Economics Assignment 1: Microeconomic Factors and Business Decisions

This economics assignment delves into the microeconomic business environment, examining the factors that shape business decisions and profitability. It begins by defining the microeconomic environment and its importance, differentiating it from the macroeconomic environment. The report then explores key microeconomic components, including factors of production (labor, land, capital, and entrepreneurship) and their scarcity, emphasizing the need for optimal resource allocation. The assignment analyzes demand and supply dynamics, illustrating how changes in consumer income, prices, and preferences affect market equilibrium. It also discusses business behavior and objectives, highlighting profit maximization, cost minimization, and the three fundamental economic questions (what, how, and for whom to produce). The concept of elasticity of demand is explained, along with regulatory strategies like price ceilings and floors. Finally, the report examines the impact of different market structures (monopoly, oligopoly, perfect competition, and monopolistic competition) on businesses, emphasizing the importance of understanding market dynamics for long-term sustainability. This assignment provides a comprehensive overview of microeconomic principles and their practical applications in the business world.

Running head: ECONOMICS ASSIGNMENT
Economics Assignment
Name of the Student
Name of the University
Author Note

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Table of Contents
Task 1...............................................................................................................................................2
Task 2...............................................................................................................................................7
References......................................................................................................................................16

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Task 1
Understanding the micro-economic business environment
Economics, as a discipline itself, has immense implications in the multidimensional
aspects of the growth and activities of a country. The commercial and industrial operations,
amongst these aspects, are primarily dependant on the different economic variables, factors and
their dynamics in the domain where they operate. These economic factors are broadly classified
into microeconomic and macroeconomic ones (Baumol and Blinder 2015). The microeconomic
aspects in the operational framework of a concerned business, are those aspects which are
subjective to the concerned organization and its decision making process only. Keeping this into
consideration, the concerned article tries to discuss and analyze the micro-economic components
which are present in the business environment in general and which have implications on the
business decisions as well as profitability and sustainability of the same.
Microeconomic environment of a business: Importance and Implications
The overall environment, under which a business usually operates, can be divided into
micro and macro environments. The former, as can be gauged from the term itself, refers to the
specific and unique subjective task environment of a particular commercial institution, which
have considerable implications on the regular working framework of the businesses. Unlike the
implications of the macro environment of the businesses, the effects of any changes or dynamics
in the micro environment are seen on the businesses in the short run itself (Babatunde and
Adebisi 2012).

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The elements of the micro environment of any business, consists of economic, social,
political and several endogenous as well as exogenous factors present in the domain under which
the business operates (Rocha 2012). Of these factors, the microeconomic factors, which have
considerable implications on the operations of the businesses as well as on their profitability,
expansion, prospects as well as long term sustainability are discussed as follows:
Factors of Production and their scarcity- The primary economic notion on which the businesses
operate is that all the factors used for production of goods and services are scarce or limited in
terms of availability. In economics, the factors of production are divided into four types:
a) Labor- This consists of the human labors and workers required for production of goods and
services. The labors are paid in the form of wages.
b) Land- This resource includes the factors like land, water and all the natural resources which
are required for any kind of production. The price of these types of resources are rent.
c) Capital- This type of resource includes financing resources as well as buildings, plants and
machineries, the prices of the same being interest.
d) Entrepreneurship- This is required in order to make all the other three resources utilized
optimally such that the production and revenue generation is maximum. The entrepreneurs are
paid in form of the profit generated.
All these factors being scarce, it is one of the crucial activities of the businesses to utilize these
resources optimally such that their cost of production is minimized and their revenue and profit
generation is maximized.

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Demand and supply dynamics- One of the primary microeconomic factors present in the micro
environment of any business, is the aspects of dynamics in the demand supply scenario which the
business experiences in its operations. Whereas the demand side shows the dynamics and
attributes of the buyers, the supply side shows the behaviors of the suppliers (Herrera-Soler and
White 2012).
The prospect of a business and its profitability largely depends on the demand conditions
which the same faces in a market. Generally, with the increase in the demand of the products or
services, the price increases, keeping the supply constant, which can be shown as follows:
Figure 1: Increase in the demand of commodities
(Source: As created by the author)
Thus, the revenue of the business increases, which in turn induces the business to increase supply
to earn more profit and vice versa.

