Question

How does the microeconomic environment affect your daily life? What can you do to live a better life after completing this course?

Answer 1

Microeconomics concepts are not only limited to the text books or theories

It has a wide and huge applications in our daily lives

For example like opportunity cost ,production possibiltya frontier ,intra industry trade ,GDP

It is called the terms that are not only limited to books but they can be applied in the real life

For example to know about any economy that whether it is doing good or not we have to gather data of gross domestic product or GDP and standard of living

One of the most common economic term that we called opportunity cost

Opportunity cost in the cost that occurs when will lose one option for gaining other

For example ,if any student decide to go for a party or to study the whole night for the exam on the next day then he has to select the best options among the limited alternatives for the optimised output

Similarly goes for the economy as well

Many economies have very limited resources

They have to select the best options among those for the efficient output

So any person who learnt microeconomics concepts can use in the day life as well