Micro 5.3 Comparing Product and Resource Markets: Econ Concepts in 60 Seconds- Review

Mr. Clifford's 60 second explanation of the differences between a perfectly competitive product market and a perfectly competitive resource market. Notice that the firms both have a horizontal curve but in the product market it is demand and in the resource market it is supply. Pease keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.

ACDC is Mr. Clifford's teaching philosophy:
Active Learning
Cooperative Learning
Discovery Learning
Community

Category:

Education

Tags:

• economics
• product
• market
• resource
• factor
• firm
• MRP
• MRC
• Graph

[royaldoofus]

i fucking love this guy

[dungkhinhtoi92]

@demey231 Because as they employ those workers, the average product/ per labour increases => The firm become more efficient, competitive => Maximise profits.

[demey231]

why an employer would never want to stop employing labor when the marginal product is above the average product

[reenz1231]

@liluv1987 sorry but it stands for Active Learning

Cooperative Learning

Discovery Learning

Community

it says on his page.. so you shouldnt say stuff like that!

[liluv1987]

wat the heck! ACDC stands for ANTI CHRIST DAVIL'S CHILD if im not mistaken.............

[0v3rs0und]

thanks for putting your videos up! I really like them, and i wish i could have found them out a bit sooner

THANKS!

[cosm0]

Thanks man!