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Chapter 6: Microeconomic Principles: The Market System, Household Behavior, and Consumer Choice

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Circular Flow Diagram

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

Budget Constraint

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

Consumer Optimum Consumption: Marginal Utility per Dollar Spent

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    Consumer Optimum Consumption: Marginal Utility per Dollar Spent
    09:38

Indifference Curves

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    Indifference Curves
    14:47
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    Properties of Indifference Curves
    04:23

Consumer Optimum Consumption: Budget Constraint and Indifference Curves

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    Consumer Optimum Consumption: Budget Constraint and Indifference Curves
    07:07

Factors of Production

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

Perfect Competition and Efficiency

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    Efficiency in Perfect Competition
    06:46