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Assist consumer to distunguish between substitutions and income effects.
1. Describe way of economic thinking.
2. Describe methodology of economics.
3. Graph and interpret data.
4. Define oportunity cost.
5. Analyze the advantages and disadvantages of defferent economic system. etc..,
THANK YOU
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the objective of macroeconomic policies is to maximize the level of national income, providing economic growth to raise the utility and standard of living of participants in the economy.
The objective of microeconomic theory is to analyse how individual decision-makers, both consumers and producers, behave in a variety of economic environments. Examples of such environments are bidding in an auction, collectively deciding whether to build a public project, or designing a contract that will induce a worker to exert maximum effort. The common goal in all of these issues is to identify the incentives of the various participating agents and the trade-offs that they face.
It helps the firm with decision making, by analyzing the trends
