Microeconomics

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Ec 1101: Microeconomics

Good morning, afternoon, and/or evening, and welcome to Ec 1101, Microeconomics! Wikipedia defines wikipedia:Microeconomicsto be "the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them".

But what does this mean? "The study of economic behavior". One of the key concepts in Economics is the idea of scarcity. Society as a whole as unlimited wants, and scarcity occurs because there are not enough resources to satisfy these wants. Economic behavior comes into play when deciding how to allocate the resources available.

Lectures

• Lecture I: Ec 1101 Supply Demand and Equilibrium

Key Terms:

Supply, Quantity Supplied, Law of Supply, Demand, Quantity Demanded, Law of Demand, Equilibrium

Practice Problems: Ec 1101 Practice Problems#Supply Demand and Equilibrium

Solutions: Ec 1101 Solutions#Supply Demand and Equilibrium

• Lecture II: Ec 1101 The Effects of Taxation

Key Terms:

Excise Tax, Sales Tax

Practice Problems: Ec 1101 Practice Problems#The Effects of Taxation

Solutions: Ec 1101 Solutions#The Effects of Taxation

• Lecture III: Ec 1101 Indifference Curves and Budget Lines

Key Terms:

Indifference, Indifference Curve, Budget Line

• Lecture IV: Ec 1101 Building the Demand Curve

Key Terms:

Normal, Inferior, Ordinary, Giffen