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This question is about careers.
What role does microeconomics have in running a business?
Microeconomics is the focus of the business and the consumer, and their effect on the economy.
Microeconomics specifically focuses on how consumers and businesses make decisions. It takes into consideration when consumers purchase goods and how much they pay. It also considers how a business determines its prices for products.
Microeconomics looks at the small parts that run the company as a whole. Microeconomics is broken into very small factors. It begins with the individual who decides whether to buy something or not based on desire or need.
Next, the business makes its decisions around the competition in the market they are in. The more competition, the less flexibility there is in pricing. Businesses and consumers consider opportunity costs when making their decisions. Opportunity cost is making decisions based on how they will affect other factors.
Regardless, the small parts of the economy, which include the businesses and the consumers are what determine the movement of an economy.
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