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Lecture notes

Lecture 1 notes Introduction to Microeconomics (BFE0020)

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These notes are written in a lecture-style format to help with exam preparation by breaking down key ideas from microeconomics. Microeconomics studies how individuals and businesses make decisions with limited resources. It covers important concepts like scarcity (limited resources but unlimited wa...

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  • October 7, 2024
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  • 2024/2025
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Introduction to Microeconomics: Lecture 1



 Economics is a social science that focuses on the production, distribution, and
consumption of goods and services.


Macroeconomics- deals with aggregate economic variables as the level of growth of national
output intrest routes and unemployment

Microeconomics- behavior of individual economic units, consumers firms' workers investors as
well as markets that these units compromise

Microeconomics- develop economic thinking
 Economic rationale of human behavior
 Model of behavior of individuals considering restrictions they have incentives they face
 Choices impact other members of society and environment



Case Study: Dry spilled sewage in the UK- Sep 6th

 Illegal dry spill-untreated wastewater spills straight unto rivers and seas where there is no
rain
 Normal operation- when the system is functioning normally wastewater follow smoothly
through the system to the sewage treatment plan
 Legal spill- water companies are allowed to spill untreated wastewater under certain
conditions heavy prolonged rain.




Why is sewage released into sea and rivers?

 3 water companies suspected of discharging sewage into the UK
 Uk combined sewage system both rainwaters and wastewater from toilets bathrooms and
kitchens are carried into the same pipe
 Environment agency-covers England capacity exceeded during heavy rainfall dry ground
unable to absorb water induction od sewage works potential flooding of homes roads and
open spaces
 Combined sewer overflows permitted discharge excess wastewater into sea rivers

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