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Microeconomics: Master Key Concepts & Analysis

Introduction to Economics

Definition of economics

Goods and services, and factors of production

Economic way of thinking

Positive and normative statements

Problems of Economics

Production possibilities and opportunity costs

Resource efficiency

Economic growth

Comparative advantage

Firms, markets, and price

Demand and Supply

Demand & goods

Supply

Market equilibrium

Changes in price & quantity

Elasticity

Price elasticity of demand

Cross & income elasticity of demand

Elasticity of supply

Welfare Economics

Consumer & producer surplus

Deadweight loss

Price floor and price ceilings

Taxes

Production quota & subsidies

Consumer Choice

Budget line & utility

Utility maximizing

Budget equation

Preferences & indifference curves

Optimal choice on budget line

Output and Costs

Short run product curve

Short run cost

Long run cost

Perfect Competition

Perfect competition definitions

Perfect competition firm’s output decisions

Perfect competition in the short run

Perfect competition in the long run

Monopoly

Monopoly definitions

Monopoly single-price: Marginal revenue & elasticity

Monopoly single-price: Price & output decisions

Price discrimination 

Oligopoly

Oligopoly definitions

Oligopoly games & strategies: Prisoner’s dilemma 

Government & Inequalities

Externalities

Government actions in externalities 

Public goods 

Microeconomics

econ

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