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What are the fundamental concepts of microeconomics?

Paul R. Krugman, Robin Wells

ISBN: 9781319245283

Quino Ai

3m

The fundamental concepts of microeconomics for beginners include principles of individual choice, interaction between individuals, economy-wide interaction, scarcity, opportunity cost, and the concept of marginal analysis. These concepts help students understand how individuals make decisions regarding resource allocation and trade-offs in a world with limited resources. Understanding these basics is crucial for gras ping more advanced economic theories and applications in microeconomics.

Microeconomics Brief Summary

Paul Krugman and Robin Wells's textbook uses storytelling to explain economic concepts, with updates on market power, externalities, long-run growth, and COVID-19's economic impact.

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