Decreasing Marginal Utility | Opportunity Costs

2. Evaluating Production Possibilities

Production Possibilities Frontiers | Absolute and Comparative Advantage

3. Demand

Determinants of Demand | Elasticity of Demand | Change in Demand vs. Change in Quantity Demanded

4. Supply

Determinants of Supply | Elasticity of Supply | Change in Supply vs. Change in Quantity Supplied

5. Market Equilibrium

How Market Equilibrium is Reached | The Effect of Changes in Supply and Demand

6. Government Intervention

Price Ceilings and Price Floors | Taxes and Subsidies

7. Costs of Production

Marginal Cost of Production | Fixed vs. Variable Costs | Short Run vs. Long Run | Sunk Costs | Economic Costs vs. Accounting Costs

8. Perfect Competition

Firms Are Price Takers | Making Decisions at the Margin | Consumer and Producer Surplus

9. Monopoly

Market Power | Deadweight Loss with a Monopoly | Monopolies and Government

10. Oligopoly

Collusion | Cheating the Cartel | Government Intervention in Oligopolies

11. Monopolistic Competition

Competing via Product Differentiation | Loss of Surplus with Monopolistic Competition

Conclusion: The Insights and Limitations of Economics