ECON 102 Principles of Microeconomics
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Microeconomics, as per the course ECON 102 Principles of Microeconomics uses a set of fundamental principles to know how people behave in different situations involving economic or financial transactions. These principles include the following:
- The law of supply and demand
- Opportunity costs
- Utility maximization
Following are the Principles of Economics under course ECON 102 Principles of Microeconomics:
- Individuals Face Tradeoffs.
- The Cost of Something is What You Give Up to Get It.
- Rational People Think at the Margin.
- People Respond to Incentives.
- Trade Can Make Everyone Better Off.
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