31 Jul Assignment Instructions
Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.
- General definition of economics
- Economic principles
- Economic resources
- Economic systems
- How economists study the economy
- Important foundational economic concepts
- Circular flow
- Production possibility frontier
Week 2
- Markets
- Demand
- Supply
- Market equilibrium
- Demand and supply curves
- The forces of supply and demand
Week 3
- Price elasticity of demand
- Inelasticity of demand
- Perfect elasticity of demand
- Price elasticity of supply
- Inelasticity of supply
- Perfect elasticity of supply
- Cross-price elasticity
Week 4
- How people make choices
- Utility, diminishing utility, and the utility function
- The factors influencing consumer decisions
- Budget constraints
- Advertising’s influence on consumer behavior
- Network externalities
- Behavioral economics and consumer behavior
Week 5
- Business costs
- Implicit and explicit costs
- Accounting profits
- Economic profits
- Productivity
- Total costs
- Marginal costs
- Profit maximization
- Loss minimization
week 6
- Markets
- The four types of markets
- Pure competition (perfect competition)
- Revenue, profit, supply, and demand in pure competition
- Pros and cons of pure competition
- Monopoly
- Revenue, profit, supply, and demand in a monopoly
- Pros and cons of a monopoly
- Regulation of monopolies
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