Microeconomics

The Microeconomics Study Brief focuses on individual factors and decision making that influences the functioning of the economy, such as consumers and corporations. It looks at how the interplay of supply and demand in various markets create numerous economic changes related to such things as price, wages, interest rates, profit margins and rental charges. This issue of Study Briefs is intended as a conceptual overview for students enrolled in a basic or advanced economics course as well as for business professionals who are interested in a high-level introduction to microeconomics. Quick access to definitions of key terms as well as clear and easy to understand explanations of key economic concepts are distinctive benefits of this brief academic outline. In an organized, easy-to-follow format, this Study Brief offers clear, understandable content that is reinforced by instructive examples and clarifying visuals. Topics covered include: economic problems, economic goals, understanding the economy, economic circular flow model, supply and demand, changes in supply and demand, market equilibrium, consumer choices, elasticity analysis, utility analysis, indifference curve, budget lines, production, cost, revenue, profits, market structures, pure competition, pure monopoly, monopolistic competition, oligopoly, labor market, government regulation and public welfare.