Microeconomics

As a foundational branch of economics, microeconomics focuses on the economic behavior and decision-making of individual units, such as households, firms, and individuals. It analyzes how these agents interact within specific markets for goods and services, examining the forces of supply and demand that determine prices and quantities. Core concepts include consumer choice theory, production costs, and various market structures (e.g., perfect competition, monopoly), providing a bottom-up view of how resources are allocated in an economy.

1. Introduction to Microeconomics
   1. Defining Economics
      1. The Problem of Scarcity
         1. Unlimited Wants vs. Limited Resources
         2. Scarcity and Choice
         3. Resource Allocation Decisions
      2. Resources and Factors of Production
         1. Land
         2. Labor
         3. Capital
         4. Entrepreneurship
   2. Microeconomics vs. Macroeconomics
      1. Scope of Microeconomics
      2. Scope of Macroeconomics
      3. Key Differences and Overlaps
   3. Fundamental Economic Concepts
      1. Opportunity Cost
         1. Explicit Costs
         2. Implicit Costs
         3. Calculating Opportunity Cost
      2. Trade-offs and Decision Making
         1. Rational Decision Making
         2. Cost-Benefit Analysis
      3. Marginal Analysis
         1. Marginal Benefit
         2. Marginal Cost
         3. Decision Making at the Margin
      4. Incentives
         1. Positive Incentives
         2. Negative Incentives
         3. Unintended Consequences
   4. Economic Models
      1. The Role of Assumptions
         1. Simplifying Assumptions
         2. Ceteris Paribus
      2. The Circular Flow Model
         1. Households and Firms
         2. Product Markets
         3. Factor Markets
         4. Flows of Goods and Services
         5. Flows of Money
      3. The Production Possibilities Frontier
         1. Graphical Representation
         2. Efficiency
            1. Productive Efficiency
            2. Allocative Efficiency
         3. Opportunity Cost and PPF Shape
            1. Increasing Opportunity Cost
            2. Constant Opportunity Cost
         4. Economic Growth
            1. Shifts in the PPF
            2. Sources of Growth
   5. Positive vs. Normative Economics
      1. Positive Statements
      2. Normative Statements
      3. Distinguishing Between the Two