Price elasticity of demand and supply. How sensitive are things to change in price?
Production_decisions_and_economic_profit
Economic profit vs. accounting profit. Average total cost (ATC) and marginal cost (MC). Marginal product of labor (MPL). Price discrimination.
Supply_demand_and_market_equilibrium
The core ideas in microeconomics. Supply, demand and equilibrium.
Scarcity_possibilities_preferences_and_opportunity_cost
How do you decide what to produce or trade? How can you maximize happiness in a world of scarcity. What are you giving up when you choose something (i.e., opportunity cost)?
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