Microeconomics

ASSIGNMENT NO.1

ESSAY:

1. My understanding about the topics of resource materials no.1 are , Microeconomics emphasizes
the importance that firms and consumers play in the economy while paying close attention to
the decision-making process. This choice primarily considers how a good or service is obtained
by the consumer, the cost the consumer incurs, and how the cost is established. Consumers
must base their selections on a variety of elements, including the effects the product will have
on them. Utility is one of the characteristics that consumers should take into account. Utility
measures a person’s level of satisfaction with a specific good or service they intend to buy.
According to microeconomics, a consumer will pay more for a good or service if they receive
more value from it.

It is evident even in our daily life activities on purchasing goods and services. People will be willing to
purchase goods and services where they are saving on their money and getting more at the same time.
This explains more to me why we all want to buy