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Figure 2: Increase in demand leading to increase in supply
(Source: Faculty.washington.edu, 2018)
However, whether the magnitude of profit earned by the company depends on how the
same changes its supply in response to the change in the demand.
The changes in demand of the products of a business, in turn depends on the following factors:
 Income of the consumers- With an increase in the overall income of the consumers, the
demand for the products is expected to increase and vice versa (provided the
commodities are normal goods).
 Price- The increase or decreases in the prices at which the businesses sell their products
have inverse implications, generally, on the demand conditions which the businesses
face.
 Price of related goods- The demand faced by the businesses are also subjected to the
prices of the substitute and complementary products of the commodities which they sell.

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 Preferences- The tastes and preferences of the consumers also have implications on the
demand conditions faced by the businesses (Rios, McConnell and Brue 2013).
 Price elasticity- The elasticity of demand for a product shows the degree of
responsiveness of the demand for the same with respect to one unit change in the price of
the same. The demand faced by the businesses, thus, also depends on the own price as
well as cross price elasticity of demand of the products which they produce and sell
(Thimmapuram and Kim 2013).
The supply dynamics of any business also depends on the following:
 Price- High prices of their products encourage the businesses to supply more.
 Cost of production- With decrease in the cost of production and implementation of
efficiency augmenting technologies, the supply of the businesses increase (Stanley and
Doucouliagos 2012).
 Aims- The long term as well as short term aims of the businesses also plays vital roles in
determining the supply dynamics of the organizations.
The increase in the supply leads to changes in the price and quantity demanded which can be
showed as follows:

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Figure 3: Increase in supply of commodities
(Source: As created by the author)
Together these dynamics in the demand and supply curves lead to the situation of
equilibrium at the point where the demand and the supply curve intersects each other, which can
be shown as follows:

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Figure 4: Equilibrium in the economy
(Source: As created by the author)
Any anomaly in the demand and supply can lead to excess demand or supply in the market,
which in turn can be detrimental for the producers and thus, has to be taken into consideration in
any kind of business organizations.
Business Behavior and Objectives: In Economic Context
From the above discussion, it can be seen that the microeconomic factors present in the
business environment have considerable implications on the activities of the businesses, thereby
indicating towards the fact that the economic factors play key roles in the business objectives and
behaviors, which include different decision makings in their operational framework.

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The primary objective of any commercial enterprise, especially those of private concerns,
in terms of economics is that of profit maximization and cost minimization. While the former
objective is achieved by increasing the revenues the latter is achieved by implementing efficient
production processes, involving time and cost saving technologies and optimal number of labor
and capital resources (Kagel and Roth 2016). In this context, the economic concepts of scarcity
of resources and proper allocations of resources in the production process, hold considerable
importance in the operational framework and the behavior of the commercial organizations.
The business behaviors of the companies are also subjected to the three key questions of
economics- what to produce, how to produce and for whom to produce. The first question helps
the businesses to decide their area of ventures in the global market, while the second one leads to
the implementation of production processes optimal for the same. By answering the third
question, the company tries to select and categorize their target clientele and geographical
regions. Together these three basic questions of economics contribute considerably in
determining the overall decision-making processes, objectives and operational behaviors of the
commercial organizations across the globe (Fuss and McFadden 2014).
The production activities of companies are also related to the nature of the commodity
which they provide to the customers. In this context, the concept of elasticity of demand is found
to be highly relevant. The elasticity of demand refers to the degree of responsiveness of the
demand for a commodity in case of a unit change in the price of the same. If with the change in
price, the demand changes less than proportionately then the demand for the commodity is said
to be inelastic. On the other hand, if the demand changes more than proportionately then it is said
to be elastic in demand.

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Figure 5: Elastic and Inelastic Demand
(Source: As created by the author)
The firms need to take into consideration the elasticity of the products they provide and
thus they need to base their business decision on the same.
On the other hand, there also remains several regulatory microeconomic strategies taken
by the government of the countries in order to keep the prices at levels which are less hurting to
the consumers or the suppliers according to the needs of the situation. These are known as price
ceiling and price flooring. While price ceiling helps in setting the maximum price of the
commodity price flooring refers to the minimum price of the same, which have to be abided by
the businesses.
Impact of Market Structures on Businesses

