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Essential Microeconomics Vocabulary and Concepts

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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

Positive and Normative Analysis

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

Circular Flow Diagram

  • Guided course
    Households and Firms
    01:32
  • Guided course
    The Circular Flow Diagram
    04:20

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

Introduction to Supply and Demand

  • Perfect Competition
    03:23

The Basics of Demand

  • The Basics of Demand
    06:02

The Basics of Supply

  • The Basics of Supply
    02:43

Supply and Demand Together: Equilibrium, Shortage, and Surplus

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