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ECON 1020 Exam 1 Review: Foundations of Economics, Production, Trade, and Markets

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Introduction to Economics

  • Guided course
    Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
    04:30
  • Guided course
    Definition of Economics: Micro vs. Macro
    02:04
  • Guided course
    Economic Systems
    01:42

Factors of Production

  • Guided course
    Human Capital and Entrepreneurship
    02:08
  • Guided course
    Land, Labor, and Physical Capital
    03:09

Positive and Normative Statements

  • Guided course
    Identifying Statements
    02:48
  • Guided course
    Positive Statements vs. Normative Statements
    04:35

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

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

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

  • Guided course
    PPF - Graphing Increasing Marginal Opportunity Costs
    03:33
  • Guided course
    PPF - The Law of Increasing Opportunity Costs
    05:04

PPF - Outward Shifts

  • Guided course
    PPF - General Economic Growth
    01:55
  • Guided course
    PPF - Technological Advances in an Industry
    02:49

PPF - Comparative Advantage and Absolute Advantage

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

PPF - Comparative Advantage and Trade

  • Guided course
    Comparative Advantage and Specialization in Trade
    05:30

Exporting and Importing

  • Guided course
    Low World Price: Import
    06:36
  • Guided course
    Autarky
    04:
  • Guided course
    High World Price: Export
    09:03

Sources of Comparative Advantage

  • Guided course
    Sources of Comparative Advantage
    05:50

Tariffs

  • Guided course
    Tariffs on Imports
    14:35

Import Quotas and VERs

  • Guided course
    Import Quotas and VERs
    14:08
  • Guided course
    Import Quotas
    09:44

Arguments Against International Trade

  • Guided course
    Arguments Against International Trade
    07:50

Balance of Trade; Trade Deficit and Trade Surplus

  • Guided course
    Trade Deficit and Trade Surplus
    06:55

Introduction to Supply and Demand

  • Guided course
    Perfect Competition
    03:23

The Basics of Demand

  • Guided course
    The Basics of Demand
    06:02

Shifting Demand

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

The Basics of Supply

  • Guided course
    The Basics of Supply
    02:43

Shifting Supply

  • Guided course
    Shifting Supply
    01:56
  • Guided course
    Nature
    01:00
  • Guided course
    Technology
    01:39

Supply and Demand Together: Equilibrium, Shortage, and Surplus

  • Guided course
    Equilibrium
    02:41
  • Guided course
    Law of Supply and Demand
    02:43
  • Surplus and Shortage
    02:56