Microeconomics- study of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc) macroeconomics- study of the large economy as a whole or in its basic subdivisions (national economic growth, government spending, inflation. Video created by university of california, irvine for the course the power of microeconomics: economic principles in the real world 2000+ courses from schools like stanford and yale - no application required build career skills in data. A simple introduction to economics covering the definition and basics of managerial & business economics two branches within the subject have evolved thus: microeconomics (individual choices) which deals with entities and the interaction between those entities, while macroeconomics (aggregate outcomes) deals. A quick overview of what you will cover in the first unit of microeconomics watch the unit 1 playlist-. Basic concepts of macroeconomics what is economics economics is the social science that analyzes the production, distribution and consumption of goods and services broadly, economics is a social science that studies human activities aimed at satisfying needs and wants it encompasses production, distribution,.
Key concepts in microeconomics note: these entries were originally designed to accompany a text by john taylor,and may occasionally use terms not used or stressed by cowen/tabarrok topics: : comparative advantage -- multiple choice questions on comparative advantage -- answers cowen/tabarrok, chapter 2 in. Ap microeconomics 16 basic economic concepts review drill what does this point on the production possibilities curve represent. If you need to study basic microeconomics concepts for an exam or assignment, take a look at this convenient online chapter inside, you'll find. Prerequisites: participants should be familiar with undergraduate microeconomics prior to taking this course a certain level of mathematical proficiency will be assumed, in particular, knowledge of basic mathematical notation and concepts related to sets, functions, matrices, probability, linear algebra,.
The micro unit 1 summary video is designed to help you understand economics and goes hand-in-hand with my ultimate review packet in this video i cover the basics: scarcity, opportunity cost, the economic systems, the production possibilities curve, and comparative advatage i also show you the quick. In any economy, the existence of limited resources along with unlimited wants results in the need to make choices in this unit, we introduce concepts of opportunity costs and trade-offs, and illustrate these concepts by using the production possibilities curve we then consider of how different types of economies determine.
This module is intended for those who have already taken econ10770 ( introduction to economics) it reviews the basic concepts of microeconomics covered in econ10770 and moves on to other topics such as the economics of different types of market structures (perfect competition, monopoly, and oligopoly). Permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use 2 introduction ▫ one of the ten principles of economics from chapter 1: trade can make everyone better off ▫ this chapter introduces basic concepts of international macroeconomics. Microeconomics: first canadian edition by hubbard, o'brien, serletis and childs principles of microeconomics: seventh canadian edition by mankiw, kneebone and mckenzie econ 202: introductory macroeconomics basic economic concepts are used to explain how economies operate at a national or regional level. The scope and emphasis of this course goes beyond a general understanding of microeconomics to incorporate the core concepts of the overall field of economics after familiarizing yourself with the following course syllabus, enroll in this course using the enroll me in this course” button once enrolled, navigate to unit 1 of.
Basic concepts of microeconomics with special reference to kenya no thumbnail [100%x80] date 1990 author ackello-ogutu, a c waelti, john j metadata show full item record uri basic_concepts_of_microeconomicshtmlid=j6isaaaaiaaj&redir_esc=y. Much economic analysis is microeconomic in nature it concerns such issues as the effects of minimum wages, taxes, price supports, or monopoly on individual markets and is filled with concepts that are recognizable in the real world it has applications in trade, industrial organization and market structure, labor economics,.
Because microeconomics is such an important foundation for business, engineering, and the social sciences this guide has been prepared the purpose of this course guide is fourfold first, the course syllabus is included in the guide second, the guide provides the student a listing of the key concepts covered in the. Key concept, related national standards 14 aggregate demand standard 13 15 aggregate supply standard 13 16 budget deficits and public debt standard 16, standard 20 17 business cycles standard 19 18 economic growth standard 15 19 employment and. Key concept indicators for each microeconomic concept: defines or describes the microeconomic concept processes and/or presents sufficient data or information related to the microeconomic concept to support: a detailed explanation of the microeconomic concept a justification about the implications of. We will do this by first understanding the nature of the basics concepts of microeconomics, then proceeding to how these apply to specific types of situations readers are expected to have an understanding of arithmetics as well as basic differential calculus where needed we use r for statistical programming the graphics.
Learning outcomes having successfully completed this module you will be able to: understand the technical language of economics apply the basic concepts of microeconomic analysis and use appropriate tools in solving economic problems recognise the consequences of government intervention to the functioning of. Familiarize students with the basic concepts of microeconomics with particular emphasis on applicability to business problems. You never learned microeconomics and yearn for a basic intro that won't take much time or make your brain hurt you learned microeconomics, but so long ago you're rusty and want to brush up you're a student, with a microeconomics course in your future and you want to get a jump on the basic concepts. Basic concepts of macroeconomics and national accounting why does macroeconomics matter introduction macroeconomics is concerned with the study of a nation's economy as whole or substantial sections of it macroeconomics has become an eminent discipline in economics during the great depression of 1930s.