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Comprehensive Study Guide: Principles of Microeconomics Final Exam Learning Objectives

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Introduction to Economics

  • Economic Systems
    01:42
  • Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
    04:30
  • Guided course
    Hello!
    00:16

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

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

PPF - Comparative Advantage and Absolute Advantage

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

The Basics of Demand

  • The Basics of Demand
    06:02

Shifting Demand

  • Consumer Income: Normal Goods and Inferior Goods
    01:30
  • Consumer Preferences
    01:44
  • Number of Consumers
    02:15

Individual Demand and Market Demand

  • Individual and Market Demand
    03:59

The Basics of Supply

  • The Basics of Supply
    02:43

Shifting Supply

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

Individual Supply and Market Supply

  • Guided course
    Individual Supply and Market Supply
    06:04

Overview of Supply and Demand Shifts

  • Guided course
    Overview of Supply and Demand Shifts
    04:07

Supply and Demand Together: Equilibrium, Shortage, and Surplus

  • Law of Supply and Demand
    02:43
  • Equilibrium
    02:41

Price Ceilings, Price Floors, and Black Markets

  • Guided course
    Price Ceilings
    07:07
  • Guided course
    Price Floors and Black Markets
    08:03
  • Guided course
    Price Floors
    02:18

Externalities: Social Benefits and Social Costs

  • Guided course
    Externalities on the Graph
    14:23
  • Guided course
    Negative Externality and Positive Externality
    10:54

Four Types of Goods and Two Characteristics

  • The Four Types of Goods: Private Goods, Club Goods, Common Resources, and Public Goods
    05:41
  • Rivalry and Excludability
    04:47

The Free Rider Problem and the Tragedy of the Commons

  • Guided course
    Tragedy of the Commons
    07:34
  • Guided course
    Free Rider Problem
    06:11

Percentage Change and Price Elasticity of Demand

  • Interpreting Elasticity
    04:56
  • Introducing Price Elasticity of Demand
    03:33
  • Guided course
    Different Answers when Increasing or Decreasing Prices! (Part 1)
    04:34

Price Elasticity of Demand on a Graph

  • Guided course
    Price Elasticity of Demand on a Graph
    11:34

Total Revenue Test

  • Guided course
    Total Revenue Test
    09:31

Determinants of Price Elasticity of Demand

  • Guided course
    Determinants of Price Elasticity of Demand
    06:12

Cross-Price Elasticity of Demand

  • Guided course
    Cross-Price Elasticity of Demand
    07:14

Income Elasticity of Demand

  • Guided course
    Income Elasticity of Demand
    10:57

Price Elasticity of Supply

  • Guided course
    Price Elasticity of Supply
    05:38

Price Elasticity of Supply on a Graph

  • Guided course
    Price Elasticity of Supply on a Graph
    03:46

Elasticity and the Midpoint Method

  • Guided course
    The Midpoint Method
    10:04

Elasticity Summary

  • Guided course
    Elasticity Summary
    04:06

Consumer Optimum Consumption: Marginal Utility per Dollar Spent

  • Guided course
    Consumer Optimum Consumption: Marginal Utility per Dollar Spent
    09:38

Budget Constraint

  • Guided course
    Budget Constraint (Budget Line)
    08:41
  • Guided course
    Budget Constraint:Change in Price of a Good
    03:50
  • Guided course
    Budget Constraint:Change in Income
    03:44

Indifference Curves

  • Guided course
    Indifference Curves
    14:47
  • Guided course
    Properties of Indifference Curves
    04:23

Consumer Optimum Consumption: Budget Constraint and Indifference Curves

  • Guided course
    Consumer Optimum Consumption: Budget Constraint and Indifference Curves
    07:07

Revenue, Cost, and Profit

  • Guided course
    Explicit and Implicit Cost
    05:51
  • Guided course
    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
  • Guided course
    Accounting Profit and Economic Profit
    01:59

The Production Function and Diminishing Returns

  • Guided course
    The Production Function and Diminishing Returns
    07:45
  • Guided course
    Calculating Fixed Cost, Variable Cost, and Average Total Cost
    05:09

Marginal Cost

  • Guided course
    Marginal Cost
    10:48

The Relationship Between Average Cost and Marginal Cost

  • Guided course
    Average Cost and Marginal Cost
    06:38
  • Guided course
    Patterns of MC, AFC, AVC, and ATC curves
    08:56

Average Total Cost: Short Run and Long Run

  • Guided course
    ATC in the Short Run and Long Run
    13:13

Characteristics of Perfect Competition

  • Guided course
    Characteristics of Perfect Competition
    02:29
  • Guided course
    Market Demand and Individual Firm Demand
    03:57

