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Scarcity, Opportunity Cost, Trade, and Economic Models: Microeconomics Study Notes

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Scarcity and Choice

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

Scarcity and Choice

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

The Production Function and Diminishing Returns

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

Sources of Comparative Advantage

  • Guided course
    Sources of Comparative Advantage
    06:08

Circular Flow Diagram

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

Microeconomics vs. Macroeconomics

  • Guided course
    Definition of Economics:Micro vs. Macro
    02:16

Positive and Normative Analysis

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

Externalities: Social Benefits and Social Costs

  • Guided course
    Externalities on the Graph
    14:23
  • Guided course
    Negative Externality and Positive Externality
    10:54