Principles of Microeconomics notes

Fundamental vocabulary and concepts for Microeconomics. Discusses scarcity, trade-offs, equity vs. efficiency, economic models, the differences between economies (central, market, mixed), and key economic ideas. Answer the Three Fundamental Questions of Economics.

Definitions and explanations of the Microeconomic terms of Comparative and Absolute Advantage. Also touches on the importance of Specialization and how Free Trade can benefit both buyer and seller in a Market Economy.

Introduction to basic Microeconomic equations including: Price Elasticity of Demand, Marginal Revenue, Marginal Cost, Total Revenue, and Profit. Discusses when firms should enter and exit the market and why zero profits (normal profits) are important. Speaks upon the First Invisible-Hand Property by Adam Smith and how Perfectly Competitive Markets work. Includes multiple graphs depicting Marginal Revenue and Marginal Cost, Elasticity, and Perfectly Competitive Markets. Also explain Average Cost ...

The basics of Supply & Demand, Efficiency, and Opportunity Costs. Full of scenarios and examples showing the effects of the Invisible Hand Theory by Adam Smith. Includes the differences between Consumer and Supplier Surpluses, how efficiency vs. equity change the economy, and explains contrasts between implicit and explicit costs.

Discusses the equilibrium conditions of Competitive Markets. Talks upon the definitions of producer and consumer surpluses. Introduces the equations necessary to find Producer and Consumer Surplus and how to calculate it.

Detailed notes about the basics needed todo well in this course. Notes taken by a first year.