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ECON 251 Exam 1 Study Guide: Foundations, Markets, Efficiency, and International Trade

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Three Key Economic Ideas

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

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 - Increasing Marginal Opportunity Costs and Allocative Efficiency

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

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

The Basics of Supply

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    The Basics of Supply
    02:43

Shifting Supply

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    Shifting Supply
    01:56
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    Nature
    01:00
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    Technology
    01:39

Supply and Demand Together: Equilibrium, Shortage, and Surplus

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

WIllingness to Pay and Consumer Surplus

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    Willingness to Pay and Consumer Surplus
    03:39
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    Consumer Surplus
    02:15
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    Consumer Surplus and Market Demand
    06:03

Willingness to Sell and Producer Surplus

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    Willingness to Sell and Producer Surplus
    03:04
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    Producer Surplus and Market Supply
    04:03
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    Producer Surplus
    01:30

Economic Surplus and Efficiency

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    Deadweight Loss and Market Failure
    07:08
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    Economic Surplus
    11:37

Price Ceilings, Price Floors, and Black Markets

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    Price Ceilings
    07:05
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    Price Floors and Black Markets
    08:03
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    Price Floors
    02:18

Quantitative Analysis of Price Ceilings and Floors: Finding Points

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    Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
    10:30

Quantitative Analysis of Price Ceilings and Floors: Finding Areas

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    Overview of Price Ceilings and Floors: Identifying Prices
    09:29
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    Overview of Price Ceilings and Floors: Finding Consumer and Producer Surplus
    15:24
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    Quantitative Analysis of Price Ceilings and Floors: Finding Areas
    11:40

Introducing Taxes and Tax Incidence

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    Tax Incidence
    03:21
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    Taxes and Tax Incidence
    13:27

Effects of Taxes on a Market

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    Effects of Taxes
    09:45
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    Tax Revenue
    03:59

Quantitative Analysis of Taxes

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    Quantitative Analysis of Taxes
    08:01

Exporting and Importing

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

Sources of Comparative Advantage

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    Sources of Comparative Advantage
    05:50

Tariffs

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    Tariffs on Imports
    14:35

Import Quotas and VERs

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    Import Quotas and VERs
    14:08
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    Import Quotas
    09:44

Arguments Against International Trade

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    Arguments Against International Trade
    07:50