PRINCIPLES OF CONTEMPORARY MICROECONOMIC Free Essay, Term Paper and Book Report
Microeconomics deals with the internal aspects of a nation's economy. Issues that are important to the well-being of an individual or a specific group of individuals in a country. Political, economical, sociological and technological issues are just some of the major aspects of microeconomics where it affects an individual and the study of a person's behavior which include decision-making, purchasing power, psychology, preferences and habits.
In microeconomics, the economic choices that individuals, businesses, and governments make and the interactions of those choices answer the three major questions of concern. They are:
i) What? ¨C deals with the question on what entice consumers on goods and services;
ii) How? ¨C deals with the question on how goods are produced and from which aspect;
iii) For whom? ¨C deals with the question of who the consumers are and the appropriate type of goods for the right kind of consumers.
What?
In this respect, ¡®What¡¯ refers to the kind of goods and services that are produced and their quantities. Goods and services are......
Word Count: 2262
Page Count: 9 (250 words a page / double spaced)
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