MICROECONOMICS Classroom Lecture Notes (3 credits,as of 2005)
MICROECONOMICS Classroom Lecture Notes (3 credits, as of 2005)
based on Hal R.Varian's Intermediate Microeconomics, Sixth Edition, referring to Pindyck and Rubinfeld's Microeconomics, Fourth Edition
based on Hal R. Varian’ s Intermediate Microeconomics, Sixth Edition, referring to Pindyck and Rubinfeld’ s Microeconomics, Fourth Edition
Chapter 0 Economics
Chapter 0
The source of all economic problems is scarcity
The source of all economic problems is scarcity
Problem of trade-off,and choice. Economics,as a way of thinking, as a dismal science. Problems solutions hidden consequences
Problem of trade-off, and choice. Economics, as a way of thinking, as a dismal science. Problems - solutions - hidden consequences
Main decision-making agents: individuals (household), 2 firms,and 3 governments
Main decision-making agents: 1 individuals (household), 2 firms, and 3 governments
Objects of economic choice are commodities, including goods and services
Objects of economic choice are commodities, including goods and services
Main economic activities: Consumption, Production,and Exchange
Main economic activities: Consumption, Production, and Exchange
Microeconomics and macroeconomics: to show the market mechanism (the invisible hand), to supplement it
Microeconomics and macroeconomics: to show the market mechanism (the invisible hand), to supplement it