Economics Assignment – An Overview

Economics is one of the toughest academic disciplines that is dreaded by students. Assignments on any topic concerning this subject give nightmares to students thus they seek expert Economics assignment help from the professional site. What gets this subject going is the fact that its principles are easy to be applied in everyday life. Some of these things have thus made understanding the economics theories relative simpler for students pursuing this course.

Examples of Economic Theories that Student Relate in Their Day to Day Lives

  • Sunk Cost – It refers to the cost which cannot be retrieved. For example, paying for a gym for a year can be beneficial but at last, utilizing the services to the fullest satisfaction might not be possible since the days when one feels unwell are missed from the marginal utility and gets factored in under Sunk Cost Fallacy.
  • Making a transaction on the purchase of goods in lieu of the price charged: While this might look like a simple transaction made, it entails the application of Marginal Utility Theory. As per this theory, the buyer has to assess the utility or satisfaction reaped from the purchase of a particular good or service compared to the price paid. This might include paying extra for legroom on a flight.
  • Opportunity Cost–Spending a limited budget in hand in meeting the necessities is considered as an opportunity cost which therefore we cannot be spent on other activities like travelling or entertainment. This type of cost is known as an intrinsic aspect that helps the buyers to make economic choices.
  • Behavioural economics –This category of economics suggests that humans are prone to prejudice and irrational behaviour. As an example, for a person consuming alcohol and ignoring the spending on savings is a biased expenditure. Such is also tagged as irrational behaviour, which hinders a person who wishes to take better decisions to aim at long-term welfare.
  • Diminishing returns– This is yet another popular example of economics and related theories that are witnesses on a day in day out basis. Explaining it by example, if a person wishes to eat 5 candies, spending on the same will not have an equal amount of satisfaction and will vary with the consumption of each candy. This is called diminishing returns. Relating this example to the day to day living, people who tend to work for longer hours earning an immense amount of money but not spending on leisure experience a lesser amount of satisfaction with each extra penny earned.

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