Within this microeconomics lecture, we explore the different areas of microeconomics including consumer choice, behavioural economics, production economics, game theory and asymmetric information. These important and interesting topics have great relevance to everyday activities and can be observed all around us in the activities of consumers and firms. Each module has been created by a fully qualified lecturer from a UK university with many years experience of lecturing to those studying microeconomics.
Microeconomics is the counterpart to macroeconomics, and concerns the smaller scale functions of an economic system. It is crucial to understand the practical day-to-day impacts of the wider changes and influences that are present in macroeconomics. Microeconomics is an essential part of economics as a wider subject, and so you must ensure that you have a comprehensive understanding of each aspect. Our free online lecture on microeconomics can be a fantastic additional resource for revision, but can also help students that have missed lectures relating to microeconomics.
- 2.1 Consumer Choice Lecture
Introduction: Within this chapter we will cover the topics that relate to how consumers choose to allocate their consumption. The first step to understanding this is the concept of utility, this is the description and calculation of the value that a consumer receives from their consumption of a good/service.
- 2.2 Behavioural Economics Lecture
Introduction: Welcome to the next lesson of this module where we will cover the topics surrounding behavioural economics. Behavioural economics considers the ways that aspects of human behaviour can impact on the economic systems we observe.
- 2.3 Production Economics Lecture
Introduction: Welcome to the next lesson of this module where we will cover the topic of economics of production. This chapter firstly defines production economics, along with discussing the microeconomics of production, seeking to determine how businesses look to maximise profits, both in the short-term, and the long-term.
- 2.4 Game Theory Lecture
Introduction: Welcome to the next lesson of this module where we will cover the topic of game theory. The following chapter will consider Game Theory and group co-operation in economics. Game theory looks to present models of conflict and cooperation which may exist between intelligent, and rational decision-makers; actors in the game.
- 2.5 Asymmetric Information Lecture
Introduction: Welcome to the next lesson of this module where we will cover the issues of asymmetrical information within markets. Asymmetrical information refers to the situations where, within a market, different agents have access to unequal levels of information. This can result in an imbalance of power which gives advantage to one side and detriment to another.