Microeconomics
Good morning, afternoon, and/or evening, and welcome to Economics 101 - Introduction to Microeconomics! Wikipedia defines Microeconomics to 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 has 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: Supply Demand and Equilibrium
- Key Terms:
- Supply, Quantity Supplied, Law of Supply, Demand, Quantity Demanded, Law of Demand, Equilibrium
- Practice Problems: Practice Problems#Supply Demand and Equilibrium
- Solutions: Ec 1101 Solutions#Supply Demand and Equilibrium
- Lecture II: The Effects of Taxation
- Key Terms:
- Excise Tax, Sales Tax
- Practice Problems: Practice Problems#The Effects of Taxation
- Solutions: Ec 1101 Solutions#The Effects of Taxation
- Lecture III: Indifference Curves and Budget Lines
- Key Terms:
- Indifference, Indifference Curve, Budget Line
- Lecture IV: Building the Demand Curve
- Key Terms:
- Normal, Inferior, Ordinary, Giffen