{"id":105,"date":"2024-05-29T23:01:06","date_gmt":"2024-05-29T23:01:06","guid":{"rendered":"https:\/\/course.oeru.org\/miec101\/?page_id=105"},"modified":"2024-05-29T23:01:06","modified_gmt":"2024-05-29T23:01:06","slug":"introduction-to-principles-of-microeconomics","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec101\/","title":{"rendered":"Introduction to Principles of Microeconomics"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<div class=\"floatright\"><a href=\"https:\/\/wikieducator.org\/File:Individual_choice.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"Individual choice.jpg\" src=\"\/\/wikieducator.org\/images\/2\/29\/Individual_choice.jpg\" width=\"288\" height=\"288\" class=\"thumbborder img-responsive\"><\/a><\/div>\n<p>As an <b>Introduction to the Principles of Microeconomics<\/b>, this micro course begins by defining some of the major ideas lying at the heart of economics. What, for example, is the economic way of thinking? What do economists mean when they throw around terms like <i>market structure<\/i> and <i>the invisible hand<\/i>?\n<\/p>\n<p>We then address the driving principle behind microeconomics: the idea that individuals and firms (economic agents) make rational choices based on self-interest. You will also be introduced to a number of economic models, the assumptions and constraints associated with each, and the ways they help us better understand real-life situations.\n<\/p>\n<p>We will then turn our attention to the <i>ceteris paribus assumption<\/i>: the assumption that all variables &#8211; with the exception of those in explicit consideration &#8211; will remain constant. You will then examine the supply and demand models and the resulting market equilibrium that occurs where the supply curve and the demand curve intersect, the causes of movements along the curve, and the set of factors that cause the curves to shift, affecting both price and quantity, before discussing the meaning and significance of elasticity.\n<\/p>\n<p>Finally, we will take a look at what happens when a market fails to produce a reasonable equilibrium, and evaluate various ways in which the government can address these failures and begin to understand the intricate relationship between government and economics.\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.011 seconds\nReal time usage: 0.012 seconds\nPreprocessor visited node count: 9\/1000000\nPreprocessor generated node count: 69\/1000000\nPost\u2010expand include size: 0\/2097152 bytes\nTemplate argument size: 148\/2097152 bytes\nHighest expansion depth: 4\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:176995-0!*!*!*!*!2!* and timestamp 20240528230505 and revision id 1004160\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"next\">\n            <a href=\"\/miec101\/startup\/start-here\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_principles_of_microeconomics\/Home\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"7633ccc2918ea2298eda95c4901def14\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_principles_of_microeconomics\/Home\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"7633ccc2918ea2298eda95c4901def14\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>As an Introduction to the Principles of Microeconomics, this micro course begins by defining some of the major ideas lying at the heart of economics. What, for example, is the economic way of thinking? What do economists mean when they throw around terms like market structure and the invisible hand? We then address the driving [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-105","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/comments?post=105"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/105\/revisions"}],"predecessor-version":[{"id":106,"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/pages\/105\/revisions\/106"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec101\/wp-json\/wp\/v2\/media?parent=105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}