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Fundamentals of the Market System: Scarcity, Trade-offs, and the Interaction of Supply and Demand

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Scarcity and Choice

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

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

Circular Flow Diagram

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

The Demand Curve

  • Guided course
    The Basics of Demand
    07:15
  • Guided course
    Individual Demand and Market Demand
    06:08

The Supply Curve

  • Guided course
    Individual Supply and Market Supply
    06:04
  • Guided course
    The Basics of Supply
    03:53

Market Equilibrium

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

Shifts in the Demand Curve

  • Guided course
    Consumer Income:Normal Goods and Inferior Goods
    01:48
  • Guided course
    Substitute Goods
    04:10
  • Guided course
    Consumer Expectations
    02:18

Movement Along a Demand Curve

  • Guided course
    Shifting Demand - Warning!
    05:29

Shifts in the Supply Curve

  • Guided course
    Nature
    01:
  • Guided course
    Technology
    01:27
  • Guided course
    Substitutes in Production
    03:02

Movement Along a Supply Curve

  • Guided course
    Shifting Supply - Warning!
    03:08