Principles of Microeconomics
Welcome! I am so excited to dive into the principles of microeconomics with you.
To tailor this session, could you tell me a little about your background in economics and why you are interested in learning about microeconomics?
I am interested in how businesses and markets work.
It is great to have you here! Understanding how businesses and markets function is the absolute core of microeconomics, so you are in the right place.
Before we can explore how multi-billion dollar markets run, we have to start with the fundamental lens that economists use to look at the world.
To kick off our first topic, let's look at the difference between the two main branches of economics: microeconomics and macroeconomics.
Think of it like looking at a forest. is the study of the individual trees—how a single business decides what price to charge, or how a single household decides what to buy. Macroeconomics, on the other hand, is the study of the entire forest—looking at country-wide issues like inflation, unemployment, and national economic growth.
Because you are interested in how specific businesses and markets function, we will be focusing entirely on that "individual tree" level.