Microeconomics Essentials You Always Wanted to Know

Book excerpt: Have you wondered how companies decide the price of their products? What factors do companies consider while allocating their resources? How does consumer behavior affect the factors of production? A go-to guide to understanding the building blocks of Microeconomics Microeconomics Essentials You Always Wanted To Know has the answers to all your questions. The book shows how the demand of consumers affects the market supply and how price is a major determinant of them. Next, the book goes on to explain consumer behavior with the help of cardinal and ordinal utility approaches. The book dives deep into the functions of markets and the roles that they play in a booming or receding economy. Lastly, it touches upon the topic of international trade and its advantages for a country. It contains plenty of examples that are relevant to the real world which will make it easier for you to grasp the concepts. Microeconomics Essentials You Always Wanted To Know is a go-to guide for understanding all the crucial concepts that form the building blocks of microeconomics. After reading this book, readers will: Understand the basic concepts of Microeconomics Learn the relationship between demand and supply Get to know the various types of markets Discover how prices of goods and services are determined Understand the theory of factor pricing Appreciate policy decisions related to taxation, interest rate, and international trade About the Series Microeconomics Essentials You Always Wanted to Know is part of the Self-Learning Management Series. This series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes fundamentals, important concepts, standard and well-known principles, and practical ways of application of the subject matter