Microeconomics I: Supply and Demand
A foundational overview of microeconomics, defining it as the study of how economic units—individuals, households, and firms—make decisions concerning limited resources while seeking to maximize benefits. The first source focuses heavily on the concepts of supply and demand, explaining the laws of supply and demand, how they are plotted on curves and schedules, and the importance of finding market equilibrium. The second source expands on these principles by introducing concepts of utility and elasticity, discussing measures like Price Elasticity of Demand (PED) to quantify how changes in price affect consumer demand. Additionally, the texts explain basic business metrics such as profit, total cost (fixed versus variable), marginal cost, and the goal of profit maximization where marginal revenue equals marginal cost.
