Microeconomics

The Scope of Economics · Three Principles of Economics · The First Principle of Economics: Optimization · The Second Principle of Economics: Equilibrium

The Scientific Method · Causation and Correlation · Economic Questions and Answers

Optimization: Trying to Choose the Best Feasible Option · Optimization Application: Renting the Optimal Apartment · Optimization Using Marginal Analysis

Markets · How Do Buyers Behave? · How Do Sellers Behave? · Supply and Demand in Equilibrium

The Buyer’s Problem · Putting It All Together · From the Buyer’s Problem to the Demand Curve · Consumer Surplus

Sellers in a Perfectly Competitive Market · The Seller’s Problem · From the Seller’s Problem to the Supply Curve · Producer Surplus

Perfect Competition and Efficiency · Extending the Reach of the Invisible Hand: From the Individual to the Firm · Extending the Reach of the Invisible Hand: Allocation of Resources Across Industries · Prices Guide the Invisible Hand

The Production Possibilities Curve · The Basis for Trade: Comparative Advantage · Trade Between States · Trade Between Countries

Externalities · Private Solutions to Externalities · Government Solutions to Externalities · Public Goods

Taxation and Government Spending in the United States · Regulation · Government Failures · Equity Versus Efficiency

The Competitive Labor Market · The Supply of Labor: Your Labor- Leisure Trade-Off · Wage Inequality · The Market for Other Factors of Production: Physical Capital and Land

Introducing a New Market Structure · Sources of Market Power · The Monopolist’s Problem · Choosing the Optimal Quantity and Price

Simultaneous-Move Games · Nash Equilibrium · Applications of Nash Equilibria · How Do People Actually Play Such Games?

Two More Market Structures · Oligopoly · Monopolistic Competition · The "Broken" Invisible Hand

Modeling Time and Risk · The Time Value of Money · Time Preferences · Probability and Risk

Asymmetric Information · Hidden Actions: Markets with Moral Hazard · Government Policy in a World of Asymmetric Information

Auctions · Bargaining

The Economics of Charity and Fairness · The Economics of Trust and Revenge · How Others Influence Our Decisions