StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Applying Microeconomics to Business - Research Paper Example

Cite this document
Summary
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…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful

Extract of sample "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. Managers can as well use

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Applying Microeconomics to Business Research Paper”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1578796-applying-microeconomics-to-business
(Applying Microeconomics to Business Research Paper)
https://studentshare.org/macro-microeconomics/1578796-applying-microeconomics-to-business.
“Applying Microeconomics to Business Research Paper”, n.d. https://studentshare.org/macro-microeconomics/1578796-applying-microeconomics-to-business.
  • Cited: 0 times

CHECK THESE SAMPLES OF Applying Microeconomics to Business

Role of Current Crisis in Macroeconomics

“The current crisis sheds more light on macroeconomics than vice-versa”.... Discuss.... Overview of the Topic Literally, the topic means that the current crisis reveals more information on macroeconomics than macroeconomics reveals more information on the current crisis.... hellip; Conceptually, the topic wants to put up the argument that the factors in the current economic crisis and the trend of its exposes the weaknesses associated with present day global macroeconomics practice....
13 Pages (3250 words) Essay

Macro Economics Research Paper

Macroeconomic patterns plus their forecasts are applied by both large corporations and governments to help out in the development and assessment of business strategy and economic policy (McConnell, 2011).... business cycles can bring about short-term drops in output referred to as recessions.... hellip; Macroeconomics and microeconomics are the two most general areas of economics.... In contrast, microeconomics mainly focuses on the proceedings of individual agents, like firms, and consumers, plus how their actions determine quantities and prices in specific markets....
4 Pages (1000 words) Research Paper

The Macro & Microeconomic Of China

From State-Owned Enterprises to Restructured business Enterprises Dosi et.... Production was for export business operations.... SOEs experienced net losses up to 1997, This brought about a policy to let go of the small business activities still under government control and to simply maintain the big sectors like monopolistic enterprises (e....
8 Pages (2000 words) Essay

Business Environment: Macroeconomics Parameters

Others macroeconomic factors like production, inflation, employment, investment, domestic income, international business relationships, etc are discussed in Macro Economics.... nbsp;… microeconomics consists of characteristics and decision-making behaviors of an individual organization on the distribution of limited resources....
12 Pages (3000 words) Assignment

Factors of Market Failures in Microeconomics

If a firm is able to price their product in a such a way that benefits them, this can literally cause the competition to be driven out of business.... hellip; There are two main branches of economics, macroeconomics and microeconomics.... microeconomics is the behavioral study of individual consumers and firms in the market in order understand their decision making process....
6 Pages (1500 words) Essay

Macroeconomics: Paradox of Thrift

hellip; The author states that with the help of the paradox of thrift, Keynesian economics has been able to illustrate the differences between macroeconomics and microeconomics.... In the following paper “Macroeconomics: Paradox of Thrift” the author looks at thrift as an integral part of this arrangement which calls for sensible and cautious management of money and goods so that wastage is minimized while maximizing the value....
5 Pages (1250 words) Assignment

Food and Drug Administration

Microeconomics has taught the importance of conducting research and gaining demographic information in order to support local business success and profitability.... peaking strictly from the microeconomics level, this makes sense how one aspect of consumer attitude can strongly impact the strength of a specific industry, such as retail.... The article offers that outstanding consumer debt has fallen by more than expected and consumers are not applying for credit cards as readily. ...
4 Pages (1000 words) Essay

Economic Issues in USA and China

Microeconomic issues in the simplest and most basic sense refers to the study and observation of the single or individual business decisions and practices.... A practical case and example of a macroeconomic microeconomics on the other hand would focus mostly on how for instance a company would boost and reorganize its production capacity so as to reduce output and at the same time maximize output.... As a matter of fact and retrospect, this paper will focus in details in relative terms the microeconomics and Macroeconomic issues relating to the United States of America and China....
5 Pages (1250 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us