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

956 words - 4 pages

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.
Answer:
Microeconomic show how new businesses have determined the competitively successful or unsuccessful pricing of their goods and services based on the mass 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
Think of demand as marketing, and supply as production. It is the job of marketing to create demand from their practices and programs. Marketing must ...view middle of the document...

The government has no hand at all in the economy or in business, whether small or corporate. The idea is that the competition between the sellers is what will make the products good and keep prices not too high. It's about law taxes, everybody lives based on what they earn and bring home. Capitalism has many benefits and many downfalls. A benefit is that businesses are free to make their own decisions. A downfall is there are no Government bailouts.

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 achieved via class struggle and a proletarian revolution which represents the transitional stage between capitalism and communism.

Self Evaluated Economics
A fourth that I would consider to be better and more flexible to changing economics would be called Self evaluated Economics. This could be an economy that instructs consumers and businesses to share the monetary and product wealth. The better educated people are to the concept, the better able they will to be able to make changes for the benefit of a community. This would hopefully spread throughout to make it better as a whole...

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