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Summary Notes on Year 1 Microeconomics £5.99
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Summary Notes on Year 1 Microeconomics

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Well organised and presented notes, displaying summarised notes of year 1 microeconomics, notes on most of the course apart from government failure and invention(possibly a few more lessons but not likely). These notes helped me achieve an A in microeconomics for year 12.

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  • December 27, 2023
  • 18
  • 2022/2023
  • Summary

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, Economic Methodology
Natural science- develop theories and test them
Social science - cannot control our experiments in a laboratory

Normative statements - these express an opinion about what ought to be. They are subjective
statements that carry some value judgement.

Positive statements- these can be tested or rejected based on existing
evidence. They are objective statements.


Value judgements- can influence economic decision making and policy. Different economists
may make different judgements from the same statistic.

, The nature and purpose of economic activity
-To produce goods and services to satisfy the needs and wants for the population.

Scarcity - when the limited resources are insufficient to meet the unlimited wants of
the people.
Opportunity cost- The next best alternative forgone, when an economic decision is
made.
Durable-Goods that don’t run out as we use them.

Happiness in economics is referred to as welfare and welfare is
measured in terms of utility

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