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Foundations of Microeconomics: Scarcity, Choice, and Production Possibilities

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Introduction to Economics

  • Guided course
    Hello!
    00:16

Microeconomics vs. Macroeconomics

  • Guided course
    Definition of Economics:Micro vs. Macro
    02:16

Scarcity and Choice

  • Guided course
    Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs
    02:39

Factors of Production

  • Guided course
    Human Capital and Entrepreneurship
    02:08
  • Guided course
    Land, Labor, and Physical Capital
    03:09

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

  • Guided course
    Understanding the PPF
    06:23
  • Guided course
    PPF - Attainable and Efficient
    04:48

PPF - Comparative Advantage and Absolute Advantage

  • Guided course
    Opportunity Costs and Comparative Advantage
    06:30
  • Guided course
    Two PPFs, Specialization, and Absolute Advantage
    04:36

PPF - Comparative Advantage and Trade

    People Are Rational

    • Guided course
      People Are Rational
      01:32

    People Respond to Incentives

    • Guided course
      Economic Incentives
      01:40

    Positive and Normative Analysis

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

    Marginal Analysis

    • Guided course
      Marginal Analysis
      09:36

    Circular Flow Diagram

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