Reflection On Microeconomics Class

Reflection on Microeconomics Class
Reflection on Microeconomics Class Microeconomics is the economic influences that impact at the micro, or firm, rather than macro level. The study
of this subject is one that is highly valuable for any studying business with the provision of knowledge that will increase understanding of different
influences and support the decision making processes. With the knowledge gained, along with the skills in applying that knowledge developed through
class work and exercises for the different modules, there has also been the development of increased confidence, both personal and in the theories, in
using the relevant concepts and tools in a practical setting. Some of the most important knowledge gained for practical purposes concerned the concept
and application of supply and demand. Anecdotal evidence of supply and demand can be seen all around us; including the way that gasoline prices
increase and decrease as a result of the way oil prices, which resulted in a basic understanding of the underlying concept. Other areas where this can
be seen include examples such as the stock market and even web sites such as eBay with the auction of goods. However, the ability to understand the
way this operates not only helps to explain the observed outcomes, the ability to use this to help predict potential outcomes for different scenarios is
highly useful. The concepts of elasticity and cross elasticity with different influences, such as disposable income and competing products are all
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Microeconomics Research Paper
Nicholas Benyola
Professor Mansourian
Econ 201– 25
17 May 2012
Microeconomics Research Paper
Minimum Wage
In the United States, minimum wage has remained at a low number for several years. Minimum wage is defined as the lowest possible income that an
employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimum wage is
considered a price floor and the minimum wage laws determine the lowest price possible that any employer must pay for labor. In an economic model,
the quantity of supplied is greater than the quantity demanded and the minimum wage is above equilibrium price and quantity. Minimum wage
prevents labor supplied and labor demanded from moving...show more content...
This is a true statement, but opposition says that this only drives up the standard of living and inflation rate in the world. Inflation is defined as the
overall general upward price movement of goods and services in an economy. Although some people who earn the minimum wage are teenagers, almost
two–thirds are adults. The average minimum wage worker brings home about half of his family's earnings. Increasing the minimum wage will help
these workers to make up for lost ground due to inflation and it will help make work pay. Though inflation is one of the main problems in our
economy and even though inflation and minimum wage are directly related, increasing minimum wage will give opportunity for a lot of lower class
families to make enough to afford important things, such as insurance. If someone takes a trip to the doctor, with no insurance, they will most likely
have to pay around eight– hundred dollars out of pocket. This would take anyone at least three months on minimum wage with two incomes to pay
off these medical bills. Barak Obama's plan to institute a health care plan for everyone will relieve a huge burden on people and also allow them to
stay above the poverty line. Heidi Shierholz, an economist at the Economic Policy Institute says, "Jacking the federal minimum wage from $7.25 to
$8.25 would give a raise to 10 million workers, including many currently earning their state

Microeconomic Reflection
I have taken a few general education courses that relate to the content and of this class. My introduction to microeconomics course talked a lot about
perfect competition, oligopolies, and monopolies and how they differed based on their pricing strategy, how much they produce and their marginal
cost and revenue. The course also discussed corporate social responsibility and how economists often disagree about whether businesses have a
corporate social responsibility or whether they should just focus on actions that increase their profit. Additionally, the course talked about different
pricing strategies and how firms need to consider the Porter Five forces when formulating their business decisions. In my macroeconomics class, we
also talked about large scale economic factors that businesses have to consider when implementing strategies, including interest rates, growth rates,
employment level, price stability, and currency exchange rate. We also learned about how different industries have different entry barriers, like the
airline industry with all the fixed costs of airplanes and equipment, which lowers the threat of new entries into the market. The class also talked about
specific entry barriers, like economies of scale and network effects. Additionally, in both of these classes, we talked about the role of compliments and
how economic forces alter their their supply and demand functions. Overall, we learned a lot about different factors on astrategies and the role both

Microeconomics Strengths
During my senior year of high school, I am enrolled in AP Microeconomics and AP Statistics. I would consider mathematics one of my academic
strengths. I love working with numbers and I believe my love and knowledge of math will greatly benefit me in pursuing a career in Business
Administration. In AP Microeconomics I enjoy learning about the factors that affect businesses, along with the stock market. After having a complete
understanding of these topics, I also believe I will find success in a business career. I am looking forward to the variety of classes I will have the
opportunities of taking in order to have a better understanding of Business Administration. These two high school classes will be great building blocks
in my career as I

