Economics is a pretty interesting subject and thanks to affordable economics online tutorial classes from revered online tutoring companies, one can crack this subject with ease these days.
So what is Economics?
Well, as per a professional associated with a renowned company that offers Economics tutorial online free, Economics is the study of how a person, a country, and its administration spend their money to satiate their needs.
Economics has two major parts and they are microeconomics and macroeconomics.
What are Micro and Macroeconomics?
Well, according to a revered online Economics tutor, the definitions of the two are enunciated as follows –
- Microeconomics explains how a company or a person allocates resources which in turn impact the prices of services and goods. It also keeps a close watch on how the government of a country regulates and comes up with tax forms. Microeconomics also keeps a close watch on the overall supply of essential commodities to the market which in turn ensures that the price of essential commodities in the market remains stable. Microeconomics also tries its best to explain how and why changes take place in the market and the economy of a nation. The primary role of microeconomics is to observe how companies can increase their productivity and increase their overall competence in the corporate world. In case one is looking for information pertaining to the micro economy of a company then all they would need to do is closely examine the financial statement of the company.
- As per a revered online Economics tutor macroeconomics, on the other hand, is all about depicting and scrutinizing all the aspects that affect the economy of a nation or a company in detail. It also dissects the overall progress the economy of a nation or that of a company makes at a given point in time. Macroeconomics also considers data taken from the overall economic activities of different countries and companies. Experts also closely study how the economic policies of one nation or a company can alter or negatively (or positively) affect the overall economy of another nation or a company.
- As per the explanations from a revered online Economics tutor, macroeconomics entails the consideration of certain factors like price, demand, supply, overall welfare factors of the economy, rate of production, rate of consumption as well as several other aspects such as distribution, national income, employment rate, the money market, inflation and more.
- Microeconomics considers all the internal factors within the economy of a nation.
- Macroeconomics evidently considers external factors like policies of foreign nations, environmental factors, and international conflicts.
- Microeconomics is responsible for the proper regulation of product prices along with the prices of aspects that involves in the production of those products such as labor costs, land prices, loan schemes for entrepreneurs, etc.
- Macroeconomics, on the other hand, involves research and problem solving that ultimately leads to countering the ill-effects of an unstable economy such as excessive deflation that could lead to stock market crashes, unchecked inflation, increase in the unemployment rate, and poverty levels in a nation.
Conclusion
Economics is a fun subject but there is a catch – you would need to seek professional guidance and in these trying times, you should seek assistance from a revered online economics tutor associated with a reputed online tutorial service provider, for the best results.