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In terms of economics, the global markets for goods and services are of several types,
varying on the basis of the number of customers, density of suppliers, types of goods or services
sold, barriers to entry and exit and the level of market power each producer and buyer enjoys.
The primary types of markets are Monopoly, Oligopoly, Monopolistic Competition and Perfect
Competition, each having their own unique set of characteristics (Dunne et al., 2013). These
factors are crucial in determining the level of competition a business is going to experience while
venturing in any market and also reflects the ways it can take to sustain in the market. The
profitability, prospects and long term sustainability of the commercial organizations depend
considerably the type of market the businesses venture into and the dynamics in the market with
time.
In general, with the increase in the number of supply side providers in a market, the
competitions of the businesses increase, thereby hampering their profitability and forcing them to
implement more cost effective technologies. On the other hand, presence of higher market power
and consumers, the businesses can implement price discrimination techniques in order to charge
higher from those with less elastic demand and lower from those with more elastic demand
(Gibbons and Roberts 2012).
Monopoly Market- In this type of market structure, there remains only one supplier and many
buyers, which in turn leads to consolidation of market power in the hands of the supplier. The
producer enjoys decision making power due to the lack of substitute commodities and there
remains entry and exit barriers in the market. For instance, the arms and ammunition industry are
usually monopolistic ones.

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Oligopoly Market- Here, there remains many buyers and a few (not more than 20) sellers, which
gives considerable market power to each of the seller. Each of the seller sells differentiated
products and their production decisions depend on the decisions and actions of the others. The
supermarket industries and banking industries are in general examples of oligopolistic markets.
Perfectly Competitive Market- There are many buyers and many sellers in the market and each of
them are price takers, without any market power. There remains free entry and exit in this market
and the goods sold are homogenous in nature. This is primarily hypothetical form of a market.
Monopolistically Competitive Market- This type of market has the characteristics of both
monopoly as well as perfect competition. While there are many buyers and sellers, each of the
sellers sell differentiated commodities.
Case Study: Samsung
The effects of the microeconomic environment and the changes in the same on the
businesses can be shown with the help of the business operations of one of the leading
multinational giants in the domain of mobile and electronics- Samsung. The company mainly
ventures in an oligopolistic market, with few big suppliers and a consistently increasing number
of buyers. With the increase in the demand for smart phones, globally, the company has resorted
to implementation of more cost effective technologies, with the objective of catering to a greater
number of clients (Peng 2013). The company also resorts to the production of mobiles of

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different price ranges, thereby catering to the different socio-economic strata of the world, which
is one of the primary reasons behind the expansion of profitability of Samsung.
From the above discussion, it can be concluded that the microeconomic environment of a
business organization and the economic component if the environment, consisting of the demand
supply trends, elasticity of demand, changes in the consumer behavior as well as the dynamics in
the market structures, have considerable impacts on the decision making process and corporate
behaviors of the businesses across the world.
Task 2
Understanding the macro-economic environment in which businesses operate
The term “Macroeconomics”, as can be gauged from the term itself, refers to the general
economic traits and the dynamics in the economic factors which have implications on a broad
geographical region, usually a country as a whole. The macroeconomic scenario of a country
usually consists of different sectors, primarily the household sector, the corporate or business
sector and the governing body of the country and this discipline primarily deals with the
movement of the economic factors and resources among these sectors and their behavior (Burda
and Wyplosz 2013).
One of the primary components of macroeconomics is the national income of a country,
which in turn has considerable implications on the growth and economic prosperity of the
nations as a whole. The national income of a country shows the amount of income or
expenditures or productivity of a nation, within a specified period of time. The most commonly

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used measure of national income of a country is the Gross Domestic Product, which shows the
sum of the value of the goods and services (final) that are produced within the geographical
domain of a country within a period, usually one economic year (Magazzino 2012).
The national income of a country consists of different components, which can be shown
with the help of the following widely used equation, known as the national income accounting
equation:
Y= C+I+G+NX, where, Y = National income or output, C = the total consumption expenditure,
I= Investment Expenditure, G= the government or public sector expenditures and NX= The net
exports of the country calculated by subtracting the imports of the country from the total exports
of the same (Fixler and Johnson 2014). Each of these components play vital role in determining
the national income and the behavior of the economy of a country as a whole.
These factors of the national income of a country have direct linkages with the ways in
which the businesses operate in an economy, as the different sectors of a macro economy, the
household, corporate and government sectors are interconnected with respect of the flow of
income and economic and productive resources, as can be seen with the help of the concept of
circular flow in economics:

