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Economics is the social science that studies people interact with scarce resources, especially the production, distribution, and consumption of goods and services. Economics focuses on the behavior and interaction of economic agents and how economies work.
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There are two types of economics,
It is the most crucial branch of economics that deals with the study of individual behavior and firms in decision-making. Besides, it is based on scarce resources and interaction allocation among individuals and firms.
This branch of economics deals with the performance, structure, behavior, and decision-making of an economy. Macroeconomics deals with all kinds of economics i.e., the regional, national, and international economies.
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Economics helps students a lot in their everyday life. With the proper knowledge of economic, the students can answer a few queries. Let's take some of the examples. Should we invest in financial resources to make money? Is it worth going to college or using that money to start a business? Which career is better for the future, among lots of options. Microeconomics homework help is also provided by our economics experts.
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Economics is limitless around the world. Therefore it has various types that deal with a variety of problems, but all the economics are unique in their ways. We have classified these economics into four major economic systems.
As the name suggests, these types of economics are the most ancient and traditional types of the economics of the world. It is a widely used economic system in the world. A massive portion of the world economy operated under a traditional economic system. This economic system is based on the long-established pattern. Such as how people exchange products and services in terms of money or vice versa. It is a statistical economics system where the individual doesn't have much occupational or financial mobility. But here we can predict the relation and the behaviors.
The government controls this type of economic system. In other words, the government controls all the economics and decides the distributions and use of resources. In this, the government decides the wages of the individuals as well as the price of the commodities. Almost 80% of the industries in this economic system are controlled by the government i.e., railway, aviation, public transport, and many more. As a result, it crested a healthy and equal supply of the resources to the public at a reasonable cost.
In this economic system, the individual makes economic decisions. It means the customer decides the economic flow. The interaction between the company and the individual is responsible for the distributions of goods and allocation of resources. The individual is free to choose the job and invest in their desired resource, what to consume, and lots more decisions. In this economic system, there is no government role, and they can't have any interference in this economics.
It is a mixture of various types of economics, and it combines the command and market economic systems. Keep in mind that the government still plays a significant role in allocating resources and product or service distributions in this type of financial system. But the part of the government is minor as compared with the command economic system. The private sector can decide their rates and compete to provide the best value and price to the consumer.
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