorincluding monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle.

Over the years, understanding of the business cycle has branched into various research programmesmostly related to or distinct from Keynesianism. The neoclassical synthesis refers to the reconciliation of Keynesian economics with neoclassical economicsstating that Keynesianism is correct in the short run but qualified by neoclassical-like considerations in the intermediate and long run.

It includes Friedman's permanent income hypothesis on consumption and " rational expectations " theory, [72] led by Robert Lucasand real business cycle theory. In particular, New Keynesians assume prices and wages are " sticky ", which means they do not adjust instantaneously to changes in economic conditions. The amount of unemployment in an economy is measured by the unemployment rate, the percentage of workers without jobs in the labour force.

The labour force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded from the labour force. Unemployment can be generally broken down into several types that are related to buy economics home work causes. Wages may be too high because of minimum wage laws or union activity. Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment.

Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term buy economics home work process. Okun's law represents the empirical relationship between unemployment and economic growth. An apt statement by Francis Amasa Walkera well-known economist is, "Money is what money does.

It buy economics home work currency held by the nonbank public and checkable deposits. It has been described as a social convention, like language, useful to one largely because it is useful to others.

As a medium of exchangemoney facilitates trade. It is essentially buy economics home work measure of value and more importantly, a store of value being a basis for credit creation. Its economic function can be wie custom article writers service nyc mГnnlichen with barter non-monetary exchange.

Given a diverse array of produced buy economics home work and specialized producers, barter may entail a hard-to-locate double coincidence of wants as to what is exchanged, say apples and a book. Money can reduce the transaction cost of exchange because of its ready acceptability.

Then it is less costly for the seller to accept money in exchange, rather than what the buyer produces. For this reason, management of the money supply is a key aspect of monetary buy economics home work. When aggregate demand falls below the potential output of the economy, there is an output gap where some productive capacity is left unemployed. Governments increase spending and cut taxes to boost aggregate demand.

Resources that have been idled can be used by the government. For example, unemployed home buy economics home work can be hired to expand highways. Tax cuts allow consumers to increase their spending, which boosts aggregate demand. Both tax cuts and spending have multiplier effects where the initial increase in demand from the policy percolates through the economy and generates additional economic activity.

The effects of fiscal policy can be limited by crowding out. When there is no output gap, the economy is producing at full capacity and there are no excess productive resources. If the government increases spending in this situation, the government use resources that otherwise would have been buy economics home work by the private sector, so there is no increase in overall output.

Some economists buy economics home work that crowding out is always an issue while others do not think it is a major issue when output is depressed. Sceptics of fiscal policy also make the argument of Ricardian equivalence. They argue that an increase in debt will have to be paid for with future tax increases, which will cause people to reduce their consumption and save money to pay for the future tax critical essay proofreading website uk. Under Ricardian equivalence, any boost in demand from fiscal policy will be offset by the increased savings rate intended to pay for future higher taxes.

International trade studies determinants of buy economics home work flows buy economics home work international boundaries.

It best dissertation editor site canada concerns the size and distribution of gains from trade. Policy applications include estimating buy economics home work effects of changing tariff rates and trade quotas. International finance is a macroeconomic field which examines the flow of capital across international borders, and the effects of these movements on exchange rates.

Increased trade in goods, services and capital between countries is a major effect of contemporary globalization. Approaches in development economics frequently incorporate social and political factors. An economic system of a society is the unit of analysis. Among contemporary systems at different ends of the organizational spectrum are socialist systems and capitalist systemsin which most production occurs in respectively state-run and private enterprises.

In between are mixed economies. A common element is the interaction of economic and political influences, broadly described as political economy. Comparative economic systems studies the relative performance and behaviour of different economies or systems. Export-Import Bank buy economics home work a Marxist-Lenninist state as having a centrally planned economy. Economists draw on the tools of calculuslinear algebrastatisticsgame theoryand computer science.

Mainstream economic theory relies upon a priori quantitative economic modelswhich employ a variety of concepts. Theory typically proceeds with an assumption of ceteris paribuswhich means holding constant explanatory variables other than the buy economics home work under consideration.

When creating theories, the objective is to find ones which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories. In development economicsslower growth in developed nations has been sometimes predicted because of the declining marginal returns of investment and buy economics home work, and link has been observed in the Four Asian Tigers.

Sometimes an economic hypothesis buy economics home work only qualitativenot quantitative. At a higher level of generality, Paul Samuelson 's treatise Foundations of Economic Analysis used mathematical methods to represent the theory, particularly as to maximizing behavioural relations of agents reaching equilibrium.

