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Microeconomics Study Guide: Chapters 1–5 (ECON 1150 Test #1 Preparation)

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Scarcity and Choice

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

Positive and Normative Analysis

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

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

PPF - Outward Shifts

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    PPF - General Economic Growth
    01:55
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    PPF - Technological Advances in an Industry
    02:49

Circular Flow Diagram

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

The Demand Curve

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

Shifts in the Demand Curve

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

The Supply Curve

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

Shifts in the Supply Curve

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    Nature
    01:
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    Technology
    01:27
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    Substitutes in Production
    03:02

Market Equilibrium

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    Overview of Supply and Demand Shifts
    04:07

Price Elasticity of Demand on a Graph

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    Price Elasticity of Demand on a Graph
    11:34

Cross-Price Elasticity of Demand

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    Cross-Price Elasticity of Demand
    07:14

Income Elasticity of Demand

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    Income Elasticity of Demand
    10:57

Price Elasticity of Supply

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    Price Elasticity of Supply
    05:38

Price Ceilings, Price Floors, and Black Markets

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    Price Ceilings
    07:07
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    Price Floors and Black Markets
    08:03
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    Price Floors
    02:18

Introducing Taxes and Tax Incidence

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    Tax Incidence
    03:21
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    Taxes and Tax Incidence
    13:27

Effects of Taxes on a Market

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    Effects of Taxes
    09:45

Consumer Surplus and Willingness to Pay

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    Consumer Surplus in a Small Setting
    14:41
  • Guided course
    Consumer Surplus and Market Demand
    06:08
  • Guided course
    Consumer Surplus
    03:15

Producer Surplus and Willingness to Sell

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    Producer Surplus and Market Supply
    05:24
  • Guided course
    Producer Surplus
    02:55
  • Guided course
    Producer Surplus in a Small Setting
    11:38

Economic Surplus and Efficiency

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    Deadweight Loss and Market Failure
    07:08
  • Guided course
    Economic Surplus
    11:40