Introductory microeconomics

May 6th, 2015
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Microeconomics: the branch of economics that examines individual decision making by firms, households and consumers, and the way they interact in specific industries and markets ECONOMIC

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Introductory MicroECON1001 NOTES WEEK 1Introductory microeconomicsMicroeconomics: the branch of economics that examines individual decision making by firms, households and consumers, and the way they interact in specific industries and markets ECONOMIC QUESTIONSWhat goods and services are produced and in what quantities? How will the various goods and services be produced?When will the various goods and services be produced?Where will the various goods and services be produced?Who will consume and produce the goods and services that are produced? KEY IDEAS OF NEOCLASSICAL ECONOMICSScarcity: a situation in which all wants cannot be met because of limits to resources Opportunity cost: the value of the best forgone alternative. Scarcity implies people must make a choice between which goods and services should be produced with the given resources. Thinking at the margin: compari

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