If You Don't Understand Microeconomics, You Don't Understand Business

The study of microeconomics is really the study of business. There are 5 laws that have been around for over 100 years which I swear by. It will dictate whether your business will flourish as a price maker - or settle for zero profits as a price taker. I'm going to explain this in simple terms, so you'll understand this even if you've never taken an economics class in your life. Today, we're going to cover: 00:00 Price Taker vs Price Maker 02:31 Law 1: Ignore the Macro 05:00 Law 2: Demand & Supply 10:07 Stop Thinking Like a Supplier 12:31 The Ice Cream Truck 13:22 Law 3: Build Your Own Market 14:41 The Business Coach Example 18:35 Choose Your Competition 20:21 Law 4: Make the Offer Here and Now 24:14 Use Scarcity 25:01 Law 5: Sell Utility, Not Effort 26:31 The Couples Therapist 28:45 The $10,000 Screw 31:15 Campaigns Follow Me: ▪️ Instagram →   / danielpriestley   ▪️ LinkedIn →   / danielpriestley   ▪️ My New Book: Lifestyle Business Playbook → https://amzn.to/4aKFfUf ▪️ Take the KPI Assessment (free) → https://scorecard.dent.global/ ▪️ Free Workshop with Daniel Priestley → https://bit.ly/KPIWYT ▪️ ScoreApp YouTube → @ScoreApp