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Fundamental Principles and Concepts in Microeconomics

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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

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

Microeconomics vs. Macroeconomics

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

Externalities: Social Benefits and Social Costs

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

Market Equilibrium

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