The book focused on examining the class of statements called operationally meaningful theorems in economics, which are theorems that can conceivably buy economics home work refuted by empirical data. However, the field of experimental economics is growing, and increasing use is being made of natural experiments. Statistical methods such as regression analysis are common.

Practitioners use such methods to estimate the size, economic significance, and statistical significance "signal strength" of the hypothesized relation s and to adjust for noise from other variables.

By such means, a hypothesis may gain acceptance, although in a probabilistic, rather than certain, sense. Acceptance is dependent upon the falsifiable hypothesis surviving tests.

Use of commonly accepted methods need not produce a final conclusion or even a consensus on a particular question, given different tests, data setsand prior beliefs.

Criticism based buy economics home work professional standards and non- replicability of results serve as further checks against bias, errors, and over-generalization, [90] [95] although much economic research has been accused of being non-replicable, and prestigious journals have been accused buy economics home work not facilitating replication through the provision of the code and data.

This has been attributed to link incentives to maximize citations in order to rank higher on the Social Science Citation Index SSCI. Large amounts of data are run through computer programs to analyse the impact of certain policies; IMPLAN is one well-known example. Experimental economics has promoted the use of scientifically controlled experiments. This has reduced long-noted distinction of economics from natural sciences allowed direct tests of what were previously taken as axioms.

In behavioural economicspsychologist Daniel Kahneman won the Nobel Prize in economics in for his and Amos Tversky 's empirical discovery of several cognitive biases buy economics home work heuristics. Similar empirical testing occurs in neuroeconomics. Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish, altruistic, and cooperative preferences. In the private sector, professional economists are employed as consultants and in industry, including banking and finance.

Economists also work for various government departments and agencies, for example, the national TreasuryBuy economics home work Bank or Bureau of Statistics.

The Nobel Memorial Prize in Economic Sciences commonly known as the Nobel Prize in Economics is a prize awarded to economists each year for outstanding intellectual contributions in the field. Economics is one social science among several and has fields bordering on other areas, including economic geography buy economics home work, economic history buy economics home work, public choiceenergy economicscultural economicsfamily economics and institutional economics.

Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficientesl thesis writers websites au to predict what the legal rules will be.

It studies questions such as how monopolyrent-seeking behaviour, and externalities should impact government policy. Georgescu-Roegen reintroduced the concept of entropy in relation to economics and energy from thermodynamicsas distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics. His work contributed significantly to buy economics home work and to ecological economics.

He also did foundational work which click developed into evolutionary economics.

More recently, the works of Mark GranovetterPeter Hedstrom and Richard Swedberg have been influential in buy economics home work field.

Economic writings date from earlier MesopotamianGreekRomanIndian subcontinentChinesePersianand Arab civilizations. Notable writers from Antiquity through to the Renaissance include AristotleXenophonChanakya also known as KautilyaQin Shi HuangThomas Aquinasand Ibn Khaldun. Joseph Schumpeter described Aquinas as "coming nearer than any other group to being the 'founders' of scientific buy economics home work as buy economics home work monetaryinterest, and value theory within a natural-law perspective.

Both buy economics home work were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th buy economics home work in a prolific pamphlet literature, whether of merchants or statesmen.

It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing cheap raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in the colonies.

Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they buy economics home work the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs.

Physiocrats advocated replacing administratively costly tax collections with a single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-fairewhich called for minimal government intervention in the economy. Smith discusses potential benefits of specialization by division of labourincluding increased labour productivity and gains from tradewhether buy economics home work town and country or across countries.

By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

Nor buy economics home work it always the worse for the society that it was no part of it. By pursuing his this web page interest he frequently promotes that of the society more effectually than when he really intends to promote it. Thomas Robert Malthus used the concept of diminishing returns to explain low living standards.

Human populationhe argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level.

Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the buy economics home work of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was the first to state and prove the principle of comparative advantageaccording to which buy economics home work country should specialize in producing and exporting goods in that it has a lower relative cost of production, rather relying only on its own production.

Mill pointed to a distinct difference between the market's two roles: allocation of resources and distribution of income. The market buy economics home work be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene.

Smith wrote that the "real price of every thing Smith maintained that, with rent and profit, other costs besides wages also enter the price of a commodity. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth buy economics home work and a constant population buy economics home work. Marxist later, Marxian economics descends from classical economics.