Advantages And Disadvantages Of Microeconomics
Introduction
Microeconomics is the studies of the economic behavior of individual units of an economy (such as a person, household, firm, or industry).
Microeconomics is primarily concerned with factors that affect individual choices, the effect of changes in these factors on the individual decision
makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets.
Hence, I would first go through a description of perfect competition and monopoly. In addition, how the two different market structures differ from one
another.
Perfect Competition
Perfect competition is a market structure where many firms offer an identical product. Therefore, there are freedom of entry and exit. In addition, with
...show more content...
A monopoly firm is normally owned by a person, a few partners or a joint company. In a monopoly market, there are large numbers of buyers although
the seller is one. Therefore, no buyer's reaction can influence the price.
No close substitute
In a monopoly market, a single company produces a product which have no close substitute and the monopoly market will be able to mark up their
price. Therefore, buyers would have no say against the price. Monopoly can only exist when there is no competition.
Strong barriers to the entry into the industry exist
In a monopoly market, there is strong barrier on the entry of new firms. The monopoly market has absolute control over the production and sale of their
product. Economic barriers are normally imposed to stop new entrant of firms.
http://www.economicshelp.org/microessays/markets/monopoly/
In general, a short and long run diagram of monopoly is the same. Profit maximization occurs where MR=MC. Therefore, the equilibrium is at Qm, Pm.
Problems of Monopoly

Higher Price
Firms with monopoly power can set higher prices than in a competitive

Personal Reflection Of Microeconomics
I have gained much respect for Economics as a field of study during this course. Being a political science major, I can honestly say that there isn't all
that much science in many of the topics. Conversation in political science can be argumentative and normative without concrete reason or evidence.
Economics, on the other hand, is intuitive and backed by research. More refreshingly, economics simply puts its research out for the world to see, and
sure individual economists may voice their opinions about public policy, but as a field, it is based mainly on positive statements; it tells it like it is
without venturing into how it should be. Economists do have a rough job in a way, they can't simply do research by conducting regular experiments
like altering the nation's monetary supply or increasing the minimum wage to study the effects on unemployment. It is impressive that they find a way
to use existing data to draw their conclusions. They really make the most out of what they are given. Additionally, it is nice that assumptions about
complex economic topics are made so even students in basic principles courses can understand the concepts in simple economic models.
I think that what we learned on market economics is the correct way of thinking about human interaction and the functioning of markets.
Microeconomics offered an interesting, and potentially more useful, perspective on the market because it essentially told us how our individual
decisions affect the market.

Microeconomics
Economics
Firm: Organisation that brings together FOP (land, labour, capital, entrepreneurship) to product goods and services for sale
Industry: group of firms that produce a single g/s (or related)
Explicit costs: payment made to outside suppliers of inputs
e.g. salaries/wages, raw material, overhead costs
implicit costs: do not involve direct payment of money, sacrifice of some alternative
e.g. salary forgone/interest forgone (factors are already owned by firm)
accounting cost: explicit cost
economic costs в†’ opportunity cost to society (explicit + implicit costs)
traditional objective = profit maximization
profit = revenues – cost.
Non traditional objectives
–received decent dividend
–maximize...show more content...
of sales
–Lower packaging cost per unit

FINANCIAL
Raising funds
–Easier and cheaper
–Banks charge lower interest rates larger loans due to better credit ratings
Public limited companies
–Can raise capital more easily thr issues of shares/debentures to public
–Public has more confidence in large firms в†’ hold their shares
RISK BEARING
Insurable risks
–theft, fire. Probability of occurrence can be calculated and insured against non– insurable risks
–Cannot be insured against
–E.g. changes in dd conditions for final product, changes in supply of in puts
–Definite advantage
–Can diversify output or develop new export markets when dd fluctuates
–If supply shock, materials can be obtained from diff. sources to guard against events e.g. crop failures
–Better position to compensate an area of loss with other areas of gain в†’ higher chances of survival
R&D
–Afford to build labs and employ

