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International economics is a field of study concerned with the interactions of economic activities of countries and the effect of international issues on overall global economy. The impact of economic and political issues on international trade and finance are the major areas covered by of international economics. The field is witnessing growing importance because of the ever-growing and rapid integration of international markets.
Governments, businesses and consumers all over the world now realize that their lives and livelihoods are affected not only by the economic condition of the local market but also increasingly by international economic affairs. The extent to which international economics has grown in the recent years can be seen in every aspect of the market—even in the remotest of places. It gives people the opportunity to buy goods and services from all over the world without having to leave their local marketplace.
The growth of international trade and economics affects businesses in two different ways; they must compete with foreign companies selling products in their market; at the same time they now have the opportunity to expand business outside of the familiar or limited local market. To a large extent, this growth can be attributed to the advancements in telecommunications which has substantially reduced the cost of providing goods and services in the international market.
The internet has become one of the driving factors of international economics as it is changing the nature of trade, goods and services, and contributing immensely to the expansion of markets.
There has been a great deal of structural transformation in the international economic system in the recent decades owing to globalization which has provided a greater scope for exchange of goods, services, technology and manpower. It has also been credited with improved quality of life and prosperity in most countries, thanks to the liberalization of trade, investment and production. Foreign Direct Investment (FDI) which comes with globalization has led to increased trade and availability of services in underdeveloped markets. It has remarkably improved domestic productivity and innovation as markets seek to adapt to international trends.
Many scholars argue that businesses and governments have not yet fully adapted to the various aspects of international economics; especially globalization and the resulting uncertainty or volatility. A number of industries and governments have been strained by high levels of competition, forcing them to resort to protectionist policies. The recent rise of populist political groups trying to capitalize on the growing frustration of those marginalized by globalization is also being seen by many as a consequence of international trade and globalization.
International economics assesses the impact of international trade, investment and credit (borrowing and lending) on world economy. The two broad areas that it applies to are international trade and international finance.
International economics is divided into two main parts described below:
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In order to appreciate Managerial economics assignment help, we should first get our concept of managerial economics clear. What exactly is managerial economics? There are a number of definitions of managerial economics, lets look at a couple of them. According to Wikipedia, managerial economics bridges economics theory and practice, drawing heavily from qualtitative techniques like regression analysis, correlation and calculus. It further defines managerial economics as the application of economic concepts and analysis to help in rational managerial decisions.
There is one more definition of managerial economics which defines it as "is the science of directing scarce resources to manage cost-effectively. It consists of three branches: competitive markets, market power, and imperfect markets. A market consists of buyers and sellers that communicate with each other for voluntary exchange. Whether a market is local or global, the same managerial economics apply."
Now that we have the fundamentals clear, we can now dive into the more intricate components of managerial economics. All you need to do is to email us your economics homework details to email@example.com. We generally respond to all our emails in less than 10 minutes. If you need instance help with your managerial economics homework, chat with our customer success team on our website - we are available 24x7, including weekends and holidays.
Microeconomics deals with economics at an individual or company level whereas macro economics deals with economics at a national or global level. While microeconomics studies the decisions of individuals of people and organizations with respect to allocation of resources and prices of goods and services, it focuses on supply and demand, among other factors that influence price levels.
Macroeconomics, on the other hand, studies the entire economy of a country. It deals with entire economies and studies concepts like GDP (Gross Domestic Product) and the impact of national income, rate of growth, price levels and unemployment on GDP. John Maynard Keynes started the use of the term monetary aggregates and is credited with founding macroeconomics.
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