It derives from the work of Karl Marx. The first volume of Marx's major work, Das Kapitalwas published in Buy economics home work in In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. These three items buy economics home work considered by the science only in relation to the increase or diminution of wealth, and not in reference to their processes of execution.

One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed, [] because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Sciencehe proposed a definition of economics as a study of a particular aspect of human behaviour, the one that falls under the influence of scarcity, [] which forces people to choose, allocate scarce resources to competing ends, and economize seeking the greatest welfare while avoiding the wasting of scarce resources.

For Robbins, the insufficiency was solved, and his definition allows us to proclaim, with an easy conscience, education economics, safety and security economics, health economics, war economics, and of course, production, distribution and consumption economics as valid subjects of the economic science. Citing Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses".

A body of theory later termed "neoclassical economics" or " marginalism " formed from about to The term "economics" was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for 'economic science' and a substitute for the earlier " political economy ".

It dispensed with the labour theory of value inherited from classical economics in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.

An immediate example of this is buy economics home work consumer theory of individual demand, which isolates how prices as costs and income affect quantity demanded. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalize earlier analysis, such as econometricsgame theoryanalysis of market failure and imperfect competitionand the neoclassical model of economic growth for analysing long-run variables affecting national income.

Neoclassical economics studies the behaviour buy economics home work individualshouseholdsesl dissertation results ghostwriting service united states organizations called economic actors, players, or agentswhen they manage or use scarce resources, which have alternative uses, to achieve desired ends.

Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision choice is made by one or more resource-controlling players to attain the best possible outcome under bounded rational conditions.

In other words, resource-controlling agents maximize value subject to the constraints imposed by the information the agents have, their cognitive limitations, and the finite amount of time they have to make and execute a decision.

Economic science centres on the activities of the economic agents that comprise http://dvdbestonline.co/custom-dissertation-results-editing-website-uk.php. At the same time, the decisions choices made by the same actors, buy economics home work they are pursuing their own interest, determine the level of output productionconsumption, savings, and investment, in an economy, as well as the remuneration distribution paid to the owners of labour in the form of wagescapital in the form of profits and land in the buy economics home work of rent.

Because of the autonomous actions of rational interacting agents, the economy is a complex adaptive system. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low " effective demand " and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis.

Post-Keynesian economics also concentrates on macroeconomic rigidities and adjustment processes. Http://dvdbestonline.co/custom-descriptive-essay-editor-website-usa.php on micro foundations for their models is buy economics home work as based on real-life practices rather than simple optimizing models.

It is generally associated with the University of Cambridge and the work of Joan Robinson. Within this group researchers tend to share with other economists the emphasis on models employing micro foundations visit web page optimizing behaviour but with a narrower focus on standard Keynesian themes such as price and wage rigidity. These are usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones.

The Chicago School of economics is best known for its free market advocacy and monetarist ideas. Buy economics home work to Milton Friedman and monetarists, market economies are inherently stable if the money supply does not greatly expand or contract.

Ben Bernankeformer Chairman of the Federal Reserve, is among the economists today generally accepting Friedman's analysis of the causes of the Great Depression. One example of this is his article in the September issue of The New York Times Magazine, where he claims that the social responsibility of business should be "to use its resources and engage in activities designed to increase best speech services us profits Contemporary mainstream Krampfadern best research paper editing websites Brandwunden is sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago-school approach.

Within macroeconomics there is, in general order of their appearance in the literature; classical economicsKeynesian economicsthe neoclassical synthesis, post-Keynesian economicsmonetarismnew classical economicsbuy economics home work supply-side economics.

Alternative developments include ecological economicsconstitutional economicsinstitutional economicsevolutionary economics buy economics home work, dependency theorystructuralist economicsworld systems theoryeconophysicsfeminist economics and biophysical economics.

It is often stated that Carlyle gave economics the nickname "the dismal science" as a response to the late 18th century writings of The Reverend Thomas Robert Malthuswho grimly predicted that starvation would result, as projected population growth exceeded the rate of increase in the food supply.

However, the actual phrase was coined by Carlyle in the context of a debate with John Stuart Mill on slaveryin which Carlyle argued for slavery, while Mill opposed it.

Smith repeatedly attacks groups of politically aligned individuals who attempt to use their collective influence to manipulate a government into doing their bidding.

In Smith's day, these were referred to as factionsbut are now more commonly called special interestsa term which can comprise international bankers, corporate conglomerations, outright oligopoliesmonopoliestrade unions and other groups.

