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Class 12

Economics: Introductory Microeconomics

34 lessons in 5 chapters, explained in plain words.

Introduction

  1. Scarcity and choice
  2. Central problems and the PPF
  3. Planned, market and mixed economies
  4. Positive, normative, micro and macro

Theory of Consumer Behaviour

  1. Utility and diminishing marginal utility
  2. Indifference curves and MRS
  3. Indifference maps and their features
  4. The budget set and budget line
  5. The consumer's optimum
  6. Demand and the law of demand
  7. Shifts in demand and market demand
  8. Price elasticity of demand
  9. Elasticity: causes and expenditure

Production and Costs

  1. The production function
  2. Short run, long run; TP, AP, MP
  3. The law of variable proportions
  4. Returns to scale
  5. Short run costs
  6. Shapes of short run cost curves
  7. Long run costs

The Theory of the Firm under Perfect Competition

  1. Perfect competition
  2. Revenue of a competitive firm
  3. Profit maximisation
  4. The firm's supply curve
  5. What shifts a firm's supply
  6. Market supply
  7. Price elasticity of supply

Market Equilibrium

  1. Market equilibrium
  2. Equilibrium with a fixed number of firms
  3. Wage determination
  4. Shifts in demand and supply
  5. Simultaneous shifts
  6. Free entry and exit
  7. Price ceilings and floors