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  • Back to school 2019 - Master economics this year! 20% off all class notes through August!

    4,751 views 4 months ago
    RECEIVE 20% OFF A COMPLETE SET OF AP MACRO, AP MICRO, OR IB ECONOMICS CLASS NOTES WITH THE COUPON CODE "AUGECONSALE" BETWEEN NOW AND THE END OF AUGUST!

    AP Macro class notes: https://econclassroom.com/?......
    AP Micro class notes: https://econclassroom.com/?......
    IB Economics class notes: https://econclassroom.com/?......

    Welcome back to school! This year make sure you get the best resources available to succeed in your AP Macroeconomics, AP Microeconomics, IB Economics, or introductory college level Economics course! Show less
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  • AP Micro Unit 1 - Basic Economic Concepts Play all

    • Scarcity, the Basic Economic Problem - Duration: 6 minutes, 46 seconds.

      • 2 years ago
      • 68,899 views
      What would you do if you showed up to class and there weren't nearly enough chairs to go around? Well, you're facing and economic problem that requires an economic system to solve! This lesson intr...
    • Scarcity, Opportunity Cost and the PPC - Duration: 14 minutes.

      • 6 years ago
      • 199,898 views
      The basic economic problem is one rooted in both the natural world and in human greed. We live in a world of limited resources, but we seem to have unlimited wants. This results in scarcity, which ...
    • The Law of Increasing Opportunity Cost and the PPC Model - Duration: 12 minutes.

      • 6 years ago
      • 102,509 views
      In a previous lesson we introduced the basic economic concepts of scarcity, opportunity cost, and the production possibilities curve (PPC). In that lesson, we examined the tradeoffs an individual f...
    • Decreasing Opportunity Costs in the PPC Model - Duration: 6 minutes, 51 seconds.

      • 9 months ago
      • 2,460 views
      The shape of a production possibilities curve tells us how the opportunity cost of a good changes as output of that good increases. If the PPC is bowed inwards towards the origin, then the opportun...
    • Economic Growth in the PPC - the capital v. consumer goods tradeoff - Duration: 10 minutes.

      • 9 months ago
      • 1,413 views
      How a country chooses to allocate its resources today can affect how quickly its economy grows in the future. This video explores the tradeoff between current and future consumption a country faces...
    • Determining Absolute and Comparative Advantage - Duration: 9 minutes, 14 seconds.

      • 3 years ago
      • 54,647 views
      Why do nations stand to gain from trading with one another, and how should a nation determine the goods it should specialize in and which it should import? To answer these questions we must introdu...
    • Determining comparative advantage from an input table AP Economics - Duration: 6 minutes, 21 seconds.

      • 9 months ago
      • 810 views
      When we know how much land, labor, or capital is needed to produce a single unit of output, we can calculate the opportunity cost of a good and then determine who has comparative advantage in that ...
    • The Gains from International Trade in the PPC Model - Duration: 9 minutes, 57 seconds.

      • 3 years ago
      • 25,543 views
      Now that we've established the difference between absolute and comparative advantage, we can proceed to how countries stand to gain from trade when they specialize in and produce the goods for whic...
    • Terms of Trade and the Gains from Specialization based on Comparative Advantage - Duration: 9 minutes, 35 seconds.

      • 9 months ago
      • 362 views
      When countries specialize their production and trade with other countries, they stand to enjoy great benefits. This video introduces the concept of "terms of trade" or a "trading price", which demo...
    • Can two Countries Benefit from Trade if neither has a Comparative Advantage? - Duration: 3 minutes, 5 seconds.

      • 9 months ago
      • 661 views
      We've seen in a couple lessons how when two countries have comparative advantages in the production of two different goods, they can both benefit by specializing and trading with one another. But w...
    • Total and Marginal Utility - Duration: 8 minutes, 9 seconds.

      • 1 year ago
      • 51,474 views
      Utility in Economics is another word for "happiness". Most people would argue that more is always better. This lesson introduces and analyzes the relationship between the level of consumption of a ...
    • The Utility Maximization Rule - Duration: 11 minutes.

      • 1 year ago
      • 25,223 views
      This lesson introduces the theory of consumer behavior that says in order to optimize or maximize total happiness or utility, a consumer should purchase goods up to the point where the marginal uti...
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  • AP Micro Unit 2 - Supply and Demand Play all

    • The Law of Demand - Duration: 11 minutes.

      • 2 years ago
      • 25,635 views
      Our study of market economies requires us to examine both the demand-side and the supply-side of product and resources markets. Buyers and sellers interact with one another to engage in mutually be...
    • The Income and Substitution Effect - WHY does Demand Slope Downwards? - Duration: 7 minutes, 54 seconds.

      • 9 months ago
      • 2,434 views
      So the law of demand tells us that there's an inverse relationship between a good's price and the quantity demanded. In this video we learn WHY this relationship exists.

      More resources for economi...
    • Changes in Demand versus Changes in Quantity Demanded - Duration: 5 minutes, 53 seconds.

