5. Econ Unit 2 (Microeconomics)

The focus of this unit is on individual decision-making, the decision of firms and those of different industry sectors.  Microeconomics provides students with some very useful tools for understanding the behavior of consumers and producers in the marketplace, along with the interrelationships between them. Business managers use microeconomic ideas to make decisions about how much to produce, how to price the goods and services they produce, and what wages to pay for the work they need done. These ideas are critical to running a successful business. If you understand them, you should be able to predict how consumers and producers will behave. For example, suppose a firm drastically reduces its prices without reducing the quantity or quality of its output. Microeconomic theory suggests that other firms in that market will react to that decision. Some firms will decide to reduce their prices while others may shut down because they are no longer able to remain competitive.

Check out this Youtube channel for Microeconomic concepts
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