in which you apply microeconomic concepts to your own life

Running Head : MICROECONOMICS IN MY OWN

MICROECONOMICS IN MY OWN DINING TABLE (FULL NAME (PROFESSOR 'S FULL NAME (COURSE AND SUBJECT (DATE OF SUBMISSION MICROECONOMICS IN MY OWN DINING TABLE

There are many examples of the microeconomic concepts in our daily lives . In fact , when one wakes up in the morning to the time one goes to bed in the evening microeconomics is evident . These concepts are overlooked very often because of their triviality however , their being trivial does not mean that they are not necessary concepts needed to explain the economic

loop in daily life . Without economics the world would ultimately come to a halt and it is the various concepts of microeconomics that form the basis of economics in general all other economic concepts revolve around microeconomics and exist because of microeconomics . The basic microeconomic concepts of supply , demand , and market are all evident in my simple daily routine involving the dinner table

The concept of supply is initially evident when I walk down in the morning and ask my mother what 's for breakfast . In cases when my mother is not able to cook any breakfast , I go to the refrigerator and open it to see what things inside it may be eaten for the meal . Whatever mom cooks for breakfast is dependent on whatever is available to cook and is therefore dependent on the supply of food available . If there is bacon then mom will cook bacon because it is in supply . My going to the...