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Stuvia.com - The study-notes marketplaceECS2601
MICROECONOMICS
2020
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Do you recall?
What is Economics?
Micro-economics?
Macro-economics?
Scarcity?
Choices?
Opportunity cost?
Utility?
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What is Economics?
Economics: A study of social science that describes
or study how individuals, business and institutions
make social choices, to optimise/maximise their level
of satisfaction under conditions of scarcity.
Microeconomics: A branch of economics which
studies the economics at
◦ an individual, group or company level
◦ Focuses on issues that affect individuals and
companies
◦ E.g. the effects of raising input cost within a business
Macroeconomics: is the study of a national
economy as a whole.
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Scarcity, Choice and Opportunity cost
We live in a world with limited/ scarce resources.
E.g. Time, water, electricity, clean air
But individuals/society have unlimited wants and/or needs
Because of limited resources people have to make choices
Therefore there is always a trade-off in life
Given such trade-off individuals have to make optimal
decisions/choices
Decisions to have more “X” for less “Y”
Thus the cost of this decision is an Opportunity cost
Which is the value of next best alternative - given up
E.g. If you attend Economics class today, it means you forgo the
opportunity (i.e. time) to watch TV
◦ https://youtu.be/yw6wB7haSu8
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