Explain the basic concepts of microeconomics in detail.
Answers
Explanation:
Microeconomic concepts are involved with decisions made by firms and households. The specific concepts being focused on are:
marginal utility and demand
diminishing returns and supply
elasticity of demand
elasticity of supply
market structures (excluding perfect competition and monopoly)
role of prices and profits in determining resource allocation.
Teaching and learning for a topic involving microeconomic concepts from the list above would typically require a minimum of three different microeconomic concepts to be studied.
Key concept indicators
For each microeconomic concept:
Defines or describes the microeconomic concept.
Processes and/or presents sufficient data or information related to the microeconomic concept to support:
a detailed explanation of the microeconomic concept
a justification about the implications of microeconomic concept.
Illustrates the microeconomic concept on an appropriate economic model.
Provides a detailed explanation the microeconomic concept that is supported by reference to both:
specific processed and/or presented data or information
information on the economic model used to illustrate the concept.
Provides a detailed explanation to justify the implication of the micro economic concept for one of:
a consumer
a producer
government.