Microeconomics I (1^st Year)

Date: 2024

ISBN: 978-1-9256310-0-5

Format: A4, 2-page, Laminated Card

Description

The aim of this Student Guide Card is to provide first year students with an outline of the basic concepts and principles of Microeconomics I. In particular, the topics discussed in this title include: (i) definition of microeconomics; (ii) the scarcity principle; (iii) the cost benefit principle; (iv) microeconomic analysis; (v) positive and normative statements; (vi) the role of economic models; (vii) fallacies in microeconomics (i.e. fallacy of division; fallacy of composition; fallacy of causation; and fallacy of single causation); (viii) opportunity cost; (ix) comparative advantage; (x) absolute advantage; (xi) the market system; (xii) what is a market?; (xiii) demand; (xiv) determinates of demand; (xv) changes in demand; (xvi) supply; (xvii) changes in supply; (xviii) equilibrium; (xix) elasticity; (xx) price elasticity of demand (xxi) income elasticity of demand; (xxii) cross-price elasticity of demand; (xxiii) price elasticity of supply; (xxiv) elastic supply; (xxv) inelastic supply; and (xxvi) unit elasticity.