The Supply and Demand Model
One of the most well-known and fundamental economic models is the model of demand and
supply in a market setting. Over the next few weeks, we will introduce the basic assumptions of
this model, as well as show how
Week 2 - Consumer Choice Theory
Recall that economics is the study of how people make choices. For now, we will focus on a particular
group of people: the consumers. Consumers are the people who seek goods and services to sa
o Elasticity is a measure of "responsiveness" of one variable to
o Price Elasticity of Demand
the responsiveness of the quantity demanded by consumers of a good to a
change in the price of that good
Week 1: Basic Economics Concepts
What is Economics?
What do you think of when you hear the word "economics?"
Investments? The stock market? Unemployment?
All of these are certainly topics of study for modern-day economists, but they are not the starting