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Microeconomics is one of those subjects that I knew little about before I started. In the course of studying it, I came to appreciate the value it has, not only for describing elements of how the world works, but for the way I could apply it to my daily life. By the end of the course, I could see the decisions that I was making in microeconomic terms; this actually helped me to make better decisions. I am glad that I was able to take this course and gain this knowledge about decision-making processes.
The economics of how we make our micro-level decisions is a fascinating study. Normally we think of GDP and other macroeconomic subjects as economics, so it is interesting to see the link between microeconomics, macro and the real world decisions we always make. This unique element of economic study takes the familiar economic concept of opportunity cost and shows us how we use it all the time.
Learning about market structure is important...
However, the most interesting part of the course is seeing how decisions are made. For example, ideas like opportunity cost, elasticity of demand and marginal decision-making are all interesting because they illustrate the fundamental levels of decision-making that contribute to the knowledge that we gain when we study subjects like macroeconomics, marketing, finance and even psychology and sociology. Microeconomics seems to me like the building blocks for some of these things, and a complement to others in describing decision-making and human behavior. It is fascinating to consider that these are the direct processes that are being used to decide things like whether we want to buy dessert at the end of a big meal, or the decision to upgrade a rental car.
However, it is also interesting to consider that because utility is non-financial in nature, any time there is…
Microeconomics The most common way of deciding between these two options is through capital budgeting. If the two decisions are mutually exclusive, a net present value analysis will determine which of these options is better for the store in the long run. This type of analysis involves calculating the incremental cash flows that derive from the decision, and then discounting them back to the present day. The up front cash flows
S. economy. Evers points out that gas prices ebb and flow in accordance with the law of supply and demand. Gas prices are higher because supply is limited and demand is higher. More people are concerned with gasoline because more people have cars to fill up. There is equilibrium between demanded and supplied gas. The proof of this can be found in the fact that there are not very long
Macroeconomic and Microeconomics Differences With Examples: Microeconomics and Macroeconomics are two separate branches of the same field, economics. Together they help us better understand the market dynamics and economic forces that shape them. Macroeconomics deals with the aggregate performance of the economy, the industries and discusses such serious issues as inflation, unemployment and growth. Microeconomics on the study hand is solely concerned with the smaller picture. It is mainly concerned with
tells that Volkswagen has been found, and admitted to, cheating on emissions tests for its vehicles. That cheating had shown that diesel was cleaner than unleaded, which in turn resulted in favorable tax treatment for diesel. This in turn increased the demand for diesel products, as they were cost-competitive versus gasoline cars. With the admission that Volkswagen falsified these tests, leading to the conclusion that unleaded gasoline is the
Microeconomics Enron Corporation is an example of one of the largest corporate scandals in the history of the United States. Given a series of corporate mismanagement, Enron is regarded as a shocking example of corporate corruption in the modern business world. The company took 16 years to increase its assets from 10 billion to 65 billion, which was significantly reduced in 24 days (Gibney, 00:00:38-00:00:47). Enron’s corporate scandal has been the
Size/Cooperative Learning & it's effects on participation Action Research Question Will cooperative learning have a significantly positive impact on smaller or larger classes? The purpose of this study was to investigate if cooperative learning will have a significantly positive impact on smaller or larger classes. In order to have valid results, I used both my largest and smallest classes as my sampling. I also incorporated a variety of teaching styles with cooperative