Abstract
Economics is an enormous field. The term economics is the broader term, however within this, there are additional fields such as microeconomics and
macroeconomics. The difference between microeconomics and macroeconomics is analogous to the human body and the individual cell that makes up
the human body. Macroeconomics is involved with the wide lens aspect of society. In other words, macroeconomics focuses on the broader large scale
economy of a society. Macroeconomics focuses on larger economic issues such as national employment rates, gross domestic product, interest rates, as
well as currency exchange rates just to name a few examples. On the other hand, microeconomics focuses more on the narrower lens of an economy.
This approach focuses on the individual businesses and customers as far as economic decisions are concerned. Specifically, microeconomics studies the
decision making process of the consumer. Microeconomics ask the question, how do consumers spend their money? According to Investopedia (find
source), microeconomics is at the heart of consumer purchasing.
The Use of Utility in Microeconomics
The Impact of Key Economic Principles
Economics is a fascinating topic within our world. Pause and take a minute to look around. Assuming you are not on a deserted island, everything you
see is influenced by economics. The clothes you wear, the food you eat, the electricity you are using, are all influenced by economics. Our world is so
greatly influenced by

Minimum Wage Microeconomics
What is minimum wage? Minimum wage is the lowest legal paycheck a company can give to an employee. It is illegal for a company pay an
employee less than minimum wage (Principles of Microeconomics). Unemployment, on the other hand, is the percentage of the total workforce who
are without a job and are currently looking for a paying job. The unemployment rate is one of the most closely watched statistics due to its relationship
with the interest rate. If the unemployment rate is rising, it shows the economy is becoming weaker and may even need a call for cut in interest rate"
(businessdictionary.com).
As of February of 2016, "the unemployment rate in America was recorded at 4.9 percent, unchanged from the January rate and remaining at its lowest
I was born and raised in Washington and in my life time alone theminimum wage has increased from $7 to $10 and in extreme areas like Seattle, the
minimum wage is as high as $15 dollars. When the Government increases minimum wage, it worsens the economy. The cost of living will only
increase. Gas pricing will rise, grocery prices will rise, clothing prices will rise, etc.; literally everything will rise in price because it now costs more
for people to do the same job. The only thing that comes out of this is an increase in unemployment due to less jobs and the increase in the cost of

Difference Between Macro And Microeconomics Essay
MICRO AND MACROECONOMICS
7 SEPTEMBER 2016
Abstract:
Two branches of economics that are vital to our study are macro and microeconomics. This piece of writing will attempt to differentiate them and
provide a summary of an article from the internet that is relevant to the topic. The writer will also attempt to define a sunk cost, how it differs from a
marginal cost and how he has used marginal analysis to solve a problem.
The difference between macro and microeconomics
A decent attempt to differentiate among the two sub–branches of economics should start with a definition. Microeconomics is "the analysis of
economic behavior at the level of individual market participants, chiefly individual businesses or consumers," (Law, J. [Ed] 2009 p 906) whereas
Macroeconomics is defined as "the branch of economics that studies economies as a whole rather than the behavior of particular economic agents."
(Law, J. [Ed] 2009 p 863.) Therein in the definition lies a vast difference that can be deduced. The former is on a small scale while the latter is on a
larger scale.
Microeconomics analyses how individuals at their personal level will be influenced by scarcity and how this in turn brings about an opportunity cost
that would be a result of their choice. In macroeconomics however, conditions that go beyond scarcity need to be analyzed wholesomely for an
opportunity cost to be realized. Therefore, in microeconomic terms, choices that individuals make will have a

Microeconomic Theory Essay
Running head: Module 1 Homework Module 1 Homework Michael J Feller Allied American University Author Note This paper was prepared for
ECN 150: Introduction to Microeconomics, Module 1 Homework taught by Dr. Dani Babb. PART I Directions: Please draft a three page long
document in APA format in which you address the questions below. You must cite at least three scholarly sources within the context of your work and
cite your references according to APA style. Please utilize LIRN to help you get started with your search. You may visit the Academic Resource Center
for a guide on how to utilize LIRN successfully. 1.Describe and identify microeconomic theory and contrast it to macroeconomic...show more content...
It may be cheaper to purchase an older truck than a newer car, but in fuel and maintenance, the older truck will cost more. The pros and cons of this
decision are all personal. The lower upfront costs may be more beneficial to one person than to another. A personal decision that I am struggling with
right now is with my credit rating. I have two credit cards that have a high balance. These are both in my ex–wife's possession. They are both
delinquent on payments. I have to decide whether to just take out a high interest loan to pay these off and renew my credit rating, or to let her
financial decisions affect my credit rating. The third principle of individual decision making is rational people think at the margin (Mankiw, 2007).
This states that the benefit must exceed the cost. A personal experience with this would be that I have a truck that gets very low fuel mileage. I
needed a car with better fuel economy, but have bad credit. I weighed the pros and cons of buying a car with a high interest loan, and felt that the
benefit was worth the cost. While some would say there is nothing good to come from this, those who make these choices must feel there is. Mankiw
(2007) points to the difference in value between water and diamonds. A marginal increase in a person's water supply will rarely come at a significant
cost to the person. However, a marginal increase in diamonds is extremely valuable. The forth principle of individual decision making is

