Microeconomics Economic Policies Promote The Welfare Of...

Microeconomics is concerned on issues of an individual, such as firm, consumer, market and public sector organization (Wetherly and Otter, 2014). In addition, Microeconomics is related with millions of consumers and producers in free- market economy that works in decision making with regards to allocation of productive resources among thousands of goods and services (Chand, 2015). There are both theoretical and practical importances in Microeconomics which it helps economic policies promote the welfare of the masses (Chand, 2015). In business, decision making is as complex as the processes where it characterizes consumer’s choice. As supported by Davis (2015), microeconomic data in business is important in making variety of critical choices or anything which will either be successful or become a failure in terms of enterprises. It is important because it focuses on the reliability and currency of the information of a business. Also, both senior and top management decides in te rms of data in business. One of the major influences on their decisions may entail logic, wherein it answers what the competition is doing, the state of the economy and a variety of other variable and unknown factors (Davis, 2015). According to Grimsley (2003), decision making in a business is affected by the influence Microeconomic factors. Also, these factors are narrow in scope which doesn’t actually affect the whole economy. Microeconomic factors influencing a business include Market size,Show MoreRelatedInfrastructure and Rural - Urban Development.5083 Words   |  21 PagesIntroduction Infrastructures are basic essential services that should be put in place to enable development to occur. Socio-economic development can be facilitated and accelerated by the presence of social and economic infrastructures. If these facilities and services are not in place, development will be very difficult and in fact can be likened to a very scarce commodity that can only be secured at a very high price and cost. Nigeria PublicRead MoreChina Unbalanced Essay3704 Words   |  15 Pagesfor acceptance into the WTO and how it adjusted to its eventual admittance in December of 2001. We will also review some of the problems associated with China’s economic growth strategy. We will begin our analysis of these questions by examining China’s economy at the time of Deng Xiaoping’s accession to power in 1978 and the economic growth strategy he and his successor implemented which ultimately led China to ascension into the WTO. We will then review various conditions imposed upon ChinaRead MoreCorporate Social Responsibility10163 Words   |  41 Pageslocation where policy is derived. Utilizing the insightful perspectives of Beauchamp et al (1996), which include purpose, principle and consequence, there exist myriad ethical considerations in the daily world of business, with each one presenting yet another moral dilemma: Should the decision be made for company or personal gain? How many will reap the benefit of individualized attention at the expense of all others? Is there a time when an individuals interests supercede those of the masses? These areRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagestwenty -first century’s economic, social, and political churning, how will these driving factors be influenced by the brutally competitive global economy in which organizations do not have any particular geographic identity or travel under any particular national passport? What will be the effect of the rapid gyrations in markets that emphasize the difficulties that accounting practices face in determining true performance costs and that forecasting programs confront in establishing the economic determinants