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Microeconomics can be described as a social science that studies the effects of incentives and decisions affecting the use and distribution of limited resources. It shows how different goods have different values and how businesses and people benefit from proper production and exchange. In general, microeconomics provides a detailed understanding of macroeconomics. Microeconomics is very extensive. We, however, cover all the topics in this topic. We cover topics such as;
|Supply and demand||Elasticity|
|Market equilibrium||Forms of competition|
|Profit maximization||Price ceiling and floors|
|Consumer choices||Labor and financial markets|
Concepts of microeconomics
- Utility theory – In the utility theory, customers opt to buy and consume a combination of goods that will satisfy their desires and needs. This is, however, subject to how much income is available to spend.
- Incentives and behaviors – people and companies, react to situations they face at a particular time.
- Production theory – This is the study of the process of converting inputs into outputs. The goal of every producer is to minimize costs while maximizing profits.
- Price theory – The combination of utility and production produces supply and demand theory, which determine prices in a competitive market.
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Principles of Microeconomics
- Although we have countless wants and needs, the resources available to meet those needs are scarce. Having more of one thing technically means having less of another. This is commonly known as the scarcity principle.
- An individual organization should only take action if the extra benefits of undertaking such action are greater than the extra costs. This is called the cost-benefit principle.
- A business or individual is less likely to perform an activity if the cost of the activity is on the higher end but more likely if the benefits of performing the same activity are high. This is the incentive principle.
- A business can do better if employees focus purely on activities with the lowest opportunity cost. This is the principle of comparative advantage.
- When expanding the production of goods, one should first apply the resources with the lowest opportunity cost and turn to those with higher opportunity cost afterward – the principle of lowering opportunity cost.
Types of market structures
|Perfect competition||In a perfect competition there are many sellers and buyers. All sellers here are in competition with each other and are small sellers.|
|Monopolistic competition||Here there are many buyers and sellers but there is no direct competition because the products are not directly identical.|
|Oligopoly||There are a few companies in this market|
|Monopoly||There is one seller in the market who control the market.|
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The law of demand and supply explains the interaction between sellers and buyers. It defines the relationship between the prices of goods and the willingness of people to buy or sell them. In general, as prices increase, suppliers are willing to supply more, and the demand drops. The vice versa is true.
Factors affecting supply
- Cost of production – This implies that the supply of a product would decrease if the cost of production is high. The vice versa is true.
- Price of the product – If the price of a product goes up, supply will increase. If the price goes down, the supply will decrease.
- Government policies – Governments have a great influence on supply. The higher the taxes, the lower the supply. The lower the taxes, the higher the supply.
- Technology – Advancement in technology can lead to efficiency and reduction in production cost, leading to higher supply.
- Logistics – Logistics highly affect supply. If the transport network is good, there will be more supply, and vice versa is true.
Factors affecting demand
|Price of the product||Consumers will buy more when the price is low than when the price is high.|
|Consumer’s income||Consumers’ income affects the amount they are willing and able to spend on a product at a particular time. If the income rises, demand will also rise.|
|Price of related goods||The price of related goods depends on compliments or substitutes. Complements are goods used together. On the other hand, substitutes are goods that substitute for each other.|
|Tastes and preferences of consumers||Many things such as health benefits and general perception of a product determine the demand of that product.|
|Consumers’ expectations||If the goods are able to satisfy the expectations of the consumer, then the demand will go up.|
|The number of consumers||If the number of consumers in the market for that product is high, the demand will go up.|
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Importance of microeconomics
- Understanding how the economy works – An economy is composed of both the public and private sectors. The evaluation and analysis of wages, industries, salaries, taxes and international trade is determined by microeconomics.
- For proper and efficient allocation of resources, it’s assumed that both producers and consumers act rationally through microeconomics. This rational behavior leads to the best use of resources. Through microeconomics, producers can know the quantity to supply at any given time based on demand.
- It’s used in business decision-making – Business executives use microeconomics to analyze their problems. Through microeconomics, managers can make better decisions based on facts. Managers use microeconomics to sort;
- Resource allocation problem
- Production decision problem
- Pricing problem
- Examining economic welfare conditions – Microeconomics suggests the different ways of improving the welfare between producers and consumers.
- Used in the formulation of public policies - Microeconomics helps the government in formulating different economic policies.
Factors that determine shifts in labor supply
- Number of employees Increased number of workers, can be caused by;
- Increased population
- An ageing population
On the other hand, decreased number of workers can be caused by
- Increased death rates
- War and crime
- Emigration, etc.
- Education levels – When education levels are higher, the supply is lower.
- Government policies – Government policies can either positively or negatively affect labor supply. This can happen through sponsoring education programs or increasing or decreasing qualifications of courses in certain fields.