Microeconomics : The Consumer Perspective
Abstract
This paper explores the different subject matters of microeconomics through the consumer perspective. A broad definition of microeconomics is the
study of how individuals make decisions in the presence of scarcity (Sullivan, 2011). Microeconomics is affected by the law of supply and demand
which is constantly changing by the purchasing power of the consumers and the availability of products. The purchasing power of the consumer is
determined by their wants versus their needs, and what their income can actually afford. Consumers dictate the economic system and with out them,
there would not be a system. Their role is truly significant and keeps suppliers and businesses going. This paper was written off of an amateur video
that summarizes all of the lessons that are learned in microeconomics ("AP Econ Music Video "Microeconomics" SPHS", 2009). Various topics were
chosen from this video, researched in depth, and then examples are given. Articles, websites, and journals are used to support the information that is
written. The material covered that affects the consumer, but are not limited to are:supply and demand, elasticity, surplus and scarcity, opportunity costs
and more. Each topic can be viewed by consumers in different ways, whether it is positive and/or negative. Keywords: microeconomics, consumer,
supply and demand, elasticity, surplus and scarcity, opportunity costs
A Condensed Explanation of Microeconomics Microeconomics is considered the

Microeconomics Essay
Microeconomics Essay The price of electricity has increased substantially in the last three years, as a result of that; there have been apparent changes
in the demand for electricity for the consumers and it has affected the producers supply market. In the following essay, we are going to look at the
effect of the increase in the price of electricity in South Africa, using the supply and demand framework. The reason for the increase of the price of
electricity is to balance out the supply and demand of electricity. The National Energy Regulators of South Africa (NERSA) has approved a 25%
increase of the price of electricity for 3years starting from 2010 (Roodt, 2012). Supply and demand are fundamental principles of economics, it is what
The increase in the price of electricity is equivalent to an increase in the cost of production. The law of supply states that an increase in the cost of
production will cause a decrease in the supply, provided everything else stays constant (Parkin, 2010).We can clearly see this in diagram C, when the
price increased from P1 to P2, the supply curve shifts from S1 to S2, therefore decreasing the quantity supplied from Q1 to Q2. The equilibrium also
shifts from E1 to E2. As time passes the mining industry will have enough time to adjust to the increase in the price of the electricity, which increased
the cost of production. The supply curve of the mining industry will become more inelastic, this is because in the long run, the suppliers will find other
more sufficient methods to produce gold with less energy. So when the price does increase again, the change in the quantity demanded will be affect
much less. This is shown in Diagram C, when the S2 becomes S3, we can see that the supply curve is becoming more vertical, indicating that the
supply curve is more inelastic. And in the long run, the only thing that changes is the elasticity of the supply curve, the quantity supplied and the
equilibrium remains the same.
3
We can conclude the essay by stating that as the price increases for electricity, the demand for the electricity by the households will decrease

