Microeconomics Lecture (1)

These are some of the concepts that students must be familiar with to appreciate microeconomics.

1. Law of Supply and Demand
2. Price
3. Law of Supply
4. Law of Demand
5. Opportunity Cost
6. Scarcity
7. Revenues
8. Capital
9. Commodity
10. Price Determination
11. Consumer Choice Theory
12. Market Forces
13. Market Variation
14. Graphs
15. Market
16. Production and Cost
17. Profit-maximization
18. Market structures
19. Monopoly
20. Factor markets
21. Factor supply
22. Factor demand
23. Equilibrium
24. Externalities
25. Public goods

A more detailed look at supply and demand as well as how they affect price will be helpful in understanding microeconomics.

Microeconomics is the study of small economic units, such as that of individual, consumers, or households, opposite of macroeconomics. Microeconomics is also the study of the economic behavior of individual consumers, firms and industries and the distribution of total production and income among them. It considers both as suppliers of land, labor, and capital and as the ultimate consumers of the final product, and it examines firms both as suppliers of products and as consumers of labor and capital. Microeconomics seeks to analyze the market or other mechanisms that establish relative prices among goods and services and allocate society's resources among their many possible uses.

To differentiate, microeconomics is retail while macroeconomics is wholesale.