Economics and finance
Supply, demand and market equilibrium
The core ideas in microeconomics. Supply, demand and equilibrium.
Price elasticity of demand and supply. How sensitive are things to change in price.
Consumer and producer surplus
Scarcity, possibilities, preferences and opportunity cost
How do you decide what to produce or trade? How can you maximize happiness in a world of scarcity. What are you giving up when you choose something (i.e., opportunity cost)?
Production decisions and economic profit
Economic profit vs. accounting profit. Average total cost (ATC) and marginal cost (MC). Marginal product of labor (MPL). Price discrimination.
Forms of competition