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When any student learns or a teacher teaches some subject, if they begin with tough concepts of its depths and complexities, then it becomes nearly impossible to effectively understand or explain the concerned subjects. For example, when a kindergarten child is taught English, one cannot begin with sentence construction without teaching alphabets, which is the preliminary part. Same goes with any subject at any level of one’s educational career. That is why providing preliminaries homework help is our habit.
Needless to say that economic subjects and careers too have its basics. Without learning them properly one cannot wish to advance in their concerned fields. It is often seen that students have several lags and loopholes in their basics, especially in subjects like finance and marketing.
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It is quite natural that an economic student would know what exactly the meaning of economics is. But, when this very question is asked many students fail to answer satisfactorily. Can you answer it? If not, look out for our preliminaries homework help on myhomeworkhelp.com.
Economics is defined as social sciences that deal with individuals’ financial behaviors, phenomena, as well as how those individual agents like consumers, companies, and government agencies, take trade-off decisions that allocate limited resources amongst competitors.
If any financial institution plans to run successfully on long term, they must first find answers to some simple questions, like:
- What products or services should be produced by the company and its quantity?
- In what way that product should be manufactured?
- What sort of customers should they attract how should be its distribution?
- Who will be taking all decisions?
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There are mainly two types of economic firms. They are:
- Market economic institutions:
Where mostly individuals, like owners, partners and board members takes all decisions about its working. They choose the answers to these above questions and are solely responsible for the activities of that company.
- Planning economic firms:
These companies are usually government funded. Hence, its economic and financial decisions are taken by government bodies. Such decisions are not always taken to keep large profit margins. Rather they are more of macroeconomic decisions.
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