00:01
So here, imagine that i own a business, there will be a certain problems i will face such as allocation of funds in my business, scarcity of resources, costs incurred, revenue and level of output, opportunity cost, incurred, demand and supply of output, etc., which are all related to microeconomics concept.
00:23
So basically, microeconomics basically deals with the individual's household and firm decision making in the economy.
00:31
In my case, i own an individual business which will be affected by this microeconomic issue.
00:39
Daily decisions in the economy are affected by some micro level concept and two of them would be number one.
00:46
Scarcity of resources and opportunity costs.
00:49
So scarcity of resources is a persisting problem since very long as resources are limited in number and should be allocated properly.
00:58
In business, scarce resources include money, time, asset, etc.
01:02
These resources should be allocated judiciously to have maximum profit out of them...
