Considering the elements of microeconomics, create a list of three (3) best practices that would benefit any small business or start-up. Explain your rationale.
Answer:
Microeconomic show how new businesses have determined the competitively successful or unsuccessful pricing of their goods and services based on the mass consumer needs and choices, market competition and other financial and economic formulas. Microeconomics also studies supply-demand ratios and its effect on consumer spending and business decision-making

Supply and Demand
Think of demand as marketing, and supply as production. It is the job of marketing to create demand from their practices and programs. Marketing must produce advertisement campaigns, sales initiatives and motivation for the sales force to excel. Typically we think of demand just being what the consumer wants, but demand in today’s economy can be somewhat created my marketing efforts.
Location of your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location. Coming from a Real Estate background it is about Location..Location…Location!!! Think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing and that the demographics are suitable for your market and product.
Research your competition so that you have detailed information about your potential consumers and competitors. It may be difficult to obtain, so close observation of activity of your competitor's business, talking to potential customers and tracking of traffic and volume through the week and at various times of the day can give you an educated idea of what the your potential new business may be up against.

Capitalism
Capitalism is based on free market; you can open whatever business and charge whatever you want. The government has no hand at all in the economy or in business, whether small or corporate. The idea is that the competition between the sellers is what will make the products good and keep prices not too high. It's about law taxes, everybody lives based on what they earn and bring home. Capitalism has many benefits and many downfalls. A benefit is that businesses are free to make their own decisions. A downfall is there are no Government bailouts.

Mixed Market Econ
A mixed economy is that kind of economy where both the public and private sector own, allocate and control factors of production. It is an economic system that includes a variety of private and government control, or a mixture of capitalism and socialism. The advantages of a mix market are people can make their own decisions, the government has limited control, and they have active government support and direction.

Socialism and Communism
Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of a free society. Modern socialism originated in the late nineteenth-century working class political movement. Karl Marx posited that socialism would be achieved via class struggle and a proletarian revolution which represents the transitional stage between capitalism and communism.

Self Evaluated Economics
A fourth that I would consider to be better and more flexible to changing economics would be called Self evaluated Economics. This could be an economy that instructs consumers and businesses to share the monetary and product wealth. The better educated people are to the concept, the better able they will to be able to make changes for the benefit of a community. This would hopefully spread throughout to make it better as a whole country. We can’t take away dreams and motivation from people, if we controlled their lives there would have no leaders, not the internal drive of folks in general because there will always be a hierarchy even in this type of economy. I feel that if we make education more affordable to the masses then it will expand the capabilities and ideas that could spawn new ideas and entrepaneurs into the market. The offering of affordable medical, dental, vision and long term care should be a main priority to allow for a healthier more productive society.
The economics would be run with a right for profit. Yes, there is always going to be some people out there that just want to continue the status quo, but it will be their choice and that is okay. As a whole we will always need different skill levels as everyone won’t be a CEO, manager or a laborer. We get taxed so many times on the money that we earn that more control over that should be brought into perspective. We get taxed when we get paid, and then when we buy something and any consumer product or property we buy produce more taxes for us. I definitely feel confident that with this fourth idea that we should implement and flat tax rate for all individuals and corporations so that all have more after tax income to be able to spend and spark the economy by consumer spending. The government should improve the incentives to own a house or a car as we all need a place to live and in most cases in most areas a car is needed to provide transportation to and from work. If they aren’t going to do that then more public rail systems need to be implemented as they do in European countries. This type of economy would increase buying and decrease our debt. This will also help with the emission issues we have and also cause the price of vehicles and fuel to go down because the car would not absolutely need to be a necessity.