The economics is the social science that studies the usage of the various resources like their production, distribution, and consumption among people.
There are Two Specific Branches of Economics:
- Microeconomics: It deals with behaviour of entities and their interaction in making decisions related to the allocation of the resources.
- Macroeconomics: It is the broad discipline of economics which deals with the entire economy as a whole.
What are the Basic Concepts of International Economics?
Demand and Supply: Demand and Supply are the two essential factors which provide the fundamental framework for assessing the actions of an economy.
- Demand: The demand is the quantity of the goods that consumers are willing to purchase.
- Supply: The supply is the quantity of the goods that sellers are willing to sell at a particular price.
Utility: The concept of the utility is associated with the satisfaction of the one acquires after consuming the product. Therefore, the utility is the value-in-use of a commodity or a product.
Efficiency: The efficiency is concerned with the measure of the output driven with the given set of inputs.
Wealth: In economics, the term wealth is used to describe all the things that have value. A commodity is considered as wealth when it has utility, scarcity, and transferability. There are three forms of wealth:
- Individual Wealth
- Social Wealth
- National Wealth
- Financial Wealth
- International Wealth
Elasticity: The elasticity is another basic term used in economics which refers to the change in the quantity of the goods associated with the change in the prices.
The students who are learning concepts of economics can take international economics assignment help from the experts of BookMyEssay. This website is known as the best assignment help site in Australia, that can provide you best support for all your academic assignments. So contact them now.