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10 Facts for Argumentative Essay on Microeconomics

Welcome to our first guide on how to write an argumentative essay on microeconomics in no time. This article is one of the three guides that we have shared with you. Each of these guides shares a particular purpose that will help you compose a stellar argumentative essay on microeconomics so you can get those marks you always dreamed of, saving a lot of nerves and time on research.

In this first guide you’re going to learn about some credible facts on microeconomics that will lay a solid basis  of your argumentative essay. We’ve also mentioned the references on materials from which we have collected these useful points for you.  We believe it will save a lot of your research time.

In our second guide, we talk about 20 microeconomics essay topics. These topics are relevant to the main subject, microeconomics. To be honest, these issues are for those who can’t stop gazing at their blank document. Now you can just choose one topic from the list to kickstart your argumentative essay.

As it was mentioned earlier, we have added some references so you can start researching the topic immediately. You’ll also find a sample essay written on one of the 20 topics, which may give you a clear idea of how the argumentative essay should be structured and written. Furthermore, using this essay as assistance is also a splendid idea.

In our third guide, we discuss writing an argumentative paper itself – the outlines, structures, and some tips that can awestruck your teacher or professor. Reading this guide is a must if you want to make your argumentative essay flawless, which is why we recommend that you read this one very carefully.

Without further ado, let’s learn something new about microeconomics:

  1. Microeconomics is all about the study of particular actors using economic reasoning to act upon their economy-related decisions. In simple words, microeconomics refers to the study of the behaviors of these individual actors. These individuals are, most of the time, decision makers for their professional lives, or for someone else’s business.
  2. Economics is a part of the “Worldly Philosophy” that concerns materialistic matters as well as the material well-being of the people living in this world. Any day-to-day activities that are correlated with wealth, earning and spending income, and resources form economics.
  3. Contrary to popular belief, natural forces are not the only factor that influences the climate. Microeconomics plays critical role in this. Due to the greenhouse concentrated gasses – such as carbon dioxide and methane – surface temperatures on the Earth increases.
    Geologists unveiled this scientific evidence discovering that the accumulated levels of climate change spiked dramatically during the last few decades, with an increase in technology and industries growing.
  4. In 1776, Adam Smith wrote a book on microeconomics “An Inquiry into the nature and causes of the wealth of nations” which was published when capitalism was initially evolving. In his book, Smith described an efficient way of limited resources distributing, which he called an economic system of unfettered pursuit of self-interest.
  5. Kahneman, known as one of the first scientists to make experiments on rats, attempted to find out whether the economic theories are applicable to humans. In fact, he won a Nobel Prize for his research, which gave strong impetus to the development of microeconomics. The study was conducted using rates in mazes. These rats were offered two rewards, water, and root beer. Obtaining water was easy peazy. But to get rewarded with root beer, rats had to undergo longer mazes, and had to bear electric shocks. Despite all difficulties rats were running for beer. These experiments led to the assumption that humans also take these kinds of decisions to obtain something better.
  6. Over the centuries, microeconomics has expanded so much that it’s almost impossible for a particular individual to become an expert in all aspects of it. That’s why economists divide this specialization in narrow portions of the subject, and that is why the terms “microeconomic” and “macroeconomics” are separated.
  7. Microeconomic models that are abstractions from reality are built upon assumptions. But these models allow individuals to gather information by analyzing real world events, and timelines. If real life events support the hypotheses, they are seen as accurate and are applied in economics. But if they’re inaccurate, they’re considered to be “biases”, and are announced wrong.
  8. There are two types of economic thoughts that are classified as positive economics and normative economics. Positive economics describe actor’s goals, and aims, along with what is being done; whereas, normative economics explains what should be done.
    For example, finishing your education is an economic goal, which comes from normative economics i.e. which you should do  to score better in your professional life. Positive economics, on the other hand, is more occupied with the economic performance or the goal’s achievements.
  9. Economics can never be separated from politics. Law, public opinion, regulations and government policies, all deliver an effect on the achievement of goals and their interpretation.That’s why economics has often been used to spread political agendas throughout the world and is still used for the same purpose.
  10. Education also plays a vital role in enhancing the growth of microeconomics. When President Lincoln passed the Morrill Act in 1861, it allowed the working class to obtain higher education. This led to the achievements of economic goals such as equitable distribution of income, economic freedom, and security.

These ideas concerning different sides of Microeconomics will come in handy when composing your essay. We’re sure that these facts allowed you to brainstorm ideas on how you’re going to start with your argumentative essay. But don’t waste your energy on brainstorming yet. We have got two more guides for you to read, which would certainly triple your chances of writing an excellent  argumentative paper on microeconomics.

References:

  1. Dr. David A. Dilts (2004) “Introduction to Microeconomics, E201” – Published by Indiana – Purdue University – Fort Wayne. https://new.ipfw.edu/dotAsset/142427
  2. David Besanko, Ronald R. Braeutigam, (2011) “Microeconomics, 4th Edition” – John Wiley and Sons, Inc. http://econ.tu.ac.th/archan/supawat/EE311/2.%20%5bDavid_Besanko,_Ronald_Braeutigam,_Ronald_R._Braeu
  3. Libby Rittenberg, Timothy Tregarthen, Untitled Document – Saylor.org https://ocw.mit.edu/ans7870/14/14.01SC/MIT14_01SCF11_rttext
  4. Hugh Gravelle, Ray Rees (2004) “Microeconomics, 3rd Edition” – Pearson Education Limited. https://ignorelist.files.wordpress.com/2012/01/microeconomics-gravelle-and-rees
  5. “Microeconomics.” International Encyclopedia of the Social Sciences. Retrieved December 23, 2016 from Encyclopedia.com: http://www.encyclopedia.com/social-sciences/applied-and-social-sciences-magazines/microeconomics
  6. Varian, H. R., Bergstrom, T. C., & West, J. E. (1996). Intermediate microeconomics (Vol. 4). New York: Norton.
  7. Bowles, S. (2009). Microeconomics: behavior, institutions, and evolution. Princeton University Press.
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