Introduction
The main focus of this assignment is to understand microeconomics and theories related to microeconomics. I have also included a report on Google glass which is a failed business product and this report will give a clear idea about why the product failed and things they could have done to make the product better. In this assignment I have also examined different types of market systems with examples.
Microeconomics
Microeconomics deals with the study of the behavior, the choices they make, in terms of production, consumption and transfer of wealth in specific markets like individual households, firms and governments. Microeconomics does not show the whole picture of the business but the more individual or more specific areas of …show more content…
Reviewers tend to agree with no doubt that Google glass in an inspirational device with a lot of potential even though it turned out to be a major fail. This inspirational device could have been a grand achievement with just a few alterations.
1. New design.
The fashion statement of the Google glass is not accepted by a many. Even though there are a few who calls it stylish most of the people stated the glass as loud and nerdy. Some people felt Google glass would make them look silly. Designing the frames of the glass more elegantly and in a smart simple stylish manner would have been an astonishing way to catch the interest of the consumers and increase the market of the glass. (Fortune.com, 2017)
2. Boost up the battery capacity.
The busy life schedule of the people of this generation is no surprise to anyone. For this reason and more the battery capacity that last for 3 hours or 5 hours is not accepted by the people. Google could have introduced a battery of high capacity, which optimizes the tasks done by the glass and reduce the battery consumption. This could have brought a huge success for the Google glass. (Fortune.com, …show more content…
Oligopoly is characterized by a small number of relatively large firms. It is the most common market structure and the capital invested is relatively high in oligopoly. (Economics Help, 2017)
Oligopoly market means few sellers, selling homogenous products or products of close substitutes. This increases the competition between the firms and hence advertising is very important in order to increase the market sales of the product. (Business Jargons, 2017)
Oligopolistic market has high barriers for entry. One main reason for this is economies of scale. Oligopoly can produce large scale of products at a low average cost, thus these firms can sell the products for a lower price and yet gain an increased profit. However this can be a disadvantage for the consumers as their choice would be limited if there are fewer firms. (Business Jargons, 2017)
An example of oligopoly can be the service provided by Bahaadharu, Baadhshah and Faalhu boat in kulhudhuffushi. Banks of Maldives is also an example of oligopoly. There are 6 main banks in Maldives, They are Bank of Maldives, Maldives Islamic Bank, Mauritius Commercial Bank in Maldives, Bank of Ceylon, Commercial Bank of Maldives, and State Bank of
The main focus of this assignment is to understand microeconomics and theories related to microeconomics. I have also included a report on Google glass which is a failed business product and this report will give a clear idea about why the product failed and things they could have done to make the product better. In this assignment I have also examined different types of market systems with examples.
Microeconomics
Microeconomics deals with the study of the behavior, the choices they make, in terms of production, consumption and transfer of wealth in specific markets like individual households, firms and governments. Microeconomics does not show the whole picture of the business but the more individual or more specific areas of …show more content…
Reviewers tend to agree with no doubt that Google glass in an inspirational device with a lot of potential even though it turned out to be a major fail. This inspirational device could have been a grand achievement with just a few alterations.
1. New design.
The fashion statement of the Google glass is not accepted by a many. Even though there are a few who calls it stylish most of the people stated the glass as loud and nerdy. Some people felt Google glass would make them look silly. Designing the frames of the glass more elegantly and in a smart simple stylish manner would have been an astonishing way to catch the interest of the consumers and increase the market of the glass. (Fortune.com, 2017)
2. Boost up the battery capacity.
The busy life schedule of the people of this generation is no surprise to anyone. For this reason and more the battery capacity that last for 3 hours or 5 hours is not accepted by the people. Google could have introduced a battery of high capacity, which optimizes the tasks done by the glass and reduce the battery consumption. This could have brought a huge success for the Google glass. (Fortune.com, …show more content…
Oligopoly is characterized by a small number of relatively large firms. It is the most common market structure and the capital invested is relatively high in oligopoly. (Economics Help, 2017)
Oligopoly market means few sellers, selling homogenous products or products of close substitutes. This increases the competition between the firms and hence advertising is very important in order to increase the market sales of the product. (Business Jargons, 2017)
Oligopolistic market has high barriers for entry. One main reason for this is economies of scale. Oligopoly can produce large scale of products at a low average cost, thus these firms can sell the products for a lower price and yet gain an increased profit. However this can be a disadvantage for the consumers as their choice would be limited if there are fewer firms. (Business Jargons, 2017)
An example of oligopoly can be the service provided by Bahaadharu, Baadhshah and Faalhu boat in kulhudhuffushi. Banks of Maldives is also an example of oligopoly. There are 6 main banks in Maldives, They are Bank of Maldives, Maldives Islamic Bank, Mauritius Commercial Bank in Maldives, Bank of Ceylon, Commercial Bank of Maldives, and State Bank of