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Microeconomics 101

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This section outlines the core topics taught in an introductory microeconomics course.
  1. Introduction to Economics
  2. The Supply and Demand Model
  3. Demand
  4. Supply
  5. Market Equilibrium
  6. Changes in Equilibrium
  7. Elasticity
  8. Markets for the Factors of Production
  1. Measuring Economic Value
  2. Utility Maximization
  3. Production and Profit Maximization
  4. Types of Markets
  5. International Trade
  6. Government Regulation
  7. Externalities and Public Goods
  8. Income Distribution

Introduction to Economics

This category provides a very basic introduction to the field of economics and prepares students and readers to move on to the other sections of the site.

The Supply and Demand Model

This category goes through the basics of the supply and demand model that is widely used in economics.

Demand

This category introduces the concept of demand and the demand curve. It also explains what shifts the demand curve and goes through some demand curve algebra.

Supply

This category introduces the concept of supply and the supply curve. It also explains what shifts the supply curve and goes through some supply curve algebra.

Market Equilibrium

This category introduces the concept of market equilibrium and explains how equilibrium is calculated.

Changes in Equilibrium

This category introduces the concept of changes in equilibrium, or comparative statics, and explains how to calculate those changes both qualitatively and quantitatively.

Elasticity

This category introduces the concept of elasticity and shows how it is calculated. It also outlines the different types of elasticity and illustrates an important application of the elasticity concept.

Markets for the Factors of Production

This category illustrates the supply and demand model in the context of markets for factors of production such as labor and capital.

Measuring Economic Value

This category introduces measures of economic value and shows how to calculate the value that markets create.

Utility Maximization

This category introduces the utility maximization framework and shows how consumers' demand is derived.

Production and Profit Maximization

This category introduces various measures of revenue, cost and profit and shows how firms make production decisions to maximize profit.

Types of Markets

This category gives an overview of different types of market structures and describes how prices and quantities are set in each.

International Trade

This category contains articles pertaining to international trade from a microeconomic perspective.

Government Regulation

This category analyzes the impact of various types of government intervention on the amount of value created in a market.

Externalities and Public Goods

This category introduces the concept of externalities, or market side effects, and discusses the effect of externalities on the value created by a market. It also introduces various types of goods that result in market failures.

Income Distribution

This category explains how economists quantify income distribution within a society.

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