? Considering the elements of microeconomics, create a list of three (3) best practices that would benefit any small business or start-up. Explain your rationale.
? Chapter 3 discusses three (3) types of economic systems: capitalism, planned economies (socialism and communism), and mixed market economies. Create and describe a fourth type of economic system and explain why it would be better than the other three (3). Please be as creative as you like.
Best Practices for small business or start up:
The very essence that defines the elements of microeconomics are what affects both consumer and firm behavior in the market. in this sense, the best three best practices that would benefit any small business or start up are understanding how to pricing the products from the business will impact sales; developing and managing online marketing platform for business while understanding changing market trends; and understanding consumer behavior, tastes, and trends for the company's product in the market. understanding pricing decisions in the business and how they influence the company is essential as based on pricing microeconomics can be used to forecast whether customers will buy or not or how much of a product a consumer will buy. On the other hand the rise ...
The expert lists three best practices that would benefit any small business.