Economics is an important subject in the stream of arts, commerce and business administration. It is a study of unlimited wants over limited resources. The subject is divided into two broad categories. First is micro-economics and the second is macro-economics. Micro-economics focuses on the production, demand, supply and other factors cause and effect on one company or one industry. And Macro-economic deals with the overall demand, supply, production of whole economy and the world economy as well. The scope of macro-economics is much wider than that of micro-economics.
The broad concepts which have to be learned in economics are law of demand and law of supply, law of diminishing marginal utility, market structures, Neoclassical model, the Keynesian Model, etc.
The study of economics is important and relevant in business administration. The relevance of economics can be seen in the basic concepts of economics like demand and supply. For example, if a company wants to produce a particular product, it needs to look for the demand for the product and has to produce equal to that of demand in order to strike a balance between the demand and supply for the product.
Studying economics is not a simple thing. It requires a lot of patience and persevarance. It also requires an experts assistance to understand and deciphering some important comcepts. Some concepts require an expert’s interpretation of the concepts as there is a subtle difference between the terminology used in economics is a little different from other subjects in commerce and business administration.
We provide help in economic concepts like Supply-demand analysis, Comparative statistics, Dynamic analysis, Risk and uncertainty, Productivity & Income Growth, Cost curves, Profit maximization, Capital markets, Game Theory, Unemployment, Entry and exit, Competitive markets, Economic “surplus”, Efficiency of markets, Market structure, Monopoly power, Pricing power, Oligopoly, Factor markets, Factor-labor markets, Economic Regulation, Solow Growth Model, Neoclassical Growth Model, Expanding Variety Models, The Keynesian Multiplier Model, Monetary policy, Fiscal Policy, Stochastic dominance, Phillips Curve.
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