Microeconomics
Question 1) With examples give 5 reasons why the study of microeconomics is important.
Microeconomics is a field of economic study that focuses on how an individual 's behaviour and decisions affect the supply and demand for goods and
services. For the purpose of microeconomics, the actions of individuals, households and businesses are crucial, unlike the study of macroeconomics,
which focuses on national and international economic trends. Despite the differences between the two fields, however, micro–level trends and the
study of microeconomics are considered the basis of modern macroeconomics. Macroeconomics is concerned with the big picture, for example, the
national economy and gross domestic product. By contrast, microeconomics is...show more content...
Ceteris Paribus is a Latin phrase that translates approximately to "holding other things constant" and is usually rendered in English as "all other things
being equal". In Economics the term "Ceteris Paribus" is used quite often to assume all other factors to remain the same, while analysing the
relationship between any two variables. For example, when discussing the laws of supply and demand, one could say that if demand for a given
product outweighs supply, ceteris paribus, prices will rise. Here, the use of "ceteris paribus" is simply saying that as long as all other factors that could
affect the outcome such as the existence of a substitute product remain constant, prices will increase in this situation.
One of the disciplines in which ceteris paribus are most widely used is economics, in which they are employed to simplify the formulation and
description of economic outcomes and the theoretical relationship of cause and effect. When using ceteris paribus in economics, assume all other
variables except those under immediate consideration are held constant. For example, it can be predicted that if the price of beef increases, ceteris
paribus, the quantity of beef demanded by buyers will decrease. In this example, the clause is used to operationally describe everything surrounding the
relationship between both the price and the quantity demanded of an ordinary good. This operational description intentionally

Economics, or the study of human decision in the midst of scarcity, contains the related studies of microeconomics and macroeconomics. These two
studies focus on economics from differing scales, with microeconomics primarily concerned with the way individuals and commercial entities handle
scarcity and macroeconomics concerned with the overall effect on nations and large economies. While both are related there are key differences.
Microeconomics, or the study of how individuals agents in an economy make decisions in relation to scarcity, uses such concepts as marginal analysis,
fixed, marginal and variable cost to measure how those decisions are made. Concentrating primarily on individuals and single commercial entities,
microeconomics measures how these individuals analyze and make decisions in relation to the scarcity of budget constraints. A great example of this is
the decision that must me made by consumers on which house to buy or rent, and which products to consume, or the decisions by companies on which
products to produce and at what quantity.
Macroeconomics, on the other hand, follows the large picture, and is concerned with the production of an entire society. Such ideas as how monetary
policy, or the quantities that banks lend and the interest rates, and fiscal policy, or the expenditures and taxation rates, affect what is produced and
consumed by a society as a whole are common themes. While different from microeconomics, much of macroeconomics drives and is

Microeconomics in Daily Life
Econ 1
Professor Carter
December 12, 2011
Microeconomics In My Daily Life
Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic
models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me
theories that only apply to the economy of a nation as a whole and not to an individual's life. However, there were a lot of concepts throughout this
course that I found relative to my personal life. Among all the concepts that I have learned in the Microeconomics course, "Opportunity Cost", "Sunk
Cost", and "Supply and Demand" have the most impact on my daily life....show more content...
However knowing the concept of opportunity cost helped me reconsider my decision because I realized that the opportunity cost of paying for the
SUVs gas in a year is equivalent to the value of many alternatives such as buying new alpine skis or renting better condos at the resort. As a result I
decided not to pick that choice and instead spend my money on my alternatives. Since my house is close to Beverly Hills, I sometimes feel the price
discrimination when I shop at the local stores or fill my gas tank at the local gas stations. As a result, most of the times I evaluate my choices and
alternatives in order to find better deals and make better decisions. Often times, I choose Costco as a place to shop for household goods because
the offers that I find there are very less than the maximum amount that I am willing to pay for a good, which confers a consumer surplus for me. I
would rather buy household goods such as toilet papers, laundry tides, and liquors in larger amounts and quantities and pay less, than purchasing
lesser amounts of these goods from a store in Beverly Hills and pay more. However, shopping from Costco is not always the best choice. Driving for
about 5 miles, spending time in traffic, and waiting in the long lines of cashiers are the opportunity costs that I have to pay in order to pay less money.
So measuring

