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Microeconomic Economic - Essay Example

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The undeniable application of many of the micro economics concepts is a part of nearly everyone’s daily life and the study of these concepts…
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Microeconomic Economic Essay
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Microeconomic Economic

Download file to see previous pages... Prioritizing needs help in determining which needs can be satisfied first within the limited budget by postponing the less important ones. At a national level, the budgeting activities help in putting the government’s revenues into adequate spending areas. These are then broken down into provincial and state budgets making the allocation more precise and directed, increasing the chances of more effective use.
The phenomenon of demand and supply and their effect on price determine the feasibility of each transaction in one’s personal life. By understanding the basic laws of demand and supply, I understand that the goods in demand are likely to be high priced when in season and vice versa. This helps me make smarter decisions in the day to day life. For example appliances like air conditioners are likely to be on discounted deals in winters, making it feasible for me to purchase one in winters instead of in summers. Similarly, shopping for jackets in summers helps me save a bundle on shopping for the same apparel in season.
When the price affects the demand level, this is known as elastic demand. Similarly the goods whose demand is not affected by slight change in price are called inelastic. In my daily life i come across many goods that I can do without and pursue cheaper alternatives. However, being loyal to a couple of brands, I give price moderate weightage in the whole buying transaction. On the other hand, the evident inflation for necessities reflects the masses helplessness and constant demand no matter how much the prices fluctuate.
Opportunity cost refers to the cost of letting one alternative go for the opting of the other. This implies prioritization and weighing the loss against the gain of each alternative. For example, the choice of working professionally instead of studying further or comparing the pros ...Download file to see next pagesRead More
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