In your responses to your peers, comment on at least two posts that discuss a different economic principle than the one you chose. Draw connections between the different principles and the role of microeconomics in everyday life.

Need to Respond to this question below discuss a different economic principle.

Our business is relatively small compared to most. All the same microeconomic situations apply just on a smaller scale. One of the main principles we think about on a daily basis is being rational people when it comes to making the business as successful as possible. There are many examples that we do to achieve that. One of them being systematically setting up specific styles of displays to make the most sales at horse shows.

While at events we have many people approach us with trades. Referring back to principle 5 "trades can make everyone better off"(Mankiw,2021). We have owners of barns and organizations approach us with a trade of product for marketing. For example, we had a separate event coordinator ask us to provide winner prizes in exchange of marketing our brand and displaying a sales table at their event.

The cost is a driving factor of how we do business. Not just monetary cost but time as well. This would directly stem from principle 2 "Cost of opportunity" (Mankiw,2021). We often work on product instead of watching movies, going out places, spending unnecessary money. We recycle resources back into our business to give it the best opportunity to succeed.

Resources:

Mankiw, N. G. (2021). Principles of Economics (9th ed.). Cengage Learning, Inc.