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Microeconomists may investigate individual markets or even the economy as a whole, but their analyses are derived from the aggregation of the behavior of individual units. Microeconomic theory is used extensively in many areas of applied economics. For example, it is used in industrial organization, labor economics, international trade, cost-benefit analysis, and many other economic subfields. The tools and analyses of microeconomics provide a common ground, and even a language, for economists interested in a wide range of problems.

At one time there was a sharp distinction in both methodology and subject matter between microeconomics and macroeconomics.

The methodological distinction became somewhat blurred during the 1970s as more and more macro-economic analyses were built upon microeconomic foundations. Nonetheless, major distinctions remain between the two major branches of economics. For example, the microeconomist is interested in the determination of individual prices and relative prices (i.e., exchange ratios between goods), whereas the macro-economist is interested more in the general price level and its change over time.

Optimization plays a key role in microeconomics. The consumer is assumed to maximize utility or satisfaction subject to the constraints imposed by income or income earning power. The producer is assumed to maximize profit or minimize cost subject to the technological constraints under which the firm operates. Optimization of social welfare, sometimes is the criterion for the determination of public policy.

Opportunity cost is an important concept in microeconomics. Many courses of action are valued in terms of what is sacrificed so that they might be undertaken. For example, the opportunity cost of a public project is the value of the additional goods that the private sector would have produced with the resources used for the public project.

Theory of the Consumer

The individual consumer or household is assumed to possess a utility function, which specifies the satisfaction, which is gained from the consumption of alternative bundles of goods. The consumer's income or income-earning power determines which bundles are available to the consumer. The consumer then selects a bundle that gives the highest possible level of utility. With few exceptions, the consumer is treated as a price taker - that is, the consumer is free to choose whatever quantities income allows but has no influence over prevailing market prices. In order to maximize utility the consumer purchases goods so that the subjective rate of substitution for each pair of goods as indicated by the consumer's utility function equals the objective rate of substitution given by the ratio of their market prices. This basic utility-maximization analysis has been modified and expanded in many different ways.

Theory of the Producer

The individual producer or firm is assumed to possess a production function, which specifies the quantity of-output produced as a function of the quantities of the inputs used in production. The producer's revenue equals the quantity of output produced and sold times its price, and the cost to the producer equals the sum of the quantities of inputs purchased and used times their prices. Profit is the difference between revenue and cost. The producer is assumed to maximize profits subject to the technology given by the production function. Profit maximization requires that the producer use each factor to a point at which its marginal contribution to revenue equals its marginal contribution to cost.

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IMPORT - EXPORT

International trade is the exchange of goods and services between different countries. Depending on what a country produces and needs, it can export (sell goods to another country) and import (buy goods from another country). Governments can control international trade. The most common measures are tariffs (or duties) and quotas. A tariff is a tax on imported goods, and a quota is the maximum quantity of a product allowed, into a country during a certain period of time. These measures are protectionist as they raise the price of imported goods to "protect" domestically produced goods.

International organisations such as the WTO (World Trade Organisation) and EFTA ([European Free Trade Association) regulate tariffs and reduce trade restrictions between member countries.

Companies can choose from various methods to establish their products in a foreign market. One option is to start by working with local experts such as sole agents or multi-distributors who have a specialist knowledge of the market and sell on behalf of the company. This often leads to the company opening a local branch or sales office. Another option is to sell, or give permission to use, patents and licences for their products. Companies may wish to start by manufacturing in the export market, in which case they can either set up a local subsidiary or a joint venture with a local partner.

MARKETING MANAGEMENT

Management is a function of planning, organizing, coordinating, directing and controlling. Any managerial system, at any managerial level, is characterized in terms of these general functions.

Management is a variety of specific activities. Marketing management refers to a broad concept covering organization of production and sales of products, which is based on consumer requirements research. All companies try to look beyond their present situation and develop a long-term strategy to meet changing conditions in their industry. Marketing management, therefore, consists of evaluating market opportunities, selecting markets, developing market strategies, planning marketing tactics and controlling marketing results.

Strategic planning includes defining the company's long-term objectives as well as specific objectives, such as sales volume, market share, profitability and innovation, and deciding on financial, material and other resources necessary to achieve those objectives.

