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ECON 201 – Core Concepts and Applications: Study Guide for Test 1

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Three Key Economic Ideas

  • Percorso guidato
    Marginal Analysis
    09:36
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    People Are Rational
    02:02
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    Economic Incentives
    01:40

Positive and Normative Statements

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    Identifying Statements
    02:48
  • Percorso guidato
    Positive Statements vs. Normative Statements
    04:35

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

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    Understanding the PPF
    06:23
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    PPF - Attainable and Efficient
    04:48

PPF - Comparative Advantage and Absolute Advantage

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    Opportunity Costs and Comparative Advantage
    04:36
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    Different PPFs and Absolute Advantage
    02:03

PPF - Comparative Advantage and Trade

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    Comparative Advantage and Specialization in Trade
    05:30

Introduction to Supply and Demand

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    Perfect Competition
    03:23

The Basics of Demand

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    The Basics of Demand
    06:02

Shifting Demand

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    Substitute and Complementary Goods
    01:27
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    Shifting Demand
    03:59
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    Consumer Preferences
    01:44