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Types of Economics:

There are basically two types of economics. Microeconomics is the branch of economic study which deals with the performance, behaviour and effect of individual entities which include people and business’ sectors within a particular boundary. Microeconomics basically goes from a lower level to a higher level and has much disaggregative variables and consequences. This subject mainly interferes and studies the decisions made up by general public in terms of business’ perspective regarding the allocation of limited resources and also observe the forces of economy such as demand, public policy, supply and the level of prices for different goods and services and how these terms are affecting different local markets and the business cycle.

Macroeconomics is the vast branch of economics which basically deals with the performance, behaviour and effect of the overall economical activity (consisting of national, regional or global economy) as a whole which includes the factors such as unemployment, inflation, recession, production, government, budget, foreign trade and gross domestic product (GDP). Macroeconomics generally uses the top-down approach and has very few disaggregative variables. It involves the maintenance of the country’s economy or global economy by keeping all these given factors constant and coordinating with each other, thus ensuring better reputation and output of specific country or economy in terms of business.

Concept of Demand in EconomicS

Derivation of Different Demand Curves:

Demand curve is the depiction of a graph, which shows the representation of how the price of a certain product or service changes with the demand of the consumers. Many other factors influence the demand curve such as the taste of the buyer, income of the buyer, prices of the related stuff and the future expectation etc. If these factors don’t get changed, then we can reach the law of demand in which if the price of a particular product changes at the given time then the demand for that product would be decreased.

Demand schedule is the illustration of the price and the demanded quantity of a product relationship. In other words, it is the representation of the law of demand as shown below in Fig. 1.

Price of the Product (￡)

Quantity Demanded for that Product

Market demand can be derived by analysing the total or summation o本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。