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Ch. 1 & 3: Introduction to Economics and the Market System: Supply and Demand

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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

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

Positive and Normative Statements

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Graphing Review

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    Calculating Slope of a Curve: Point Method
    03:40
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    Interpreting Graphs (Part One)
    03:27
  • Guided course
    Finding Maximum and Minimum on a Graph
    02:32

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

Supply and Demand Together: One-sided Shifts

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    Demand Shifts
    04:26
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    Supply Shifts
    03:36

Supply and Demand Together: Both Shift

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    Results of Both Shifting
    06:34
  • Guided course
    Both Shift - Warning!
    07:32