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Applying Microeconomics to Business - Research Paper Example

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Managers apply microeconomic data to reach various decisions and make critical choices, any of these decisions and choices could result in failure or success of their businesses. Thus as noted by…
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Applying Microeconomics to Business

Download file to see previous pages... on, Tisdell and Hartley (2001) states that businesses managers could take advantage of knowledge of government microeconomic policy as well as its economic impacts in a number of ways. For instance Tisdell and Hartley (2001) explains that they apply it to project how the economic situation of their businesses or the industry may change as a consequence of a change in the microeconomic policy, for example with removal or cuts in tariffs or subsidies previous enacted to protect the industry.
Secondly, a lot of countries have regulation prohibiting certain trade practices. In particular situations, governments may prohibit mergers of firms or acquisitions of companies supposing they could reduce competition within an industry to considerable levels, or lead to monopoly. Thus, it is essential for business managers to be aware of these laws and regulations and this requires that they understand microeconomic concepts (Tisdell and Hartley, 2001). It is also beneficial for business managers to understand economic arguments and concepts that might be used as a counter argument for a business merger or acquisition if the government opposes it.
Certainly, there are several other areas of government economic policy that require business managers to have a good understanding of microeconomics. These areas include economic concept of science and technology, specifically the economics of intellectual property laws. As Kahneman and Tversky (2000) explains intellectual property rights entail patents, copyrights and plant variety rights and trade marks. Mumbo adds that public policies to control and exploitation of environment and natural resources have recently become more widespread ad these normally have an economic justification. Microeconomic effects of industrial relations policies, international business, investment polices and public finance aspects usually have a critical consequence for the economic performance of a business.
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