Revenue in Perfect Competition

  • Guided course
    Revenue in Perfect Competition
    06:20
  • Guided course
    Calculating Profit from a Table
    08:15

Short Run Shutdown Decision

  • Guided course
    Short Run Shutdown Decision (continued)
    07:54
  • Guided course
    Short Run Shutdown Decision on the Graph
    07:05
  • Guided course
    Short Run Shutdown Decision
    03:28

Market Supply Curve in the Short Run and Long Run

  • Guided course
    Market Supply Curve in the Long Run
    06:07
  • Guided course
    Market Supply Curve in the Short Run
    03:02

Long Run Equilibrium

  • Guided course
    Long Run Equilibrium
    07:04

Characteristics of Monopoly

  • Guided course
    Monopoly Barriers to Entry
    06:29
  • Guided course
    Characteristics of Monopoly
    02:48
  • Guided course
    Monopoly Demand Curve
    04:17

Monopoly Revenue

  • Guided course
    Monopoly Revenue
    03:37
  • Guided course
    Monopoly and Marginal Revenue
    06:43

Monopoly Profit on the Graph

  • Guided course
    Monopoly Profit on the Graph
    07:41

Price Discrimination

  • Guided course
    Price Discrimination
    04:05
  • Guided course
    Perfect Price Discrimination
    06:11
  • Guided course
    Price Discrimination
    07:45

Monopoly Efficiency and Deadweight Loss

  • Guided course
    Monopoly Efficiency and Deadweight Loss
    12:19

Characteristics of Monopolistic Competition

  • Guided course
    Characteristics of Monopolistic Competition
    05:53
  • Guided course
    Monopolistic Competition Demand Curve
    04:25

Revenue in Monopolistic Competition

  • Guided course
    Monopolistic Competition Revenue
    03:28
  • Guided course
    Monopolistic Competition Marginal Revenue
    07:13

Monopolistic Competition Profit on the Graph

  • Guided course
    Monopolistic Competition Profit on the Graph
    07:07

Monopolistic Competition in the Long Run

  • Guided course
    Monopolistic Competition in the Long Run
    09:47
  • Guided course
    How Companies Stay Profitable
    01:33

Advertising

  • Guided course
    The Role of Advertising
    04:52

Characteristics of Oligopoly

  • Guided course
    Characteristics of Oligopoly
    04:45
  • Guided course
    Oligopoly Barriers to Entry
    05:16

Four Firm Concentration Ratio

  • Guided course
    Four Firm Concentration Ratio
    03:57

Mergers and the Herfindahl-Hirschman Index (HHI)

  • Guided course
    Mergers and the HHI
    04:42

One-Time Games and the Prisoner's Dilemma

  • Guided course
    Game Theory, One-Time Games, and the Prisoner's Dilemma
    05:28
  • Guided course
    One-Time Games:Finding Dominant Strategies and Nash Equilibrium with the "Check and X"Method
    06:03
  • Guided course
    Dominant Strategy and the Nash Equilibrium
    06:29

Antitrust Laws and Government Regulation of Monopolies

  • Guided course
    Antitrust Laws
    03:58
  • Guided course
    Monopoly:Socially Optimal Price and Fair-Return Price
    07:21

Asymmetric Information: Adverse Selection and Moral Hazard

  • Guided course
    Asymmetric Information
    02:19
  • Guided course
    Moral Hazard
    04:03
  • Guided course
    Adverse Selection
    04:42

The Production Function and Marginal Revenue Product

  • Guided course
    The Factors of Production
    02:41
  • Guided course
    Marginal Revenue Product
    10:37
  • Guided course
    Marginal Revenue Product (Value of the Marginal Product of Labor)
    02:47

Demand for Labor in Perfect Competition

  • Guided course
    Demand for Labor in Perfect Competition
    04:33

Monopsony

  • Guided course
    Monopsony
    07:18
  • Guided course
    Monopsony and Minimum Wage
    03:52

Unions

  • Guided course
    Labor Unions
    06:50

Lorenz Curve and Gini Coefficient

  • Guided course
    Lorenz Curve and the Gini Coefficient
    11:30

Income Inequality in the USA and Worldwide

  • Guided course
    Income Inequality in the USA and Worldwide
    01:37

Poverty

  • Guided course
    Poverty
    05:02

PPF - Comparative Advantage and Trade

  • Comparative Advantage and Specialization in Trade
    05:30

Arguments Against International Trade

  • Guided course
    Arguments Against International Trade
    07:50

Import Quotas and VERs

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

Tariffs

  • Guided course
    Tariffs on Imports
    14:35