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EURO ZONE: The geographic area occupied by the member nations of the European Economic and Monetary Union that share the same currency (euro) and monetary policy.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
  • Scarcity
  • Production Possibilities

  • B. The Market
  • Demand
  • Supply
  • Market
  • Market Shocks

  • C. Behind Demand
  • Consumer Demand
  • Utility and Demand
  • Elasticity Basics
  • Elasticity and Demand

  • D. Behind Supply
  • The Firm
  • Production
  • Cost
  • Perfect Competition

  • E. Market Structures
  • Market Control
  • Monopoly
  • Monopolistic Competition
  • Oligopoly

  • F. Factor Markets
  • Factor Demand
  • Factor Supply
  • Factor Market Equilibrium

  • Jump to Macro Course
    Microeconomics

    Introductory Microeconomics is the study of the individuals, firms, markets, and industries, including the topics of consumer demand, production, cost, market structures, and factor markets.

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    SHORT-RUN AGGREGATE SUPPLY

    The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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    This isn't me! What am I?

    Al Capone's business card said he was a used furniture dealer.
    "If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

    -- Roger Babson, statistician and columnist

    LAD
    Least Absolute Deviations
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