Applying Microeconomics In Day-To-Day Life
Microeconomics is defined as a study of how individuals and business entities make choices on utilizing the ever-limited economic resources. The principles of microeconomics apply in everyday life since resources are limited. Since one cannot have everything one wants, one must choose what to use one’s resources on. The microeconomic environment affects individuals in various ways. For instance, when renting an apartment, an individual first considers their wage and income (Mankiw 432). A rational consumer wants an apartment whose rent can be sustained within one’s wage. To that end, an individual would prefer an apartment whose rent is within one’s income range and leaves them with enough cash to spend on other activities. Also, one considers utility such that the new apartment should give them fulfillment (Mankiw 433). The goal of a rational household is to get what they want at the lowest possible price. Individuals do not have to pay more for something they can get at a low price. Do you need urgent assignment help ? Get in touch with us at eminencepapers.com. We endeavor to provide you with excellent service.
To live a better life devoid of financial frustration, one needs to look for multiple offerings before deciding on the most useful to them. In other words, as a rational consumer, I will conduct research before settling on a purchase. That will go a long way to help me avoid unnecessary expenditures. Further, a key lesson from the course was that businesses set prices based on microeconomics in a capitalist economy (Mankiw 65-69). On the one hand, consumers look for products that give them the highest utility at the lowest prices. On the other hand, producers or sellers determine prices based on demand and supply forces. To that end, there is no standard cost for anything per se. Some products may be expensive in one city but cheaper in another. A good example is the housing cost in New York, which is so high compared to other US cities.
Works Cited
Mankiw, N. Gregory. Principles of Microeconomics. Boston, MA, Cengage Learning, 2021.
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2 paragraphs unit 8. How does the microeconomics environment affect your daily life?
Applying Microeconomics In Day-To-Day Life
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