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Figure 2: Circular Flow of Income
(Source: As created by the author)
As can be seen from the above figure, the operations and business decisions of any
commercial institution are subjected to the macroeconomic trends present in the environment in
which the businesses operate, due to the presence of multi-lateral linkages of the businesses with
not only the consumption sector but also with the government and its activities in the economy
(Deleplace and Nell 2016). The government of a country usually tries to run the economy of the
same under a regulatory framework of different policies and strategies, which evidently affect
the behavior of all the economic agents including the business organizations.
Another aspect of the macroeconomic environment of a country is known as the
multiplier effect. When there is an injection of demand in the circular flow of income of a

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country, it leads to a multiplier effect in terms of an increase in income, which in turn leads to an
increase in spending, thereby contributing to increase in demand and the cycle goes one. Thus,
the multiplier effect shows the final increased income which arises from new injection of
expenditures and takes several cycles to increase. The same, however, depends on the marginal
propensity of expenditure of the households.
Impact of government policies on an economy
As discussed above, the behavior and trends prevailing in the economy of countries can
be considerably attributed to the policy framework implemented and maintained by the
governing authorities of that country. There are in general two types of policies which are
undertaken by the governing authorities of a country to regulate its economic scenario, to
achieve the long-term goals of increased welfare of the residents of the country and its economic
prosperity (Rodrik 2012).
Fiscal Policy- The fiscal policies are those, which are undertaken in the form of adjusting the
spending and the tax collection levels of the government of any country, in order to influence the
behaviors of the economic agents of a country. Fiscal policies are of two types- expansionary and
contractionary. The former ones are used during the periods of stagnation, recession, high
unemployment in an economy, in order to stimulate the production activities of the economy.
Done mainly by lowering taxes or increasing the government expenditures, these policies affect
the economy by generating more productive activities in the same (Sims 2016). On the other
hand, the contractionary ones are used at times of high demand, high inflation situations in
economies and help in reducing the economic growth and exorbitant increase in demand and
price by increasing taxes.

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Monetary Policy- These policies are taken by the monetary authorities of an economy in order
to control the supply of money, thereby targeting the inflation and interest rates. The monetary
policies primarily try to maintain price stability and parity in money demand and supply in the
economy, with direct implications on the monetary variables. Monetary policies are also of
expansionary and contractionary types. The expansionary ones involve reduction of rate of
interests and increase of liquidity of money and are used in the periods of economic stagnation,
in order to lower unemployment and recessionary situations. On the other hand, the
contractionary policies, involving interest hike and sell of securities, help in reducing inflationary
situations in an economy (Hansen 2013).
Thus, it can be asserted that the conditions and activities in the economies of the
countries depend considerably on the types of monetary and fiscal policy framework existing in
the countries and while efficient implementations of these policies help in keeping the economies
prospering and floating, usage of improper and short sighted policies often lead to emergence of
unfavorable situations in the economies, having immense implications on the overall well being
of the residents of the countries.
The Financial Crisis of USA (2007-2008): Role of economic policies
One of the primary examples of the implications of inappropriate policy structure, in the
global scenario is that of the 2008 Financial Crisis which is counted as one of the worst global
financial crisis in the international scenario, after the 1930s Great Depression. The primary
reason behind the emergence of the international banking crisis was the subprime mortgage crisis
of 2007, in the USA, which was in turn an effect of the bursting of the residential asset market
bubble in the country (Fratzscher 2012). The primary reason behind this crisis was the

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excessively lenient and expansionary monetary and fiscal policies taken by the government, prior
to the crisis, in order to stimulate investments in the economy. This led to excessive risk-taking
behavior among the banks and their lending activities, which ultimately ended up in creating an
investment bubble, the bursting of which had immense negative implications not only on the
economy of the USA but on the entire global economy (Chen et al., 2016).
Impacts of macroeconomic environment on businesses
The macro environment of a business consists of different exogenous as well as
endogenous factors in the organization. While the internal factors include the strengths,
weaknesses, threats and opportunities present within the operational framework of a business, the
exogenous factors include the social, political, economic, legal, environmental and technological
attributes of the environment in which a business organization operates.
The macroeconomic factors affecting the business decisions of firms are mainly as follows:
Interest rates- The investment decisions and loan taking activities of the companies depend on
the interest rates prevailing in an economy.
Inflation- The pricing decisions of businesses heavily depend on the inflation rates of the
economy.
Exchange rates- The businesses imports and exports products and services based on the
exchange rate dynamics (Borio 2014).
Taxes- The tax structure also plays key role in determining whether the companies would expand
or not.

