Considering the elements of microeconomics, create a list of three (3) best practices that would benefit any small business or start-up. Explain your rationale.

Microeconomic show how new businesses have determined the competitively successful or unsuccessful pricing of their goods and services based on consumer needs and choices, market competition and other financial and economic formulas.

Microeconomics also studies supply-demand ratios and its effect on consumer spending and business decision-making

Supply and Demand
An easy way to think about t supply and demand is to think of demand as marketing, and supply as production. It is the job of marketing to create demand from their practices and programs. Marketing must produce advertisement campaigns, sales initiatives and motivation for the sales force to excel.
Set Up Your Business Location Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location. You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.
Research your competition Although accurate, detailed information about your potential consumers and competitors may be difficult to obtain, first-hand observation of activity in your competitor's establishment, talking to potential customers and watching customer traffic and volume through the week and at various times of the day will give you a rough idea of what the new business may be up against.

Capitalism
Capitalism is based on free market; you can open whatever business and charge whatever you want. The government has NO hand at all in the economy or in business, whether small or corporate. The idea is that the competition between the sellers is what will make the products good and keep prices not too high. It's about law taxes, everybody live based on what they earn. Capitalism has many benefits and many downfalls. A benefit is that businesses are free to make their own decisions. A downfall is, there's no bailouts (and you thought America was capitalist).

Mixed Market Econ
A mixed economy is that kind of economy where both the public and private sector own, allocate and control factors of production.
IT is an economic system that includes a variety of private and government control, or a mixture of capitalism and socialism.
The advantages of a mix market are people can make their own decisions, the government has limited control, and they have active government support and direction.

Socialism and Communism
Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of a free society. Modern socialism originated in the late nineteenth-century working class political movement. Karl Marx posited that socialism would be achieved via class struggle and a proletarian revolution which represents the transitional stage between capitalism and communism….

Marketing. You may have the best product in the world, but without good marketing that product will go nowhere. Make sure you represent your business in the best possible way. Good presentation and first impressions get noticed. Develop a professional marketing best practice that suits your business model.

Sell- sell in order to grow. Attract more customers with a good product and an experienced sales team. Consider different avenues to make sales such as; ecommerce, eBay, etc. Create an up-to-date website to attract customers and grow profits. Develop best practices for your sales techniques.

Communication equipment such as cell phones, computers, etc. enables you and your employees to share information. Information sharing and constant communication is important. Communication also builds better business relationships.

Customer Relationship Management this will help you with your customer base, take classes if you need to