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Basic Principles of Economics: Microeconomics Study Notes

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Introduction to Economics

People Are Rational

People Respond to Incentives

Scarcity and Choice

Marginal Analysis

Allocative Efficiency, Productive Efficiency, and Equality

Positive and Normative Analysis

Factors of Production

Circular Flow Diagram

Graphing Review

Graphs of Two Variables

Interpreting Graphs, Correlation, Causation, and Omitted Variables

Slope of Linear Graphs

Slope of a Curve at a Point

Finding the Maximum and Minimum Points on Graphs

Areas of Shapes

Percentage and Decimal Review

Fractions Review