Microeconomics (ECF1100) Notes

Description

Notes are based on textbook readings and lectures and cover the following topics: 1. Ten principles of economics 2. Thinking like an economist 3. Interdependence and the gains from trade 4. The market forces of supply and demand 5. Elasticity and its application 6. Supply, demand and government policies 7. Consumers, producers and the efficiency of markets 8. Application: The costs of taxation 9. Application: International trade 10. The markets for the factors of production 11. Externalities 12. Public goods and common resources 13. The costs of production 14. Firms in competitive markets 15. Monopoly 16. Monopolistic competition 17. Oligopoly and business strategy