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How do you explain economics?
First things first, what is economics? Economics is the study of utilisation, possession and interchange of the scarce resources. The field of study usually uses methodical ways to build models or theories, which further helps in explaining the behaviour of a person or a company.
What are the basic principles of economics?
There are five basic principles of economics that many of the students during their first-semester study under the Economics Introduction:
There is no denying the fact that all of us are rational. Whatever we do is all done with the perspective of being ration be it going to work, eating food or playing with friends, etc. People all over the world are rational and whatever they do, they do it with their best. What can be done is that we can break the decision making procedure and that’s when the study of the factors that influence the decision making comes to the forefront.
In Basic Economics studies, the most common use of a cost is referred to as the monetary cost. Let say for instance, in our day to day life, we are associated with the trade-off to all the decisions that we make. We pay for classes, we pay for food, we pay for watching a movie at PVR, and so on. But when economics is talked about, here we also have other types of costs which are known as opportunity costs. The value of the highest foregone activity is known as the opportunity costs.
Now, since we benefit from what we do, we incur a cost. In Economics Introduction, the satisfaction of someone is measure by using the term “utility”. The reason why someone or companies would be interested in benefits is that it helps in maximising their behaviour i.e. utility and profit, respectively.
Now comes incentives, which are termed as rewards and punishments. Everyone likes to be get rewarded and that’s why we make such a decision that would reward us. On the same hand, we don’t like punishments, so we won’t be making those decisions that would get negative outcomes. In economics, the studies are directed toward an individual’s response as against rewards and punishment during the same scenario.
- Marginal Analysis
Marginal analysis is Basic Economics funda. Almost everything in economics is calculated on the margin, which means that economics is focused on what the next decision is being made.
How do you write an introduction to economics essay?
In this section, I will be sharing a few tips and tricks to write a commendable introduction to your Basic Economics assignment:
#TIP1: First and foremost tip is to read the question as carefully as possible. Understand the requirements and answer only then.
#TIP2: If you are given two-part question, it is imperative to look at how much marks the respective parts carry. It is also suggested to keep a track on your answers so that no overlapping happens in both the responses.
#TIP3: You must also pay attention to the keywords that are indicated in the question. And that’s where you have to keep your focus on.
#TIP4: To know what you are asked, you must also keep an eye on the command words in the question.
#TIP5: Pen down all the related theories of economics as well as the concepts, which come to your mind whether the degree of relevance is more or not.
#TIP6: Now, after jotting down the theories and concepts related to economics, it is very important to now arrange them as per the degree of relevance.
#TIP7: In case, you find that the list you have made about the theories and concepts is way too long, try and merge them. If that’s not possible, you can kick off those who you find are less relevant. This is how your solution will be crisp, to the point and relevant.
#TIP8: Your answer should have a proper structure right from the introduction to the body of the answer to the conclusion. On a general level, your answer should be for over four pages in length, which is excluding the diagrams that you make to substantiate your points.
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