International Trade

Sources of Comparative Advantage

Comparative advantage means producing at a lower opportunity cost.

Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors

Brian

Microeconomics

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Brian Krogol

Introduction to Microeconomics

Introductory Economic Models

Supply and Demand

Elasticity

Consumer and Producer Surplus; Price Ceilings and Floors

Introduction to Taxes and Subsidies

Externalities

The Types of Goods

The Costs of Production

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for the Factors of Production

Income Inequality and Poverty

Asymmetric Information, Voting, and Public Choice

Consumer Choice and Behavioral Economics

Unions

Firms, the Stock Market, and Corporate Governance

Health Care

Uncertainty and Risk

Balance of Payments

Exchange Rates

Rent, Interest, and Profit (Brue)

[BOOK MICROECON] Clutch

Kinked-Demand Theory

Elasticity Summary

Subsidies

The Production Function and Marginal Revenue Product

Total Revenue Test

Tariffs on Imports

Consumer Optimum Consumption: Marginal Utility per Dollar Spent

Graphing Costs

Advertising

Producer Surplus and Willingness to Sell

Four Market Model Summary: Perfect Competition

Discrimination

Shifting Supply

Indifference Curves

Price Elasticity of Supply on a Graph

PPF - Comparative Advantage and Absolute Advantage

Arguments Against International Trade

PPF - Outward Shifts

Introduction to the Four Market Models

Percentage Change and Price Elasticity of Demand

Monopolistic Competition Profit on the Graph

Solutions to Informational Problems

Characteristics of Perfect Competition

Marginal Cost

Short Run Shutdown Decision

Revenue in Perfect Competition

Supply and Demand Together: One-sided Shifts

Repeated Games

Cross-Price Elasticity of Demand

Perfect Competition Profit on the Graph

Introduction to Economics

Characteristics of Oligopoly

Monopsony

PPF - The Price of the Trade

Elasticity and the Midpoint Method

Quantitative Analysis of Taxes

The Production Function and Diminishing Returns

Four Market Model Summary: Monopolistic Competition

Budget Constraint

Consumer Surplus and Willingness to Pay

Consumer Optimum Consumption: Budget Constraint and Indifference Curves

Three Key Economic Ideas

Individual Supply and Market Supply

Monopoly Revenue

Game Theory and Oligopoly Profit

Percentage and Decimal Review

Revenue in Monopolistic Competition

The Basics of Demand

Monopolistic Competition in the Long Run

Price Ceilings, Price Floors, and Black Markets

Price Elasticity of Demand on a Graph

Tax Equity

Antitrust Laws and Government Regulation of Monopolies

Demand for Labor in Perfect Competition

Four Market Model Summary: Monopoly

Indifference Curves for Perfect Substitutes and Perfect Complements

Exporting and Importing

Individual Supply Curve in the Short Run and Long Run

Supply and Demand Together: Both Shift

Market Supply Curve in the Short Run and Long Run

Supply and Demand Together: Equilibrium, Shortage, and Surplus

Isocost Lines

Mergers and the Herfindahl-Hirschman Index (HHI)

Income Elasticity of Demand

Condorcet Voting Paradox

Tax Efficiency

Supply of Labor in Perfect Competition

Economic Surplus and Efficiency

Supply and Demand: Quantitative Analysis

Positive and Normative Statements

Income Inequality in the USA and Worldwide

Productive and Allocative Efficiency; Equality

Graphing Review

Public Solutions to Externalities

Income Equality and Efficiency

Long Run Equilibrium

Shifts in Labor Supply

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

Monopoly Profit on the Graph

The Free Rider Problem and the Tragedy of the Commons

Factors of Production

The Laffer Curve

Quantitative Analysis of Consumer and Producer Surplus at Equilibrium

Poverty

Import Quotas and VERs

The Basics of Supply

Differences in Wages

Public Goods: Demand Curve and Optimal Quantity

Cost-Minimizing Combination of Labor and Capital

Price Discrimination

Effects of Taxes on a Market

Big Daddy Shift Summary

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

Characteristics of Monopolistic Competition

Private Solutions to Externalities: The Coase Theorem

PPF - Comparative Advantage and Trade

Shifting Demand

Four Firm Concentration Ratio

Perfect Competition and Efficiency

Externalities: Social Benefits and Social Costs

Total Revenue Along a Linear Demand Curve

Shifts in Labor Demand

Introducing Taxes and Tax Incidence

Bilateral Monopoly

One-Time Games and the Prisoner's Dilemma

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas

Other Factors of Production: Land and Capital

Price Elasticity of Supply

Median Voter Theorem

Efficiency in Monopolistic Competition

The Relationship Between Average Cost and Marginal Cost

Monopoly Efficiency and Deadweight Loss

Four Types of Goods and Two Characteristics

Isoquant Lines

Polices to Reduce Poverty

Average Total Cost: Short Run and Long Run

Asymmetric Information: Adverse Selection and Moral Hazard

Lorenz Curve and Gini Coefficient

Individual Demand and Market Demand

Four Market Model Summary: Oligopoly

Introduction to Supply and Demand

Revenue, Cost, and Profit

Elasticity and Taxes

Long Run Entry and Exit Decision

Determinants of Price Elasticity of Demand

Circular Flow Diagram

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

Characteristics of Monopoly

Fractions Review

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General Biology

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Financial Accounting

Macroeconomics

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College Algebra

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Microbiology

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