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Economics is the study of how people allocate their limited resources to satisfy their unlimited wants. The ultimate purpose of economics is to understand the choices we make. Macroeconomics is the part of economic analysis that studies the behavior of the economy as a whole. It deals with economy-wide phenomena such as changes in unemployment, the general price level and national income. Some of the terms we look at in this course are part of macroeconomic analysis but our focus is on microeconomics. Microeconomics is the part of economic analysis that studies individual decision making undertaken by individuals (or households) and by firms. Our topics this semester are divided into five parts and can be found on the pages linked above. Part #1 The Fundamentals of Economics (If you've already taken Macro, this section should reinforce the basic concepts you've already learned.) Economics Microeconomics vs Macroeconomics Economic Behavior Economics as a Science Positive vs Normative Economics Economic Resources Economic Goods & Services Economic Wants & Needs Scarcity Opportunity Cost The Production Possibilities Curve Specialization Demand Supply Demand & Supply The Price System The Functions of Government Public Choice Theory
Part #2 The Fundamentals of Microeconomics I Utility Theory Elasticity Economic Rent Short-Run vs Long-Run
Part #3 The Fundamentals of Microeconomics II (This page may be slow loading since it has a number of graphics.) Production Total, Average & Marginal Physical Product Total, Average & Marginal Cost Long-Run Cost Profit Maximization Marginal Revenue & Marginal Cost Profit Maximization
Part #4 Markets Competition Monopoly Monopolistic Competition Oligopoly
Part #5 Micro Policy Issues Industry Regulation Product Market Competition Labor Income Externalities
Part #6 International Trade Trade Balance of Payments
On-line Resources
DOL STATISTICS DOL STATISTICS - GENERAL Internet Economist Just for fun: PERSONAL FINANCE WORKSHEETS SMART MONEY 
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