• Book Name: Microeconomics Made Simple
• Author: Austin Frakt, Mike Piper
• Pages: 133
• Size: 2 MB

Microeconomics Made Simple Pdf Free Download

Economics can be used to understand and predict the decisions people and other economic entities (e.g., businesses, governments) make. Though the insights of economics can be useful, each stems from a specific, approximate model of how the world works, and these models (like the models used in other fields) naturally deviate to some extent from how the real world actually works in detail.

Not all economics models make the same assumptions. In this book, we focus on basic models that assume economic entities are rational, have all relevant information for decision-making, and are able to fully understand and process that information. Assumptions like these obviously do not always hold in the real world. And other branches of economics not covered in this book—like behavioral economics—depart from them.

However, in order to best understand other areas of economics that make other assumptions, it helps to start with the basic models, however simplistic they may be.

Microeconomics Made Simple Pdf Free Download

Economics is also imperfect (or incomplete) in that it is not the only lens through which to view the world and judge the “correctness” of behaviors and outcomes. As we will explore, economics provides valuable tools to help individuals, businesses, governments, and other entities extract the greatest value their resources will allow. But economics does not generally deal directly with other important concepts like justice and equity, and it is sometimes at pains to explain cultural conventions (like the giving of birthday gifts instead of cash).

A strong understanding of economics includes facility with the models and concepts it offers, as well as an appreciation of their imperfections and limitations. We will highlight some of these limitations throughout this book and return to them in the conclusion.

Microeconomics made simple pdf free download.