Economics is about creating and making choices in the face of scarcity. Also, It is divided into two branches, Microeconomics being one of them. Likewise, Microeconomics is the study of economic problems at individual level like a firm, a market etc. Microeconomics assignment help from professional academic writers BookMyEssay, supports and assists students in writing assignments based on opportunity cost, supply and chain etc. Its primary goal is to balance scarcity with choice. Let’s look into the advantages and disadvantages of Microeconomics in this guest post.
Branches of Economics
Microeconomics is the branch of mainstream economics that emphasizes on the analysis of market mechanism. It further studies the market failure too, to find out the reasons wherein market is not able to produce efficient results. Microeconomics also takes care of the effects of economic policies like changes in taxation levels.
The basic concept of microeconomics is the study of individual markets, sectors, industries. It doesn’t study national economy as a whole, which is studied by macroeconomics. It works towards establishing relative prices among goods and services. Also allocate limited resources among alternative uses. Thus, in a nutshell microeconomics works towards studying the behaviour of individual and firms in making decisions regarding allocation of limited resources and their interaction. Assignment help tutors like BookMyEssay, help students get best assistance on reports and assignments on Microeconomics and it’s related topics.
Advantages/Benefits of Microeconomics
The importance of Microeconomics can be learnt from the from the following headings:
- Working of Economy: The economy consists of the public and private sectors. To determine and analysis the salary, wages, individual taxes, international trade, microeconomic foundation is required. Government and private sector activities are all analyzed with same concept. Take example of cost at post office or price of national defence. To make assignments based on these analysis you just have to contact BookMyEssay and say ‘Do My Coursework Writing Service‘ and you will get plagiarism free, affordable content.
- Allocation of Resources: Microeconomics helps to decide how resources are allocated to produce goods and services. It teaches to behave rationally in the allocation of resources. The producer goes through the survey process and decides the course of action that is most suitable. Microeconomics says which commodity to produce, how much to produce and why to produce.
- Study of Human Behaviour: Microeconomics studies many forms of human behaviour. Economic theory helps describe economic phenomena called positive economics. Fir example when a commodity becomes scare, its price rises. The scarcity is the cause and effect is price rise. Economic theory also describes what should happen or in simple words policy action called normative theory. Thus when a commodity becomes scare its price rises and people use less of that commodity and switch to other similar commodity.
- Formulate Public Policies: Microeconomics gives government appropriate tools to formulate economic policies for the welfare of the people. These policies influence economy and brings in change in the allocation of resources. When students of economics are given assignments based on economic policies, they turn to my assignment help service of BookMyEssay for best assignment which full relevant content in it. The economic policies made by government relate to taxes, loans, subsidy, prices etc. Microeconomics helps government in deciding the use of scarce resources.
Disadvantages/Limitations of Microeconomics
- Excessive Generalization: Though Microeconomics policies are great for individual but it could lead to collapse of organization if all individuals react at one time. That means generalization at higher level is dangerous. Like a bank would collapse if all individuals rush to the bank to withdraw there money.
- Policies May Not Be True For Aggregates: It is found that what is true for one unit may not be true for aggregates. Like an individual saving for the future may be fine but if all the people save then it will hamper the demand of commodities. It will in turn effect employment opportunities.
- Assuming The Opportunity of Full Employment: It is unrealistic that to assume that the employment opportunity is available to all. Microeconomics assumes of “full employment”.
- Taking Care of Individual: Microeconomics emphasizes on small parts of the economy. It studies individual prices, demand etc. It does give knowledge about the importance of working of the whole economy. The students when given tricky assignments based on disadvantages of Microeconomics they are not able to attempt it. Due to lack of knowledge, they lean on BookMyEssay for Microeconomics assignment help. BookMyEssay provide on-point, affordable assignments so that everyone can get help from it.
- Heterogeneous Elements: Microeconomics deals with aggregates such as aggregate consumption, saving, investment, income which are all composed of heterogeneous quantities. Money is the measurement criteria whose value itself keeps on changing. This causes economic aggregates incompatible in the real world.
Wrapping up
These are some of the benefits and limitations of Microeconomics. We can gain a lot knowledge from it. The assignments from BookMyEssay also help students understand the crux of the topic. As these assignments are understandable, affordable, and unique. Contact BookMyEssay online through website or through customer care. The students can contact BookMyEssay at any time to get Microeconomics assignment help. The experts of BookMyEssay are graduates in economics with specializations. They know how to present an assignment so students can totally rely on them.
