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Microeconomics Study Guide: Core Concepts, Demand & Supply, Elasticity, Efficiency, and Market Structures (Chapters 1-8)

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Scarcity and Choice

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

Marginal Analysis

  • Guided course
    Marginal Analysis
    09:36

Price Elasticity of Demand on a Graph

  • Guided course
    Price Elasticity of Demand on a Graph
    11:34

Percentage Change and Price Elasticity of Demand

  • Guided course
    Percentage Change and Price Elasticity of Demand
    09:14
  • Guided course
    Different Answers when Increasing or Decreasing Prices! (Part 1)
    04:34
  • Guided course
    Different Answers when Increasing or Decreasing Prices! (Part 2)
    05:31

Cross-Price Elasticity of Demand

  • Guided course
    Cross-Price Elasticity of Demand
    07:14

The Demand Curve

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    The Basics of Demand
    07:15
  • Guided course
    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

Using the Supply and Demand Curves to Find Equilibrium

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    Equilibrium
    04:19
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    Results of Both Shifting
    06:34
  • Guided course
    Demand Shifts
    06:18

Consumer Surplus and Willingness to Pay

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

Producer Surplus and Willingness to Sell

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

Marginal Cost

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    Marginal Cost
    10:48

The Production Function and Diminishing Returns

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    The Production Function and Diminishing Returns
    07:45
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    Calculating Fixed Cost, Variable Cost, and Average Total Cost
    05:09

Revenue, Cost, and Profit

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    Explicit and Implicit Cost
    05:51
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    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
  • Guided course
    Accounting Profit and Economic Profit
    01:59

Competitive Markets

  • Guided course
    Introduction to Supply and Demand
    07:03

Characteristics of Perfect Competition

  • Guided course
    Characteristics of Perfect Competition
    02:29
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    Market Demand and Individual Firm Demand
    03:57

Long Run Entry and Exit Decision

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    Long Run Exit/Enter Decision (continued)
    06:04
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    Long Run Exit/Enter Decision
    02:39
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    Long Run Exit/Enter Decision on the Graph
    09:32

Scarcity and Choice

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

Exporting and Importing

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    Low World Price:Import
    06:36
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    Autarky
    04:
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    High World Price:Export
    09:03

Sources of Comparative Advantage

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    Sources of Comparative Advantage
    06:08

Arguments Against International Trade

  • Guided course
    Arguments Against International Trade
    07:50

Scarcity and Choice

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