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EC211 · 8 LESSONS
EC211
Foundations
Eight essentials before EC311, focused on market reasoning and reading graphs.
Start lesson one →- 1Read
- 2Graph
- 3Choose
- 4Review
Choose a lesson
All lessons are open- 01Choice and opportunity costYou have two hours this evening for paid work, studying, or rest. You cannot devote the same two hours fully to all three.
- 02Demand–supply and equilibriumA food stall has leftovers at a high price, but some customers cannot buy at a very low price. How do we find a price at which the market clears?
- 03Price ceilings and floorsA mandated lower price helps those who buy, but will there be enough units for everyone?
- 04Taxes and market welfareIf the seller remits a tax, does that mean buyers bear none of its burden?
- 05The consumer budgetWith 120 baht for food X and drinks Y, first distinguish affordability from what you prefer most.
- 06Production and costsA kitchen has one stove. Extra workers help at first, but eventually crowd the same workspace.
- 07Competition and market powerA price-taking firm sells at the market price. Even with a loss today, operating can sometimes lose less than shutting down.
- 08ExternalitiesA factory earns revenue while nearby residents bear smoke damage absent from its bill. The market may produce more than is socially efficient.