About Course

Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.  Microeconomics is all about how individual actors make decisions. Learn how supply and demand determine prices, how companies think about competition, ...
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Topics for this course

172 Lessons

Basic economic concepts

Introduction to economics
Introduction to economics
Scarcity and rivalry
Four factors of production
Economic models
Normative and positive statements
Economic systems
Property rights in a market system
Markets and property rights
Production possibilities frontier
Production possibilities curve
Opportunity cost
Increasing opportunity cost
PPCs for increasing, decreasing and constant opportunity cost
Comparative advantage and the terms of trade
Comparative advantage, specialization, and gains from trade
Comparative advantage and absolute advantage
Opportunity cost and comparative advantage using an output table
Terms of trade and the gains from trade
Input approach to determining comparative advantage
When there aren’t gains from trade
Comparative advantage worked example

Supply, demand, and market equilibrium


Consumer and producer surplus, market interventions, and international trade

Consumer theory

Production decisions and economic profit

Forms of competition

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