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- How does a change in the prices of food affect a household’s purchasing decision?
- What factors determine how much a consumer should save?
- What would happen to the demand for a product if the price is raised?
- What is the relationship between price, supply, and demand?
|Demand and supply||Labor and financial markets|
|Elasticity of demand||Consumer choices|
|Monopoly and oligopoly||Poverty and economic inequality|
|Competition||Price ceiling and floors|
|Government failures||Monopolistic competition|
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 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 that have 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 afterwards – the principle of lowering opportunity cost.
Types of market structures
- Perfect competition–In 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 controls the market.
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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.|
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.
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- If the quantity demanded changes proportionally, the value of PED is one, and it is termed unit elasticity
- If the quantity demanded is less than one, then PED is inelastic
- Should the quantity demanded be more than one, it is elastic
- If it is zero, then it is perfectly inelastic
- For an infinite case, it is perfectly elastic
Determinant of price elasticity of demand
- The number of substitutes and how close they are
- Whether the good forms a habit
- The necessity degree of the good
- Consumer’s loyalty to the brand
- Lifecycle of the product
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Characteristics of monopolistic competition
- Independent decision making - Each business or firm makes independent decisions about output and pricing based on the market, its product and cost of production.
- There are many buyers and sellers – This market has many buyers and sellers, though not as many as perfect competition. Here consumers have a variety of choices to make when buying.
- Maximizing of profits – Monopolistic markets aim to maximize profits. Therefore, production is done for profits only.
- There are low barriers to entry and exit – This market has very low barriers of entry and exit, and therefore new entrants can quickly enter the market. This is because the cost of starting a business is relatively low.
- There id supernormal profits in the short term – If they benefit from the market gap, monopolist firms can make supernormal profits. Looking at a clothing business, a first can create a design that has not been in the market, and if it goes well with customers, the firm will benefit within a short period.
- Non-price competition – Each business offers slightly different products, and therefore, the firms compete on service quality and product quality. Firms will use many non-price factors such as branding, location and quality to attract customers.
Monopolistic competition vs monopoly vs perfect competition
|Number of firms||Market power||Elasticity of demand||Profits||Efficient market|
|Monopolistic competition||Many||Low||Highly elastic in the long run||Supernatural profits in the short term and ordinary profits in the long term||Non efficient|
|Perfect competition||Infinite||None||Perfectly elastic||Ordinary profits||Yes|
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Factors that determine shifts in labor supply
Number of employees – Increased number of workers, can be caused by;
- Increased population
- An ageing population
- Increased death rates
- War and crime
- Emigration, etc.
On the other hand, decreased number of workers can be caused by
- 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.
Factors that can lead to an increase or decrease in interest rates in financial markets
- Increase/decrease in demand for money
- Increase/ decrease in the supply of money