UNIVERSIDAD AUTONOMA DE NUEVO LEON

FACULTAD DE CONTADURIA PUBLICA Y ADMINISTRACION

Microeconomía

Actividad 1.2 Síntesis del artículo How Microeconomics Affects

Everyday Life: Renting an Apartment en inglés.

Maestro: Klender Aimer Cortez Alejandro

Alumno: Aldo Gibran Valdez Robles

Matricula: 1911719

Grupo: DCZ

Monterrey, Nuevo León, 15 de agosto del 2023

 Introducción

Microeconomics is the study of how people and businesses make decisions about
the best use of limited resources. These principles can be usefully applied to
everyday life decisions, such as renting an apartment. As a rule, most people have
a limited amount of time and money. So, by avoiding buying or doing what they want,
they make conscious microeconomic decisions about how to use their limited
resources to maximize personal satisfaction.

In this paper we will see a synthesis of how microeconomics affects our daily lives
extracted from the article how microeconomics affects everyday life: renting an
apartment. Poonkulali Thangavelu.

Key points

➢ Microeconomics is based on and uses a set of fundamental principles to make

projections about how individuals behave in certain situations where
economic or financial transactions will be involved.
➢ include the law of supply and demand, a key point that will affect personal
investments.
➢ Microeconomics also expands at the business level Since we live in a world
in which the economy has a profound impact on our daily lives,
Macroeconomic trends such as inflation, bank, or mortgage interest rates, as
well as constant economic growth They end up affecting our lives.
As we live in a world where the economy has a profound impact on our daily lives,
macroeconomic trends such as

Inflation, bank and mortgage interest rates, and constant economic growth ultimately
affect our lives.

Before making the decision to rent a property, it is recommended to understand

certain principles of microeconomics.

➢ Maximize utility means that people make decisions to maximize their

satisfaction.
➢ Opportunity cost: When a person decides, he also calculates the cost of
giving up the next best alternative.
➢ Marginal utility decreases. Describes the general consumer perception that
the more you consume, the less you enjoy it.
➢ Supply and Demand: Market supply is the total quantity of a given good or
service available on the market for consumers and market demand is the
total demand for that good or service.

In this way, microeconomics will significantly affect our lives, for example, if you want
to rent an apartment in New York, you must consider one of the fundamentals such
as supply and demand, since with the limited number of houses in the city, the supply
is minimal, but the high demand leads to very high rental costs.

Although first we will have to evaluate our budget, our income and how much we
really want to spend on rent, since if we allocate too much income, we will be limited
in other needs. All of this suggests that in today's capitalist economy, consumers and
businesses make thousands of decisions, large and small, based on these
microeconomic considerations. Consumers try to maximize their satisfaction when
they go out and buy everything from tissues to apartments, houses, and cars. And,
of course, companies set prices and make other decisions based on
microeconomics. and how much others are willing to pay for it.

Conclusion

Knowledge of the basics of microeconomics helps us a lot, because it significantly

affects everyday life, an obvious example of which we have seen when renting an
apartment.

Bibliography

Poonkulali Thangevelu. (2021). How Microeconomics affects everyday life. 23

enero 2022, de Investopedia. https://www.investopedia.com/articles/personal-
finance/032615/how-microeconomics-affects-everyday-life.sp