Overview
Find all of the following topics, explained in
What is Economics? | Not a Perfect Model | Microeconomics vs. Macroeconomics
1. Maximizing Utility
Decreasing Marginal Utility | Opportunity Costs
2. Evaluating Production Possibilities
Production Possibilities Frontiers | Absolute and Comparative Advantage
3. Demand
Determinants of Demand | Elasticity of Demand | Change in Demand vs. Change in Quantity Demanded
4. Supply
Determinants of Supply | Elasticity of Supply | Change in Supply vs. Change in Quantity Supplied
5. Market Equilibrium
How Market Equilibrium is Reached | The Effect of Changes in Supply and Demand
6. Government Intervention
Price Ceilings and Price Floors | Taxes and Subsidies
7. Costs of Production
Marginal Cost of Production | Fixed vs. Variable Costs | Short Run vs. Long Run | Sunk Costs | Economic Costs vs. Accounting Costs
8. Perfect Competition
Firms Are Price Takers | Making Decisions at the Margin | Consumer and Producer Surplus
9. Monopoly
Market Power | Deadweight Loss with a Monopoly | Monopolies and Government
10. Oligopoly
Collusion | Cheating the Cartel | Government Intervention in Oligopolies
11. Monopolistic Competition
Competing via Product Differentiation | Loss of Surplus with Monopolistic Competition
The Insights and Limitations of Economics