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Microeconomics Exam 1 Review: Production Possibilities, Opportunity Cost, and Economic Models

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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

  • Guided course
    Allocative Efficiency with Marginal Analysis
    08:42
  • Guided course
    Increasing Marginal Opportunity Costs
    04:38

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

    Circular Flow Diagram

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

    Positive and Normative Analysis

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

    People Are Rational

    • Guided course
      People Are Rational
      01:32

    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