Economics is the queen of social sciences — it’s complicated, confusing, and broad. Economics has a good reputation of the science that’s extremely useful in daily life. In college, however, it makes life even more difficult, because students are puzzled with complicated theories that explain routine everyday things. We’ve collected hundreds of customer reviews and feedback from Nerds and figured out top 5 issues that bring students to seek economic homework help.
Economics Homework Consists of Theories Are Easy To Get Lost In
This is the first issue that students encounter starting to learn economics. Professors have too little time to explain each theory in detail during lectures, while textbooks contain difficult explanations. Numerous customer feedbacks indicate that students wonder why there’s such a vast variety of approaches in economics. Besides, many economic theories don’t make a lot of sense regarding everyday life, despite how ‘everyday’ this science is said to be.
For instance, economics relies on many assumptions that are generalizations rather than real observations. In reality, economics isn’t an exact science, which is why there’s so many schools, hypotheses, and approaches, that are often contradictory. Monetarism, Keynesian economics, classical economic theory, capitalism — none of them is fully right or wrong.
The reason is very simple: each economic theory or concept has certain assumptions that have to be true to make the theory work. That’s why every theory has its critics and exceptions. For instance, economists understand that marginal utility can increase with each consumed item if tastes change or things aren’t homogenous — which means ‘similar’ in human language. In addition, there are exceptions to every rule: hobbies are a perfect example of how the law of diminishing marginal utility fails.
To be valid, each economic concept and theory has a range of assumptions that create rather unrealistic scenario and confuse students
Our Nerds know that nobody’s perfect, especially economics. That’s why every time they work on a task that involves economic theory, they explain the assumptions, advantages, and criticism of every concept. Personal Nerds reveal that giving real-life examples is one of the best ways to explain economic theories. When students learn the practical implications of each approach, they realize that economics isn’t as difficult as it may seem.
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Graphs Are Difficult For Many Students Who Need Economics Homework Help
Charts are supposed to illustrate economic concepts and theories and generally make their learning more accessible. However, over the years of tutoring our Nerds have discovered that economics homework assignments that require graphs are among the top 5 most painful issues that students have.
Let’s take one of the first graphs students have to deal with when learning economics — supply and demand. When should the curves shift and where? What are the equilibrium price and quantity? What type of market are we dealing with? All these questions make students stuck if they lack information on how graphs work. Graphs turn into a real problem when students need not just to analyze existing ones, but draw their own.
Analyzing an economic graph is difficult, let alone drawing a completely new one from scratch
Graphs in economics, both micro- and macroeconomics, are tough to handle and our Nerds know it better than anyone. They regularly get requests to explain what graphs mean and how to create them. To help students solve such tasks, Nerds start with basics — the meanings behind concepts involved (usually 2 — on vertical y-axis and horizontal x-axis). Personal Nerds explain how these concepts interact and why the curves are shaped as they are.
Afterward, Nerds proceed to explain how graphs reflect the relationship between the two concepts. For instance, if a company heavily advertises cinnamon rolls, then the demand curve will shift vertically upwards, indicating the change in quantity demanded. Nerds realize that economic concepts are difficult already, so they use simple terms explaining graphs to make things easier for students.
Microeconomics Homework Help: It Is Harder Than It Seems
One of the most challenging aspects of learning economics is understanding how various economic agents interact. Both microeconomics and microeconomics have a lot of economic agents to take into consideration. At a glance, it seems pretty straightforward — there are consumers and producers in microeconomics. However, microeconomics involves the issues of supply and demand, taxes, elasticity, market structures, and public policies.
In terms of scope, microeconomics is so much smaller than macroeconomics, but the relationships among different agents are equally challenging to understand.
With too many economic actors in both micro- and macroeconomics to keep track of, students quickly get stuck.
Our Nerds never underestimate the complexity of microeconomics. They know that understanding microeconomics is the key to learning macroeconomics. Personal Nerds pay attention to every concept and explain them in simple terms, using real-life examples. Our customer feedbacks indicate that such an approach helps memorize microeconomic theories and ideas a lot better than just reading the text.
There Are Too Many Agents To Keep Track Of In Macroeconomics Homework
Compared to microeconomics, macroeconomics is understandably much more significant in scope. Our Nerds report that a vast variety of theories is the crucial first issue that puzzles students and brings them to seek homework help.
For instance, the concept of saving contradicts the common logic we have. In macroeconomics, saving is the opposite of consumption, and in everyday life, it’s the opposite of spending. When banks spend money on stocks, they invest, but not engage in consumption. This simple concept is already misleading for students.
Another critical issue that students face is understanding how different economic agents interact and make decisions. For instance, studying how central banks engage in monetary and fiscal policies to influence economic agents is a perfect example of how complex these interactions can be.
Students seek macroeconomics homework help because of complex theory, concepts, and interactions among different economic agents
Our Nerds realize that learning macroeconomics requires a lot of time and effort. With each task, they develop a strategy that helps solve it effectively and ensure that students understand the topic. Solving a macroeconomics task with a Nerd means skipping hours of pointless browsing irrelevant sources and getting stuck with confusing guidelines. Even though economics isn’t easy just because it’s about everyday things, Nerds find ways to make it much easier to solve.
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Students Struggle With Calculations, So They Request Economics Help
Last, but certainly not least — all the math. Both microeconomics and macroeconomics heavily use math, starting from simple arithmetics and ending with economic models, statistics, and calculus. For instance, calculus is used to determine growth models and profit maximization curves, while algebra is used to evaluate total revenue and profit.
Our Nerds admit that one of the most challenging topics in economics that involve calculations are taxes and stock estimates. Quite often students are allowed to use online calculators to solve such tasks. However, they still struggle if they don’t understand the meanings behind all the formulas. Altogether, calculations trigger math anxiety and seem like a real obstacle on the way to getting an A.
Calculations are always challenging, especially when students don’t have enough information about how formulas and models work
Our Nerds are well aware that the use of math in economics is often overlooked by professors, who tend to focus on in-depth explanations of theories. To fill this gap, Nerds pay a lot of attention to explaining what every element of economics formulas means and how to interpret the results. Instead of just guiding students through the process, our Nerds explain why and how each step should be done, helping students learn and understand each task.
In Conclusion
Asking for guidance in economics homework is the first step to solving each task and getting the grades students to deserve. Sharing a task with a Nerd means learning more effectively, getting better grades, and staying on top of all the homework stuff. Our Nerds can advise in any situation, from homework guidance to tips of how to get good grades.
Besides, it’s free to talk to a real person at Nerdify, who will help to figure your problem out.
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