Economists are vested with the crucial job of monitoring country’s economic policies and their relevance to the rest of the world. It's hard even to determine whether economics is a social science or whether it borrows its existence to mathematics and scientific tools. After the Industrial Revolution, much effort has been made on classifying economics as a social science one in which consumers and producers work in close harmony and the key is to generate maximum welfare.
Troubleshooting economics homework requires thorough understanding and knowledge of recent policies and their applications. The finest economics homework help in UK might come to good use.
While trying to solve economics homework, students should try and avoid 7 mistakes which are as under:
1. Rationality is just another extreme:
Most of the microeconomic and macroeconomic principles are based on the assumption that consumers and economic participants are rational. Although this is often meant to show one of the extreme sides, remember that the real scenarios if hugely different. Law of demand assumes that consumers are rational and proceeds; but unless a large sample of data is taken, consumers are not seen to behave rationally on an individual level. Make sure that you pay heed to this possibility in your homework.
2. Diagram errors:
Students of economics consider it a nightmare to deliver the graphical interpretation of almost everything. Whether you are defining costs curves for short run period or showing the equilibrium exchange rate, you need to make precise drawings of the scenario. Make sure not to make up your graph and provide irrelevant explanations.
There are numerous examples of various microeconomic illustrations in real life which either don’t exist or have transformed. When you are solving assignments on collusive oligopoly, make sure not to include OPEC as an example in the present scenario.
4. Master the root causes:
Unless you have a thorough knowledge in the basic concepts of micro/macroeconomics, it might be difficult to understand the functioning of open economy. Complex topics like growth and migration models need basic understanding of consumer behaviour and production models.
5. Applying same/similar principles to all economic forms:
Learn the similarities and differences between similar topics that are used at multiple theories from economics homework help in UK. Thus the consumer equilibrium under ordinal utility analysis resembles the equilibrium point at which producers should produce ideally. Before attempting economics homework make sure that you do not confuse the terms and logic.
6. Failure to adapt mathematical principles:
Mathematics forms the basic exoskeleton of economics. Thus grabbing the core concepts of mathematics like differential equations and integration is crucial. While solving problems, students tend to confuse the mathematical concepts and end up with confusing results. Remember that there is always a simpler solution to a complex problem.
7. Relevant examples, always:
Economics is based on assumptions and their variance from real life occurrences. Thus using relevant examples is a must. Classic macro economic problems like Phillip’s curve derive its origination from US financial data. However, later it was realized that the theory on which it was based omits expectation behaviors and hence the ‘curve’ reacted unnaturally. Economists then took to other relevant examples and finally cyclical unemployment theories cropped up.
Students of economics should concentrate their study on primary economic terminologies and methodologies. It is important to understand micro and macro economics to begin with and their interdependence.
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