In this activity, we reflect on microeconomic tools and principles introduced and applied in previous modules. You might consider:

• NIPA
• Unequal Burdens
• Elasticity
• Apportionment of Taxation
• Redistribution
• Externality
• Opportunity Cost
• Marginal Analysis (comparison of Marginal Benefit to Marginal Cost)
• Scarcity
• Purposeful Behavior
• Forms of Business Organization
• Market Structures (including Perfect Competition, Oligopoly, Monopolistic Competition, Monopoly)
• Complements and Substitutes
• Efficiency
• Wage Differentials
• Marginal Revenue Product
• Fixed versus Variable Costs
• Minimum Efficient Scale of Production
• Law of Diminishing Returns
• Competitive Market
• Role of Government
• Utility
• Income Redistribution
• Business Cycle
• Employment and Unemployment (including types of Unemployment)
• Uncertainty and Expectations
• Limitations of Economic Models

At this point, we have explored the foundational tools and principles of microeconomics. We have applied these tools and principles in contexts reflecting circumstances we might see in our lives outside this classroom. In our final discussion, we will take the time to share what we have learned with our classmates, even as we continue to think about the issues that have previously been raised. As you consider your experiences and the experiences of similarly situated peers, assume "similarly situated" means individuals of similar age and education levels. You may also think of similarly situated peers as extending to individuals in your place of citizenship or residence or between countries.

Initial Post

In your initial post, choose one microeconomic concept applied in Microeconomic Analysis.

• Explain this tool and how you see it reflected in current economic events.
• Referring to the same microeconomic tool chosen above, explain how you believe the tool or principle might affect you personally or the firm for which you work. If you consider your own experience, do you believe that your experience differs from the experiences of similarly situated peers and, if so, why?