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Importance of Economics in Social Science

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Economics is the social science that evaluates the production, consumption and distribution of goods and services. Political economy was the previous name for the subject, but economists in the tardy 19th century recommended "economics" as a shorter term for "economic science" that also avoided a fine political-interest connotation and same as in form to "mathematics", "ethics", and so on.



The study of economics is generally separated into two major areas-microeconomics and macroeconomics

Microeconomics is concerned with the behavior of individual consumers and firms. Specifically it examiners how relative prices are determined, how resources are allocated to the production of particular goods and services, how the goods and services are distributed among people, and how efficient resources are used. Discussions in microeconomics are based on the assumptions of utility-maximization goal for the individual consumer, and profit-maximization goal for the firm.

Macroeconomics, on the other hand, is the study of the economy as a whole.   It deals with aggregate variables such as national income, employment, volume of money and the general price level, aggregate demand, total expenditure, savings and investment, total exports and imports, and so on.   Moreover, it explores the causes and suggests possible solutions to such economic problems as inflation, unemployment,  balance  of  payments,  deficits,  sluggish  economic  growth,  etc. income inequality, and poverty.

There are many sites which provide Economics Assignment Help for students. They Provide best tutoring material and best sources which should help students to enhance their skills with Economics Assignment Help.

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