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Includes audio/video content: AV lectures. 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmen Includes audio/video content: AV lectures. 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmen

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Content within individual OCW courses is (c) by the individual authors unless otherwise noted. MIT OpenCourseWare materials are licensed by the Massachusetts Institute of Technology under a Creative Commons License (Attribution-NonCommercial-ShareAlike). For further information see http://ocw.mit.edu/terms/index.htm

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This is a module framework. It can be viewed online or downloaded as a zip file. As taught Semester 1 2009/2010. There are no pre-requisites to taking this module and in particular there is no assumption of any prior knowledge of economics. For those who have taken A-level economics or any other version of economics some of the module content will appear familiar to you. However, the methods of analysis and the approach to teaching will quite probably be very different to anything experienced before and thus it is very important that good lecture notes are made, essays are thoughtfully written and background reading is undertaken. If not, then a degree level of understanding of the material will not be achieved. This module is suitable for study at undergraduate level 1 Dr Wyn Morga This is a module framework. It can be viewed online or downloaded as a zip file. As taught Semester 1 2009/2010. There are no pre-requisites to taking this module and in particular there is no assumption of any prior knowledge of economics. For those who have taken A-level economics or any other version of economics some of the module content will appear familiar to you. However, the methods of analysis and the approach to teaching will quite probably be very different to anything experienced before and thus it is very important that good lecture notes are made, essays are thoughtfully written and background reading is undertaken. If not, then a degree level of understanding of the material will not be achieved. This module is suitable for study at undergraduate level 1 Dr Wyn Morga

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Except for third party materials (materials owned by someone other than The University of Nottingham) and where otherwise indicated, the copyright in the content provided in this resource is owned by The University of Nottingham and licensed under a Creative Commons Attribution-NonCommercial-ShareAlike UK 2.0 Licence (BY-NC-SA) Except for third party materials (materials owned by someone other than The University of Nottingham) and where otherwise indicated, the copyright in the content provided in this resource is owned by The University of Nottingham and licensed under a Creative Commons Attribution-NonCommercial-ShareAlike UK 2.0 Licence (BY-NC-SA)

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This Unit is all about the introductory concepts of economics. It introduces you to: • the basic economic problem • the choices that arise out of this problem • production possibility curves • the circular flow of income • some of the methods economists use in their study • the mechanics of demand and supply • the concept of elasticity and market failure. There are three Outcomes in this Unit. Outcome 1 - Explain the allocation of resources in an economy. Outcome 2 - Explain the main methods used in the study of economics. Outcome 3 - Explain the market mechanism as a means of allocating resources and the results of market failure.

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Gerard Keegan: www.gerardkeegan.co.uk The author would like to thank the following people for their assistance in the development of these materials: • John Lewis • Marion Lever • Anne Puntis • Emma Moncrieff • Elaine Ferguson • the COLEG team. Grateful thanks are expressed to the following for permission to use various extracts from their publications. This permission has been received in writing and is given for inclusion in this package and for use by COLEG member colleges. • Cardwell, M, et al. (2000). Psychology for AS Level, London HarperCollins • Coolican, H. (1995). Research Methods and Statistics in Psychology, London, Hodder and Stoughton. • Keegan, G. (2002). Higher Psychology, London, Hodder and Stoughton. • www.gerardkeegan.co.uk (permission granted) • The history of Psychology, and its people http://www.psychology.org/links/People_and_History/ URL: http://www.pbs.org/wgbh/aso/databank/entries/bhskin.html Gerard Keegan: www.gerardkeegan.co.uk The author would like to thank the following people for their assistance in the development of these materials: • John Lewis • Marion Lever • Anne Puntis • Emma Moncrieff • Elaine Ferguson • the COLEG team. Grateful thanks are expressed to the following for permission to use various extracts from their publications. This permission has been received in writing and is given for inclusion in this package and for use by COLEG member colleges. • Cardwell, M, et al. (2000). Psychology for AS Level, London HarperCollins • Coolican, H. (1995). Research Methods and Statistics in Psychology, London, Hodder and Stoughton. • Keegan, G. (2002). Higher Psychology, London, Hodder and Stoughton. • www.gerardkeegan.co.uk (permission granted) • Th Licensed to colleges in Scotland only Licensed to colleges in Scotland only http://content.resourceshare.ac.uk/xmlui/bitstream/handle/10949/17759/LicenceCOLEG.pdf?sequence=1 http://content.resourceshare.ac.uk/xmlui/bitstream/handle/10949/17759/LicenceCOLEG.pdf?sequence=1 COLEG COLEG

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14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.

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