|Guide Particulars :|
Microeconomics Made Simple Basic Principles Explained in 100 Pages or Less
Introduction to Microeconomics Made Simple PDF
Like the opposite books in the “…in 100 Pages or Less” collection, this guide relies on the assumptions that:
1. You wish to acquire a primary understanding of the guide’s subject (microeconomics), and
2. You wish to obtain that primary stage of understanding as rapidly as potential. For any college students utilizing this guide in an instructional setting:
In case your professor expects you to learn a several-hundred-page textbook, please don’t assume which you can learn this guide as a substitute and be taught all the similar info.
This guide might function an introduction—a approach to get a grip on the fundamentals in order that the textbook is less complicated to know—but it surely’s not meant to be a alternative for a complete textual content.
For anyone in increasing upon the data contained in this guide, further sources might be discovered in Appendix A.
What Is Economics?
Every of us has restricted sources. We now have neither the time nor the cash to do every thing we’d wish to do. So we should select:
Out of all of the potential choices, on what is going to we spend our time and money? Economics is the examine of how folks make these selections. It asks how people, households, companies,
and governments resolve how one can allocate their restricted (i.e., scarce) sources. In different phrases, economics is the examine of how folks cope with shortage.
Economics can be involved with incentives and their influence on conduct. As a result of we every have scarce sources (e.g., cash), we’re naturally motivated by the prospect of buying extra sources.
Economics appears at how this motivation to accumulate extra sources impacts the selections we make.
Download Microeconomics Made Simple PDF Free.
Find all of the following topics, explained in plain-English:
What is Economics? | Not a Perfect Model | Microeconomics vs. Macroeconomics
1. Maximizing Utility
Decreasing Marginal Utility | Opportunity Costs
2. Evaluating Production Possibilities
Production Possibilities Frontiers | Absolute and Comparative Advantage
Determinants of Demand | Elasticity of Demand | Change in Demand vs. Change in Quantity Demanded
Determinants of Supply | Elasticity of Supply | Change in Supply vs. Change in Quantity Supplied
5. Market Equilibrium
How Market Equilibrium is Reached | The Effect of Changes in Supply and Demand
6. Government Intervention
Price Ceilings and Price Floors | Taxes and Subsidies
7. Costs of Production
Marginal Cost of Production | Fixed vs. Variable Costs | Short Run vs. Long Run | Sunk Costs | Economic Costs vs. Accounting Costs
8. Perfect Competition
Firms Are Price Takers | Making Decisions at the Margin | Consumer and Producer Surplus
Market Power | Deadweight Loss with a Monopoly | Monopolies and Government
Collusion | Cheating the Cartel | Government Intervention in Oligopolies
11. Monopolistic Competition
Competing via Product Differentiation | Loss of Surplus with Monopolistic Competition
Conclusion: The Insights and Limitations of Economics