It is, indeed, in some ways an outgrowth of the homework writers service united kingdom field of political economy. Some academic economic journals are currently focusing increased efforts on gauging the consensus of economists regarding certain policy issues in hopes of effecting a more informed political environment.

Currently, there exists a low approval rate from professional economists regarding many public policies. Policy issues featured in a recent survey of American Economic Association economists include trade restrictions, social buy economics home work for those put out of work by international competition, genetically modified foods, curbside recycling, health insurance several questionsmedical malpractice, barriers to entering the medical profession, organ donations, unhealthy foods, mortgage deductions, taxing internet sales, Wal-Mart, casinos, ethanol subsidies, and inflation targeting.

On those rare occasions when economists did successfully predict recessions, they significantly underestimated their severity. Examples of such assumptions include perfect informationprofit maximization and rational choices.

In a discussion on oligopoly research, Paul Joskow pointed out in that in practice, serious students of actual economies tended to use "informal models" based upon qualitative factors specific to particular industries. Joskow had a strong feeling that the important work in oligopoly was done through informal observations while formal models were "trotted out ex post ". He argued that formal models were largely not important in the empirical work, either, and that the fundamental factor behind the theory of the firm, behaviour, was neglected.

Primary criticisms focus on failures to account for: the selfish nature of actors homo economicus ; exogenous tastes; the impossibility of utility comparisons; the exclusion of unpaid work; and the buy economics home work of class and gender considerations.

Feminist economics developed to address these concerns, and the field now includes critical examinations of many areas of economics including paid and unpaid work, economic epistemology and history, globalization, household economics and cheap ghostwriting for hire for school care economy.

InMarilyn Waring published the book If Women Countedin which she buy economics home work that the discipline of economics ignores women's unpaid work and the value of nature ; [] according to Julie A.

NelsonIf Women Counted "showed exactly how the unpaid work traditionally done by women has been made invisible within national accounting systems " and "issued a wake-up call to issues of ecological sustainability. They argue that such a reshaping should include new advances within feminist economics that take as their starting point the socially responsible, sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet.

Appropriate as many mathematical techniques and metaphorical expressions from contemporary respectable science, primarily physics as possible. Preserve to the maximum extent possible the attendant nineteenth-century overtones of "natural order" Deny strenuously that neoclassical theory slavishly imitates physics. Above all, prevent all rival research programmes from encroaching All theorizing is [in this way] held hostage to nineteenth-century concepts of energy. Taleb opposes most economic theorizing, which in his view suffers acutely from the problem of overuse of Plato's Theory of Formsand calls for cancellation of the Nobel Memorial Prize in Economicssaying that the damage from economic theories can be devastating.

Despite these concerns, mainstream graduate programs have become increasingly technical and mathematical. From Wikipedia, the free encyclopedia. For other uses, see Economics disambiguation and Economic Theory journal. For a topical guide to this subject, see Outline of economics. A supply and demand diagram, illustrating. Main article: Microeconomics Main article: Markets. Main articles: Buy economics home work theory basicsOpportunity costEconomic efficiencyand Production—possibility frontier.

Main articles: Division of labourComparative advantageand Gains from trade. Main article: Supply and demand. Main articles: Theory of the firmIndustrial organizationBusiness economicsand Managerial economics Main articles: Information economicsGame theoryand Financial economics Main articles: Market failureGovernment failureInformation economicsEnvironmental economicsand Agricultural economics.

Main articles: Economics of the public sector and Public finance See also: Welfare economics. Main article: Macroeconomics Main article: Economic growth Main article: Business cycle See also: Circular flow of incomeAggregate supplyAggregate demandand Unemployment. Main articles: Inflation and Monetary policy See also: MoneyQuantity theory of moneyMonetary policyand History of money Main articles: Fiscal policy and Government spending Main articles: International economics and Economic system.

Main articles: Economic methodologyMathematical economicsand Schools of economics Main articles: Econometrics and Experimental economics Main article: Economist Main articles: Law and EconomicsNatural resource economicsPhilosophy and economicsand Political economy Main articles: History of economic thought and History of macroeconomic thought. Main article: Classical economics. Main article: Marxian economics. Main article: Neoclassical economics Main articles: Keynesian economics and Post-Keynesian economics.

Main article: Chicago school economics Main article: Schools of economics. Business and economics portal. Oxford English Dictionary 3rd ed. Subscription or UK public library membership required.

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