1: Overview

Microeconomics 1e · LibreTexts

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    From LibreTexts, under CC BY-NC-SA 4.0, as the source states it; its equations are written in TeX, which the PDF shows typeset. This page at LibreTexts.

    Learning Objectives

    Upon completion of this module, you will be able to:

    • Describe the science of economics.
    • Use the supply and demand to explain economic relationships and the consequences of surpluses and shortages.
    • Explain the production possibilities curve and how it represents the opportunity costs associated with production decisions.
    • Use the production possibilities curve to illustrate and distinguish between the concepts of scarcity, law of increasing opportunity cost, inefficiency, unemployment, and economic growth.
    • Recount some of the market failures of the market mechanism as well as the government failures associated with government directives.
    • Recount the benefits to society that result from a free market economy.

    This page titled 1: Overview was last modified on Wed, 10 Jul 2024 19:59:49 GMT and is shared under a CC BY-NC-SA 4.0 license and was authored, remixed, and/or curated by Martin Medeiros.