TAILIEUCHUNG - Lecture Principles of Microeconomics: Chapter 1 - James D. Miller

Chapter 1 - What is microeconomics? After reading this chapter, you should be able to answer the following questions: What is economics? What are key assumptions of economics? What is Production Possibility Frontier? What is opportunity cost? What is the difference between microeconomics and macroeconomics? | Chapter 1 What is Microeconomics? McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All Rights Reserved. Learning Objectives What is economics? What are key assumptions of economics? What is Production Possibility Frontier? What is opportunity cost? What is the difference between microeconomics and macroeconomics? 1- What is Economics? Economics is the study of human behavior using math and statistics. 1- Key Assumptions People are self-interested. People are rational. People have unlimited desires but limited resources. 1- Self-Interest Most human behavior is motivated by self-interest. Self-interest is much more than greed. It encompasses anything that makes the person happy, . children's welfare, charity. 1- Self-Interest Self-interested people most often take actions that are in the best interests of society. Only sometimes, self-interested people take actions that harm society as a whole, . creating pollution. 1- .

• Kinh tế học
• Principles of Microeconomics
• Lecture Principles of Microeconomics
• Production possibility frontier
• Opportunity cost
• Rational people
• Indirect effects
• Ten principles of economics
• Scarce resources
• Scarcity implies choice
• Choice implies cost
• Thinking like an economist
• Economic models
• Circular flow diagram
• Production possibilities frontier
• The gains from trade
• Production possibilities
• Comparative advantage
• Absolute advantage
• Market forces
• Supply and demand
• Market economies
• Competitive markets
• Price elasticity of demand
• Price elasticity
• Midpoint method
• Demand curves
• Controls on prices
• Price ceiling
• Price floor
• Market outcomes
• Market failures
• Negative externalities
• Positive externalities
• Market inefficiency
• Public goods
• Common resources
• Types of goods
• Cost benefit analysis
• Tax system
• Federal government
• Marginal tax rate
• Budget surplus
• Costs of production
• Total revenue
• Total cost
• Opportunity costs
• Firms in competitive markets
• Average revenue
• Marginal revenue
• Sunk costs
• Monopoly resources
• Government created monopolies
• Natural monopolies
• Monopoly’s revenue
• Monopolistic competition
• Nash equilibrium
• Equilibrium for oligopoly
• Game theory
• Long run equilibrium
• Perfect competition
• Law of demand
• Factors change demand
• Law of supply
• Market demand
• Demand intersect
• Demand determine prices
• Change in demand
• Change in supply
• Elastic demand curve
• Policy analysis with supply
• Policy analysis with demand
• Wealth creation
• Production cost
• Total surplus
• International trade
• Additional benefits of trade
• Average costs
• Break even price
• Increasing marginal costs
• Long run analysis
• Firms profit graphically
• Accounting profit
• Market effectiveness
• Monopolist pricing
• Price discrimination
• Antitrust laws
• Disruptive innovation in oligopolies
• Predatory pricing