Unit 1: Introduction to Economics
The study of microeconomics focuses on exchanges among consumers and firms that are in the market to purchase goods and services. In contrast, macroeconomics focuses on exchanges that take place across all of the markets within a country. We take the interrelated actions of consumers, businesses, government agencies, financial intermediaries, and global trading partners into account, as they exchange resources, goods, and services, and facilitate currency and quantity flows. Microeconomics studies how to achieve profit maximization, while macroeconomics studies how to achieve economic stability and growth on a national level.
Completing this unit should take you approximately 12 hours.
1.1: The Economic Way of Thinking
1.2: Choices in Production and the Production Possibilities Curve
1.3: Demand, Supply, and Market Equilibrium
1.4: The Circular Flow of Income and Expenditures
1.5: Applications of Demand and Supply