Concepts
- Overall Market
- Individual Firm
Overview
In the big picture of Microeconomics the previous unit was all about the market acting as a collective whole. Consumers acting collectively to create demand and producers acting collectively to create supply. We went into specific details pertaining to demand and supply, but in the grand scheme of things, the previous unit was all about product MARKETS. In this unit, we drill down our focus to the firm. We won’t be talking about consumers or producers acting as a collective whole. I want to be very clear, in this unit we direct all of our attention to learning about how an individual firm operates. If you have dreams of owning your own business you’ll appreciate this unit because we lift back the curtain and learn the details of business operations. Production analysis, cost analysis, revenue analysis and profit are just a few of the general concepts pertaining to an individual firm that we learn about in this unit.
Materials
- No Lecture Notes to Print
- No Practice Problems to Print
Lecture
Market vs. Firm Lecture
Quiz
No quiz on this lesson because there will not be any direct questions about this material on the AP Exam. However, these concepts are needed to understand other material that will be tested on the AP Exam so don’t overlook this lesson!!