Advanced Concepts 4 min read
The Consumer
Consumer : A person who is capable of choosing a president but incapable of choosing a bicycle without help from…
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The economic environment
The economic environment may take a variety of forms. The principal form relevant to our discussion is some sort of…
Advanced Concepts 4 min read
The Rule of microeconomic principles
Why principles in microeconomics? Principles take you further than pure economic theory; principles show you the reasons underlying good practice…
Advanced Concepts 4 min read
Monopoly and pricing
A monopoly is a firm with market power, i.e. it observes impact of own quantity change on the market price.…
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…
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,…