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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

Government & Inequalities

Externalities

Government actions in externalities 

Public goods 

Demand and Supply

Demand & goods

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Changes in price & quantity

Elasticity

Price elasticity of demand

Cross & income elasticity of demand

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Welfare Economics

Consumer & producer surplus

Deadweight loss

Price floor and price ceilings

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Production quota & subsidies

Consumer Choice

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Output and Costs

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Perfect competition in the short run

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Monopoly

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Price discrimination 

Oligopoly

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