Microeconomics: Conclusion
by Marc Davis
The study of microeconomics reveals how both consumers and businesses make financial decisions. Although a variety of impulses and imperatives drive these decisions, a principal determinant for the consumer is price, and for business the supply-demand factor as it relates to pricing and output.
There are also other elements that influence financial decision making, some simple, some complex, all of which were described in the preceding sections, and all of which ripple through the economy at large.
The great lesson of microeconomics is how individual decision making can be described in certain mathematical formulae, may be predicted with reasonable accuracy, and how each of these individual choices, both consumer and business, when multiplied many million-fold create the economic conditions in which we live.
The study of microeconomics reveals how both consumers and businesses make financial decisions. Although a variety of impulses and imperatives drive these decisions, a principal determinant for the consumer is price, and for business the supply-demand factor as it relates to pricing and output.
There are also other elements that influence financial decision making, some simple, some complex, all of which were described in the preceding sections, and all of which ripple through the economy at large.
The great lesson of microeconomics is how individual decision making can be described in certain mathematical formulae, may be predicted with reasonable accuracy, and how each of these individual choices, both consumer and business, when multiplied many million-fold create the economic conditions in which we live.
Table of Contents
- Microeconomics: Introduction
- Microeconomics: A Brief History
- Microeconomics: Assumptions and Utility
- Microeconomics: Factors Of Consumer Decision-Making
- Microeconomics: Factors Of Business Decision-Making
- Microeconomics: Making Economic Decisions - Starting A Business
- Microeconomics: Microeconomics in Action
- Microeconomics: Conclusion
by
Marc Davis
Marc Davis is a veteran journalist with more than 20 years experience reporting and writing on business, finance, corporate management and legal subjects. His writing has been published online and in print by Adweek, Arthur Andersen, The Chicago Tribune , Encyclopedia Britannica, Insight Magazine, The John Marshall Law School Magazine, The Journal of the American Bar Association, Rotarian, and numerous other national periodicals and websites.
Marc is also a published novelist. His novel, "Dirty Money," published by Dell, was nominated for an award by the Private Eye Writers of America. He is also the author of non-fiction children's books, including a biography of Florence Nightingale and a history of the Georgia Colony. Marc's new novel "Bottom Line," a revealing look at corruption, fraud and thievery in a global management consulting firm, will be published in early 2013 by The Permanent Press. Marc was also a former licensed commodity broker at the Chicago Board of Trade.
Marc is also a published novelist. His novel, "Dirty Money," published by Dell, was nominated for an award by the Private Eye Writers of America. He is also the author of non-fiction children's books, including a biography of Florence Nightingale and a history of the Georgia Colony. Marc's new novel "Bottom Line," a revealing look at corruption, fraud and thievery in a global management consulting firm, will be published in early 2013 by The Permanent Press. Marc was also a former licensed commodity broker at the Chicago Board of Trade.
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