Microeconomics Fundamentals Overview

Study Notes

Welcome to our introduction to Economics! Today we'll dive into the world of Microeconomics, which is focused on individual behavior within markets and the resources available—the 'micro' level if you will. But before we get started, let me share some context:

Microeconomics studies how individuals make choices under conditions of scarcity (which they always do), how these decisions affect both consumers and businesses alike, and what role governments can play to influence them. It considers individual agents like households and firms, and their interactions through various market structures including perfect competition, monopoly, oligopoly, monopsony, and monopolistic competition. These concepts form the bedrock of understanding economic theory and policy.

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Description

Explore the world of Microeconomics, focusing on individual behavior within markets and available resources. Learn how decisions under conditions of scarcity impact consumers, businesses, and the role of governments. Dive into market structures like perfect competition, monopoly, and monopolistic competition that shape economic theory and policy.