Microeconomics focuses on sellers’ individual actions (producers) and buyers (consumers) and how those actions have consequences for the availability, distribution, and utilization of scarce resources.
An understanding of microeconomics explains decisions at the organizational level – businesses, companies, and nonprofit entities. Leveraging microeconomics’ foundational principles is essential for designing strategy, particularly in sales and marketing functions.
This module examines the areas of consumer choice, supply and demand, market elasticity, and production and costs.
Module Length: 3-5 Learner Hours