Considering the elements of microeconomics, create a list of three (3) best practices that would benefit any small business or start-up. Explain your rationale.
Microeconomic show how new businesses have determined the competitively successful or unsuccessful pricing of their goods and services based on consumer needs and choices, market competition and other financial and economic formulas.
Microeconomics also studies supply-demand ratios and its effect on consumer spending and business decision-making
Supply and Demand
An easy way to think about t supply and demand is to think of demand as marketing, and supply as production. It is the job of marketing to create demand from ...view middle of the document...
It's about law taxes, everybody live based on what they earn. Capitalism has many benefits and many downfalls. A benefit is that businesses are free to make their own decisions. A downfall is, there's no bailouts (and you thought America was capitalist).
Mixed Market Econ
A mixed economy is that kind of economy where both the public and private sector own, allocate and control factors of production.
IT is an economic system that includes a variety of private and government control, or a mixture of capitalism and socialism.
The advantages of a mix market are people can make their own decisions, the government has limited control, and they have active government support and direction.
Socialism and Communism
Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of a free society. Modern socialism originated in the late nineteenth-century working class political movement. Karl Marx posited that socialism would be...