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ECS STUDYNOTES COMPREHENSIVE COMPILED BY KHEITHYTUTORIALS

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ECS STUDYNOTES COMPREHENSIVE COMPILED BY KHEITHYTUTORIALS

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  • August 27, 2021
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ECS2601
MICROECONOMICS




2020



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Do you recall?
What is Economics?

Micro-economics?

Macro-economics?

Scarcity?

Choices?

Opportunity cost?

Utility?


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What is Economics?

Economics: A study of social science that describes
or study how individuals, business and institutions
make social choices, to optimise/maximise their level
of satisfaction under conditions of scarcity.
 Microeconomics: A branch of economics which
studies the economics at
◦ an individual, group or company level
◦ Focuses on issues that affect individuals and
companies
◦ E.g. the effects of raising input cost within a business


 Macroeconomics: is the study of a national
economy as a whole.

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Scarcity, Choice and Opportunity cost
 We live in a world with limited/ scarce resources.
 E.g. Time, water, electricity, clean air

 But individuals/society have unlimited wants and/or needs
 Because of limited resources people have to make choices

 Therefore there is always a trade-off in life
 Given such trade-off individuals have to make optimal
decisions/choices
 Decisions to have more “X” for less “Y”

 Thus the cost of this decision is an Opportunity cost
 Which is the value of next best alternative - given up
 E.g. If you attend Economics class today, it means you forgo the
opportunity (i.e. time) to watch TV
◦ https://youtu.be/yw6wB7haSu8


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