In problems of market selection and, product planning one of the key concepts is that of the Product Life Cycle. That products pass through various stages between life and death (introduction - growth - maturity - decline) is hard to deny. Equally accepted is the understanding that a company should have a mix of products with representation in each of these stages. Companies can make far more effective marketing decisions if they take time to find out where each of their products stands in its life cycle.

However, the concept of the product life cycle seems: frequently forgotten in marketing planning, which leads to wrong decision-making. This may well be seen in the following story.

A supplier of some light industrial equipment felt that the decline in the sales of his major product was due to the fact that it was not receiving the sales support it deserved. In order to give extra sales support to this problem case, a special advertising campaign was run. This required cutting into marketing budgets of several promising products that were still in their "young" growth phase. In fact, the major product has long since passed the zenith of its potential sales, and no amount of additional sales support could have extended its growth. This became quite clear in the end-of-year sales results which showed no improvement. The promising products, however, went into gradual sales decline. In short, management has failed to consider each product's position in its life cycle.

ADVERTISING

Advertising is one of the largest industries. In 1986, for example, American business spent over $100 billion to advertise its products. Since consumers are the principal targets of these sales campaigns, we ought to know something about the services advertisers perform, as well as some of the techniques they use.

The Benefits of Advertising

Advertising benefits consumers and the economy in a number of ways:

o It provides us with information about prices, recent improvements in certain goods and services, and the availability of new ones.

o Advertising often results in lower prices. Large-scale production can reduce costs. By creating mass markets, advertising enables producers to reduce the costs of their products and pass those savings on to the consuming public.

o Advertising stimulates competition, and competition benefits us all. Advertising by one firm puts pressure on others within the industry to do at least as well to attract the consumer's money.

o Advertising pays most of the cost of magazines and newspapers, and all of the cost of commercial radio and TV.

Advertising helps the economy as a whole by stimulating consumer demand. Consumer spending has a direct effect on the health of the economy. Advertising helps to keep that spending at healthy levels.

The Price We Pay for Advertising.

Not everyone agrees that advertising benefits the economy. Critics list the following points of its disadvantages:

o The information contained in advertising does not inform and often misleads the consumer.

o Because it costs money to advertise, this cost adds to the price consumers pay.

o Consumers are tempted to spend money for products they do not really need.

o Radio and' TV are not really free because the cost of advertising on them is also passed on to the consumer.

Advertising Strategies

Three strategies that have been especially popular with advertisers can be classified as slogans, rational appeals, and emotional appeals.

Slogans. Advertisers often use slogans that sound great but mean little or nothing. Yet, advertisers seem to feel that such slogans, when repeated often enough, do increase sales.

Rational Appeals. Rational appeals rely upon logic or reason to convince the consumer to buy a product.

"Our Cookies Contain 25% Fewer Calories Than the Next Leading Brand." This is an example of an advertisement that appeals to reason. Ads for health foods, pain relievers and home remedies tend to use this technique.

Emotional Appeals. Emotional appeals rely upon the use of psychology. The following is a sampling of such strategies:

o Testimonials. These are the advertisements in which famous people claim they use and enjoy a particular product. Ads for sports equipment, frequently rely on this strategy.

o The Bandwagon. The bandwagon appeal implies that everybody is using a particular product, and that if you don't, yon will be left out. The term derives from the practice, during nineteenth-Century circus or political parades, of jumping on or following behind the wagon carrying the band. Soft drink and automobile ads use this appeal.

o Popularity. Some advertisements suggest that simply by using the advertised product you will be popular or find romance. Toothpaste ads showing moments of romance between handsome young men and women are typical of these kinds of campaigns.

Every day you as a consumer are the object of the marketing efforts of American and foreign companies that want your business. The advertising on television and radio and in the newspaper flyers that come to your house are just some of the ways that sales promotions reach you. Can you think of other ways? Most of these marketing strategies represent honest efforts to convince you to buy a product or service. Nevertheless, you are responsible for evaluating advertising directed at you, separating fact from emodon, and deciding whether or not to buy the product.

Микроэкономисты могут исследовать отдельные рынки или даже экономику

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