Free Microeconomics Essay Sample
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Microeconomics simply deals with allocation of inadequate resources to many competing consumers. This is a common trend among small business enterprises. This is particularly a very common state in a market premise where business transactions are ongoing. In this particular setting every portrayed behavior and decision strongly influences the supply and demand of the marketed good and service. This influence is further reflected on the prices of the bought and sold goods (McEachern, 2008). On addition, it is important to understand that the amount of demanded good and the offered quantity is always influenced by the market price. On the contrary macroeconomics mainly deal with more important concepts like economic growth and other issues like unemployment and general inflation.
Allocation of time to competing users by a rational consumer
It is quite interesting that despite the fact that a rational consumer needs to attend to many of his competing users they always remain cheerful and clam. This is because they have been trained to search for more produce using the available limited resources. Rational cunsumers always seek for ways that can make them to improve the living standards of the people under their influence. On addition, it seems that such consumers are always ready to deal with the resulting business environment as well as other economic wants.
For the rational consumers to effectively be able to allocate proper time for all their users proper reasoning is needed. Economics does not usually involve direct application of the learned skills because it requires great reasoning and application of the existing resources (McEachern, 2008). One has to successfully learn to study his users in order to serve them appropriately. Therefore, it is important for the consumer to effectively study the interaction of his end users in their respective social gatherings because the acquired knowledge will help him to deal with them appropriately. On addition, proper application of the economic principles and rules will birth the expected results. For instance the science of microeconomics involve proper decision making.
The decisions that the consumer makes will help him to allocate time effectively or inappropriately to his many competing end users. Therefore, it is very important for the consumer to develop the art of making proper decisions because the outcome of all his transactions will depend on the decisions that had been made early. Things that may seem to be very simple need to be decided upon. Rational decisions play an important role in achieving the goals of the consumer. For instance, the rational consumer needs to decide on the quantity of things that he will buy basing on the needs of his end users as well as his financial capabilities. It is very important for a consumer to make choices because the available services and resources are always limited.
For as much as the resources are scarce decisions are a must because the end users of such resources will continually increase. Therefore even when it comes to time allocation the consumer has to bear in mind that the end users are never limited. For this reason the rational consumer is not to wear himself down for whatever reason. Also, priority has to be given where it is due (McEachern, 2008). Every decision that the consumer makes should enhance maximization of his profits as opposed to mere allocation of resources to competing end users. Contentment in a particular practice usually comes because of the resulting satisfaction therefore; whatever deal the consumer involves himself into should bring the desired gratification. A rational consumer needs to confront issues of scarcity and opportunity cost as well as choice in a wise manner because this is the only channel to yielding the anticipated results.