science

Introduction to Economic Analysis

Introduction to Economic Analysis is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Introduction to Economic Analysis rather than just read about it. In short: Introduction to Economic Analysis is a university microeconomics textbook by Caltech Professor Preston McAfee. It is available free of charge under Creative Commons license (an open source); under this "license that requires attribution, users can pick and choose chapters or integrate with their own material".

Key takeaways

Introduction to Economic Analysis belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Introduction to Economic Analysis to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Introduction to Economic Analysis from memory before moving on to harder problems.

Reference excerpt

Introduction to Economic Analysis is a university microeconomics textbook by Caltech Professor Preston McAfee. It is available free of charge under Creative Commons license (an open source); under this "license that requires attribution, users can pick and choose chapters or integrate with their own material". Introduction to Economic Analysis was the first published complete textbook being openly available online. McAfee was named SPARC innovator for the year 2009 for making the book freely accessible. A revised edition, coauthored with Tracy Lewis of the Fuqua School of Business, was published by Flat World Knowledge and is available online from McAfee's website. A further revision was produced by Donald J. Dale.

References

External links Introduction to Economic Analysis Archived 23 September 2010 at the Wayback Machine 2009. McAfee, R. Preston and Tracy R. Lewis. Revised and expanded version published as an open textbook for intermediate microeconomics with integrated introductory material by Flat World Knowledge, Irvington, New York.

Worked examples

Example 1 — a first encounter with Introduction to Economic Analysis

Start with the simplest possible case. Write down what Introduction to Economic Analysis claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Introduction to Economic Analysis before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Introduction to Economic Analysis ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Introduction to Economic Analysis

In research: Introduction to Economic Analysis appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Introduction to Economic Analysis in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Introduction to Economic Analysis is common in secondary-school and first-year university syllabi. It links to neighbouring topics Creative Commons-licensed books, Economics and finance book stubs, Economics textbooks, so understanding it makes those chapters shorter.
In everyday life: Look for Introduction to Economic Analysis outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study Introduction to Economic Analysis in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Introduction to Economic Analysis means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Introduction to Economic Analysis out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Introduction to Economic Analysis in simple terms?

Why does Introduction to Economic Analysis matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Introduction to Economic Analysis?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Introduction to Economic Analysis.