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Entry Levels of Microeconomics

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ENTRY LEVELS

MODULE 1: INTRODUCTION OF MICROECONOMICS
Economics is the study of how human coordinate their wants and desires, given the decision making mechanisms, social customs and political realities of the society. This definition of economics rotates mainly on the basic force there is the economic system, that is the individuals within.
We cannot appreciate the bigger picture more should we not look closely to the minute details of what constitutes the economy. Therefore we studied microeconomics, the study in where every single person with the capacity to choose is screened closely. It answers the questions of why an individual chooses an option and what causes him to choose that way. Say for example, why a commercial bank manager decides to buy a new townhouse and loan a new car or why someone would decide to go to into business instead of getting employed.
In this we cited the basic reasons such as the when to produce, what to produce and whom to produce; questions that is essential in putting up a business. The usual idea is to produce when there is a demand for a certain thing; to produce something that separates itself from the rest of the same product available in the market and is currently wanted by the consumers; and, to look for new ideas of products that might be useful for a specific group of people.
Upon setting economics in a microscope, we would now appreciate the trends and tracks of the economy in a greater whole. The individuals will form a group and larger into a companies and corporations. These industries make up the economy of a country and will therefore participate in the foreign exchange and international trades. Again, microeconomics and macroeconomics are parallel lines wherein whatever individuals do will make an impact to the larger sector such as the country or business organization, thus making every person liable for...

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