Economic concepts to my personal experience Essay

Economic concepts to my personal experience - Essay ExampleThis paper looks at how rough of the microeconomic concepts can be applied to personal life and how they relate to our everyday usage regarding the goods and operate. micro economics is mainly helpful for me in making the finis on switching between the alternatives for sale for a particular satisfaction. To draw a balance between my budget and prices of the commodity. It certainly helps in purchasing decision in my personal life.For starters, let us consider the simple fact of buying and marketing goods and services. When we want to buy a particular good, there are a host of factors that determine our decision and influence our purchase right from the price of the good to the quality of the good and the competitors for the brand of the product. We measure the expediency of the good against the price and then take a decision regarding whether to buy it or not.If we compare the advantage value of a good against the pric e, we would come to a fairly reasonable conclusion about maximise utility and thus contributing to our decision to buy the good. This applies in the case of m each household goods and services and can be used to determine whether a particular good ought to be bought or not.The microeconomic theory helps in finding answers to the three basic fundamental questions for any subscriber line entity in any economy(1) what to produce, (2) how to produce and (3) for whom to produce in order to utilize the available scarce resources efficiently. That is why the terms theory, Demand concepts and theories of Market structure are the important elements of micro economics. Microeconomic theory studies the economic doings of individual decision-making units such as consumers, resource owners (i.e. households who provide services to the business entities in exchange of the income) and business firms in a free-enterprise economy. Proper analysis of all these 3 areas of concern helps the business entity to action efficiently. If the business