Advanced Concepts 3 min read
Perfect competition
Company at the perfectly competitive market Here we start with the analysis of a firm’s behavior at the perfectly competitive…
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Advanced Concepts 3 min read
Producer theory
In this chapter we analyze producer’s behavior. This is important to understand (i) demand for input factors (like capital or…
Advanced Concepts 3 min read
Consumer theory
In this chapter we will analyze consumer choices. This is important to understand both (i) the demand for goods and…
Advanced Concepts 4 min read
Introduction to economic methods
A traditional definition of economics, advocated by Lionel Robbins, says that Economics is the science which studies human behavior as…
Advanced Concepts 5 min read
Interactive mind maps in economics
These materials, authored by Maurice Starkey, are available under a Creative Commons Attribution-ShareAlike licence. First published online by The Economics…
Advanced Concepts 5 min read
What Is Macroeconomics?
Macroeconomics is the study of the behavior of the economy as a whole. This is different from microeconomics, which concentrates…
Advanced Concepts 4 min read
Microeconomic Success
On the success side of the microeconomic ledger are many companies whose top management made the right decisions as start-ups…
Advanced Concepts 6 min read
Making Economic Decisions – Starting A Business
The microeconomic concepts that drive the decision-making processes of an established firm also apply to start-up businesses. A major difference,…
Advanced Concepts 4 min read
Factors Of Consumer Decision-Making
Supply and Demand Although economists all agree that the price of a product or service is a major factor in…
Advanced Concepts 8 min read
Microeconomics: Factors Of Business Decision-Making
The process by which businesses make decisions is as complex as the processes which characterize consumer decision-making. Business draws upon…
Advanced Concepts 5 min read
Microeconomics: Assumptions and Utility
The decision-making process of the individual consumer is critically important in the study of microeconomics because consumer spending accounts for…
Advanced Concepts 3 min read
Microeconomic Renaissance
While Keynesian economic theory was being applied in most of the world’s major economies, the new concept of microeconomics, pioneered…
