Economics, especially subjects such as Micro and Macro are very important to our society. Understanding both these subjects is key in a person’s familiarity with how our country’s money is distributed and use.
1.Key Principles of Economics
This chapter is the introduction to every topic you will learn about in this course. Out of all the concepts in Microeconomics, this may be one that is most familiar to people because of its generalized nature. This concept also looks at micro as a whole and analyzes the ideas that started the field. Diving into the history of Microeconomics gives a basis for future concepts in the subject.
2. Supply, Demand, and the Basics of Markets
This topic introduces the graphs that are a big part of this course. For every labor market or cost graph, there is a supply and demand curve. Understanding how markets work and the graphs that go along with them are critical for this course. These lessons continue in other concepts, but the basis for the subject stems from this section.
3. Market Efficiency, Production, and Cost
In this section you learn about how to make markets the most successful they can be. Most of this chapter uses formulas to calculate the average cost of items and many other general formulas which formulate answers to equations on the shapes of the graphs. These answers show the most successful way to run a market.
4. Types of Markets
There are four main types of markets you will learn about in this course, each with their own distinct features. Some markets may be more familiar to you than others, but this topic will reveal the compare and contrast between them. From this information you can make your own decision about the type of market that will be the most successful in our economic structure and the pros and cons between all four.
5. Public Policy and the Labor Market
Although the topic of Labor and minimum wage is sensitive to some people, it is a very interesting concept towards the end of the course. This concept is driven by lots of intelligent discussion. Using the ideas that you have learned about markets throughout the semester, it is a good basis to form opinions about minimum wage and economic policy in this country.
Understand Microeconomics is key in the success of your Macroeconomics course. With these ideals in mind you can be more comfortable with the decisions and news of our country’s economy.