Running head: ARTICLE REVIEW
1
Article Review
Name
Institution
ARTICLE REVIEW
2
Article Review
All the chapters are trying to illustrate microeconomics and its significance in the
economy. As seen microeconomics plays a greater role in ensuring that, the power between
buyers and sellers is positively controlled. Microeconomics often seeks to understand the way
companies, individuals and households make their decisions in regards to the economy and the
chains of the economy that they interact with daily(Trost, 2019). The articles, on the other hand,
have given a better view of the components of microeconomics and a series of examples to help
readers understand more the concepts. Trade, perfect competition and the invisible hand are
among the major areas focused on the chapters in the article.
In the world of economy, trade plays an important role. Trade ensures not only just
business and transactions’ are completed but also its activities help in the growth and
development of regions both nationally and at the international level (Trost, 2019). The articles
have also helped in the provision of information about types of trade that are being conducted
across the globe, their challenges and advantages to the parties involved. The article has also
elaborated on different production changes, behaviors, and their effects on the economic graph.
Based on the illustration on the curves one can easily realize the paths in which their economy is
shifting because of the characteristic of the production chain (Trade, 2015). Furthermore, the
curves also help economists and analysts to approximate the rate of production depending on the
available resources.
The article has also discussed perfect competition and the invisible hand aspect in
microeconomics. Although the economic sector is being accompanied by a series of rivalries,
perfect competition is still important in ensuring the growth of the economy as seen in the article
ARTICLE REVIEW
and analysis by various economists of the world. Resource allocation across the industries and
correct reliability, efficiency, and effectiveness of the chain of production from firms to
individual comprise also important aspect observed in the article (Perfect Competition and
Invisible Hand, 2015). Production and allocation of goods and services require keenness and
equity upon their implementation s observed in the article.
3
ARTICLE REVIEW
4
References
Perfect Competition and Invisible Hand 2015. Microeconomics. Second edition
Trade 2015. Microeconomics. Second Edition
Trost, B. (2019). Essays in Applied Microeconomics: Topics in Urban and Education
Economics.