Please expand on this:
Everyone wants more than they can afford, and this gives rise to limited resources. The shortage of goods will eventually lead to opportunity costs. Economics and its aspects lie around the same, and microeconomics deal with many issues that concern what, how, and whom the production is eventually made. Few microeconomic issues the industries are facing today are the problem with externalities, issues concerning sustainability or environment, monopoly, and volatile prices. Externalities usually mean the effect an economic transaction can have on people that are not directly related to it. For instance, a factory that operates its business in coal can contribute largely to global warming and pollution. The externalities do not define the amount of consumption and thus leads to maximum utility and resources wasted. If the government or private institutions think of intervening to prevent negative externalities, even then, learning the system requires time and money. With the maximum utility, there always comes a question of environmental sustainability. Economics likes more consumption and often ignores the part where people talk of future generations. There is no much effort in cost management or environmental policies that can reduce consumption. The recent farmer’s strike in India has reminded everyone of how the monopoly can create a problem for the agriculture classes. This does not only limit the agriculture industry but every consumer when private institutions gain monopoly power. The so-called firms can make money and also contribute to inequality. Another microeconomic issue that concerns every industry can be volatile prices. A farmer or a car manufacturer can suffer a fall in prices for their products, which can later affect the gross domestic product of the country.