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Recession- Stagnancy or recessionary situations in an economy also decides the purchasing
power of the customers, thereby affecting the production decisions of the businesses.
Example: The recent macroeconomic trends persisting in the Irish economy have considerable
impacts of the business organizations and their behaviors in the economy of Ireland. The policy
of the government to achieve full employment is seen to creation of new employment scopes in
the economy of the country in the recent periods, thereby leading to an increasing productivity of
the country. However, this has also led to higher aggregate demand, which in turn has led to
increase in the overall price levels, which can be seen in the higher inflation in the country.
Impact of macroeconomic environment on Samsung
Given that Samsung is a multinational tech giant, the current situations of economic crisis
in the global scenario has affected the purchasing powers of the customers of the company. With
the increase in the volatility and uncertainty in the macroeconomic environment of the
organization, the company has been compelled to reorient its strategies accordingly (Ying 2016).
The company has been increasingly expanding in the emerging markets of the developing
economies in order to capture new markets and compensate the loss which they have been facing
due to the saturation and volatility in the already existing developed economies.
The strategies taken by Samsung becomes even more feasible by looking at the internal
and external conditions (positive and negative) of the company and the exogenous factors
affecting the same, which can be seen by the SWOT and PESTLE analysis of Samsung:
SWOT Analysis of Samsung
Strengths Weaknesses

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 Long term presence
 Largest manufacturer of phones and
television globally
 Variety of models
 Innovations
 Global presence and awareness
 Provides intermediate products to
many other manufactures
 Intense competition
 Many companies providing products
at much cheaper prices
 Issues with several products like Note
7
 Affected by other tech giants like
Apple
 Customers losing confidence due to
quality and security issues of the
products
Opportunities
 Has scopes for innovations in order to
solve the quality issues
 Venturing scopes in the developing
countries’ emerging markets
 Region specific production scope,
takin into account the diversity of the
population, which may help in
boosting the brand popularity and
awareness
Threats
 New competitors are primarily rising
from the emerging markets of the
Asian countries
 Local brands like Mi, Oppo, Vivo and
others are going global
 The market and demand dynamics are
becoming highly fluctuating due to
increasing options
PESTLE Analysis of Samsung

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Political Factors- Samsung operating in a huge number of countries, mainly experience political
environment conducive to its business. However, recent local political tensions in countries like
South Korea, African and Latin American countries and others, have affected the global business
scenario thereby affecting the prospects of the company too.
Economic Factors- The ongoing global financial crisis in the developed countries especially,
has resulted in decrease in the purchasing power of the customers in these countries, thereby
forcing the company to venture in the emerging markets in the developing countries, where the
company is already facing considerable competition from the local brands which are going
global.
Social Factors- Venturing in different countries with different socio-cultural trends and varied
preferences and needs of the customers, the company has to incorporate a Glocal (Global+Local)
strategy in order to retain their customers, which indicates towards the strategy of customization
of their products according to the preferences of their clients.
Technological Factors- The company has been known for its innovative operational framework
and product range. However, the company has also faced several backlashes due to the
backfiring of their technologies like that in Note 7 in the Galaxy series. This, clubbed with the
customer satisfaction from other brands and their global technological competitiveness, has
resulted in more shift of the clientele of the company.
Legal- factors- The allegations of the company imitating the designs of Apple has already
landed up Samsung in a global legal debacle and the company had to pay heavy penalties for the
same. Multiple lawsuits in many countries has also been formed against Samsung regarding its

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strategies and product issues, thereby teaching the same the importance of incorporation of the
legal framework of the countries it serves, in its operational and productive framework.
Environmental Factors- With the awareness regarding environmental degradation spreading
globally and with customers becoming more concerned about ethical and environment friendly
production, the company has already started to incorporate recycling and environment friendly
strategies in its production process and in creating less hazardous workplaces for its workers in
order to avoid the backlash from the global population, which may hamper its prospects and
sustainability severely.
The above discussion ascertains the fact that like the microeconomic factors, the
macroeconomic factors, as well as other exogenous and endogenous factors, present in the
business environment of an economy, have considerable implications on the decisions and
strategies of the businesses and also on their long term as well as short term profitability,
prospects and sustainability.
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