Microeconomics Samuelson
Microeconomics Samuelson and Nordhaus Chapter 1,2,3,4,5 Some Questions for Discussion Chapter 1 1.Question 1 .– Explain how the cool head
might provide the essential positive economic analysis to implement the normative value judgments of the warm heart. Do you agree with Marshall's
view of the role of the teacher? Do you accept his challenge? In order to achieve the ultimate goal of economic science which is to "improve the
living conditions of people in their everyday lives" (*) a cool head attitude has the knowledge and wisdom acquired through a lifetime relation to the
economic momentum. Balancing this with a warm heart compassion vision, and a willingness to improve society, is the most appropriate way to use
certain...show more content...
Education In a country generally exists public and private education. Usually, private schools tend to have a higher price but also delivering high
quality and it is market driven. There are different private schools with different prices in the market. On the other hand, public education is
provided by the government to lower socio economic levels in order to make education accessible to the whole population. Government applies
procedures in order to maximize its quality. In Peru for example the government is trying to break the poverty cycle incentivizing the rural population
to attend school through monetary allowances. There are also regulations in terms of the requirements asked for being a public teacher, the education
syllabus of the country, etc. Police Police is a government regulated service to the population which is part of the arm forces of a country. Its function
is to assure security to the population. However, in some countries where there is scarce resources allocated to this public entity, private police petrol
are created. In Peru even in rural areas where police is not present, communities organize themselves to fight against crime. Energy efficiency of
appliances Energy is a strategic scarce resource for a country. Therefore, the importance of having government regulations to control it, its tariffs while
having private companies supplying the service in order to assure this service on the

Exercises for Microeconomics
EXERCISES FOR MICROECONOMICS
TOPIC 1
Economics: An Introduction
(Chapters 1 & 2 in the Textbook)
EXPLAIN THE FOLLOWINGTERMS в—Ћ Average benefit в—Ћ Average cost в—Ћ Economic surplus в—Ћ Economics в—Ћ Microeconomics
в—Ћ Macroeconomics в—Ћ Marginal benefit в—Ћ Marginal cost в—Ћ Normative economics в—Ћ Positive economics в—Ћ Rational person в—Ћ
Sunk cost в—Ћ Opportunity cost в—Ћ Absolute advantage в—Ћ Comparative advantage в—Ћ Attainable point в—Ћ Unattainable point в—Ћ
Efficient point в—Ћ Inefficient point в—Ћ Production possibilities curve
REVIEW QUESTIONS
1. The most you would be willing to pay for having a freshly washed car before going out on a date is $6. The smallest amount for which you would be
willing to wash someone else's...show more content...
How will a new law mandating an increase in required levels of automobile insurance affect the equilibrium price and quantity in the market for new
automobiles?
In an attempt to induce citizens to conserve energy, the government enacted regulations requiring that all air conditioners be more efficient in their use
of electricity. After this regulation was implemented, government officials were then surprised to discover that people used more electricity than
before. Using the concept of price elasticity, explain how this increase might have occurred.
TOPIC 3
Theory Of Consumer Behavior

(Chapter 5 in the Textbook)
EXPLAIN THE FOLLOWINGTERMS в—Ћ Law of demand в—Ћ Law of diminishing marginal utility в—Ћ Marginal utility в—Ћ Budget constraint
line в—Ћ Optimal combination of goods в—Ћ Rational spending rule в—Ћ Marginal rate of substitution в—Ћ Indifference curve в—Ћ Giffen goods
в—Ћ Engel's Law в—Ћ Engel's coefficient
REVIEW QUESTIONS
1. Martha's current marginal utility from consuming orange juice is 75 utils per ounce and her marginal utility from consuming coffee is 50 utils per
ounce. If orange juice costs 25 cents per ounce and coffee costs 20 cents per ounce, is Martha maximizing her total utility from the two beverages? If
so, explain how you know. If not, how should she rearrange her spending?
2. Ann lives in Princeton and commutes by train each day to her hob in New York City (20 round trips per month). When the price of a round

Microeconomics
Microeconomics and the Laws of Supply and Demand
The supply and demand simulator provides students with a real world situation of several factors within economics. The factors covered within the
simulator are: microeconomics and macroeconomics principles with concepts, the shift of the supply curve and shift of the demand curve; simulator
also discussed price ceilings which all affect the rent price and the occupancy rate of residents. The scenarios are based on the information of Goodlife
Management within the city of Atlantis. The scenarios are based on the situations that occurred in which the user is faced with factors that influences
the equilibrium such as adjusting the rental rate of the apartments in order to maximize revenue. Other...show more content...
The simulator taught lesions on each principle in regards to supply and demand which helps when making the proper decisions on market shifts either
negative or positive. Microeconomics principles help to make the decisions that directly affect your supply and demand goal for the company.
Macroeconomics decisions can be forced upon a company because an outside factor such as the government or put a price ceiling on a product or
renters payments. This affects the company's goals while also trying to still maintain your own supply and demand

Reflection On Microeconomics Class

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Reflection On Microeconomics Class