Introduction to Economics
Scarcity and Choice
Positive and Normative Analysis
Microeconomics vs. Macroeconomics
The Free Rider Problem and the Tragedy of the Commons
Graphs of Two Variables
Relationships between Variables
Interpreting Graphs, Correlation, Causation, and Omitted Variables
Slope of Linear Graphs
Marginal Analysis
The Demand Curve
Shifts in the Demand Curve
The Supply Curve
Shifts in the Supply Curve
Market Equilibrium
Using the Supply and Demand Curves to Find Equilibrium
Budget Constraint
Consumer Surplus and Willingness to Pay
Elasticity and the Midpoint Method
Price Elasticity of Demand on a Graph
Determinants of Price Elasticity of Demand
Cross-Price Elasticity of Demand
Income Elasticity of Demand
Price Elasticity of Supply
Producer Surplus and Willingness to Sell
Short Run Shutdown Decision
Long Run Entry and Exit Decision
Long Run Equilibrium
Revenue, Cost, and Profit
Characteristics of Perfect Competition
Perfect Competition and Efficiency
Effects of Shortage
Economic Surplus and Efficiency
Price Ceilings, Price Floors, and Black Markets
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