Of Economics Notes 1st Year Pdf - Principles

| Week | Topic | Key PDF Search Term | | :--- | :--- | :--- | | 1 | Ten Principles & Thinking like an Economist | Opportunity cost, Marginal analysis | | 2 | Interdependence & Gains from Trade | Comparative advantage, PPF | | 3 | Supply & Demand (Market forces) | Equilibrium, Surplus, Shortage | | 4 | Elasticity & Its Application | Price elastic/inelastic, Luxury vs Necessity | | 5 | Supply, Demand & Govt Policies | Price ceiling (Rent control), Price floor (Minimum wage) | | 6 | Consumers, Producers & Efficiency | Consumer surplus, Deadweight loss | | 7 | Costs of Production | Fixed/Variable costs, Economies of scale | | 8 | Perfect Competition | Shutdown point, Long-run equilibrium | | 9 | Monopoly | Price discrimination, Natural monopoly | | 10 | Measuring a Nation’s Income (GDP) | Real vs Nominal, Components of GDP |

| Structure | Firms | Product | Entry | Price control | Example | |-----------|-------|---------|-------|---------------|---------| | Perfect competition | Many | Homogeneous | Free | None | Wheat farmer | | Monopoly | One | Unique | Blocked | High | Utility company | | Oligopoly | Few | Similar/differentiated | Difficult | Some | Automobiles | | Monopolistic competition | Many | Differentiated | Easy | Some | Restaurants | principles of economics notes 1st year pdf