Parts of an Economic Model (Overview of Microeconomic Theory, Part I)
This video gives a 10-minute overview of the umbrella concepts in microeconomic theory. Link to my course on microeconomic modelling: https://ashley-s-site-9d78.thinkific.... 0:52 - Three perspectives 1:53 - Classic Model, Labelled 2:17 - Objective function 2:43 - Choice variable 2:57 - Benefit & cost 3:46 - Exogenous variables 4:55 - Expected value 5:45 - Time discounting 6:39 - Game theory / strategy 7:44 - Classic graph shapes:
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