      • 2 years ago
      • 25,175 views
      In our second lesson on Demand we'll distinguish between a movement along a demand curve and a shift in the demand for a good. Be sure you've watched the lesson on the "Law of Demand" before beginn...
    • The Determinants of Demand - Duration: 11 minutes.

      • 2 years ago
      • 21,563 views
      In our third and final lesson introducing Demand we explore the non-price determinants of a good's demand, changes to which will cause the demand for a good to increase or decrease and the demand c...
    • The Law of Supply and the Determinants of Supply - Duration: 14 minutes.

      • 3 years ago
      • 41,480 views
      This lesson introduces the concept of supply, the law of supply and the determinants of supply.

      Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam?...
    • Why does Supply slope upwards? (The law of increasing opportunity cost and supply) - Duration: 8 minutes, 17 seconds.

      • 3 years ago
      • 11,635 views
      In a previous lesson we introduced the law of supply and the determinants of supply, but we never clearly explained WHY there is a direct relationship between price and quantity supplied. In this l...
    • Price Elasticity of Demand Formula and Interpretation (part 1) - Duration: 9 minutes, 24 seconds.

      • 2 years ago
      • 30,851 views
      In this first lesson on elasticities we'll learn the definition, formula and interpretations of the price elasticity of demand (PED) coefficient.

      Want to learn more about economics, or just be rea...
    • Price Elasticity of Demand Formula and Interpretation (part 2) - Duration: 6 minutes, 37 seconds.

      • 2 years ago
      • 14,823 views
      In this first lesson on elasticities we'll learn the definition, formula and interpretations of the price elasticity of demand (PED) coefficient.

      Want to learn more about economics, or just be rea...
    • The Mid point forumula for Price Elasticity of Demand - Duration: 10 minutes.

      • 9 months ago
      • 5,020 views
      Why do we always get a different value for a good's elasticity of demand depending on whether the price increases or decreases? Well, if you're finding this result, you're probably using the simple...
    • The Determinants of Price Elasticity of Demand - Duration: 10 minutes.

      • 2 years ago
      • 19,559 views
      In this second lesson on elasticity we'll outline the factors that affect the relative price elasticity of demand for a good, summarized by the useful acronym "SPLAT".

      Want to learn more about eco...
    • The Total Revenue Test of Price Elasticity of Demand ( part 1) - Duration: 8 minutes, 17 seconds.

      • 2 years ago
      • 10,243 views
      By looking at how a change in price affects the total revenues of producers in a market (whether TR increases or decreases) we can draw some quick and accurate conclusions about whether demand for ...
    • The Total Revenue Test of Price Elasticity of Demand (part 2) - Duration: 7 minutes, 51 seconds.

      • 2 years ago
      • 6,766 views
      By looking at how a change in price affects the total revenues of producers in a market (whether TR increases or decreases) we can draw some quick and accurate conclusions about whether demand for ...
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  • AP Micro Unit 3 - Production, Cost, and the Perfect Competition Model Play all

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  • AP Micro Unit 4 - Imperfect Competition Play all

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  • AP Micro Unit 5 - Factor Markets Play all

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  • AP Micro Unit 6 - Market Failure and the Role of Government Play all

    • Market Equilibrium, Disequilibrium and Allocative Efficiency - Duration: 9 minutes, 18 seconds.

      • 3 years ago
      • 25,142 views
      What does it mean for a market to be in "equilibrium"? This lesson puts demand and supply (introduced in previous lessons) together to determine what makes a market efficient or inefficient.

      Want ...
    • Introduction to Market Failure - Duration: 8 minutes, 27 seconds.

      • 2 years ago
      • 25,315 views
      Markets are thought to be the most efficient system for allocating society's scarce resources. However, what if markets FAIL to achieve the efficiency we so desire as a society? Market failures ari...
    • Negative Externalities of Production - Duration: 13 minutes.

      • 2 years ago
      • 16,486 views
      In our last lesson we defined and introduced the different types of market failures we'll study in future lessons. The first we examine is negative production externalities, which arise when the pr...
    • Negative Externalities of Consumption as a Market Failure - part 1 - Duration: 9 minutes, 9 seconds.

      • 2 years ago
      • 11,636 views
      Sometimes a good's consumption imposes costs on third parties not involved in the market. Such situations are evidence of a type of market failure known as negative consumption externalities. This ...
    • Negative Externalities of Consumption as a Market Failure - part 2 - Duration: 6 minutes, 45 seconds.

      • 2 years ago
      • 8,452 views
      Sometimes a good's consumption imposes costs on third parties not involved in the market. Such situations are evidence of a type of market failure known as negative consumption externalities. This ...
    • Positive Externalities of Production as a Market Failure - Duration: 12 minutes.

      • 3 years ago
      • 39,642 views
      Sometimes the production of a good creates external benefits for a third party, but not often! Businesses do not want to externalize benefits, because this means they aren't making MONEY from their...
    • Positive Externalities of Consumption as a Market Failure - Duration: 12 minutes.

      • 3 years ago
      • 16,202 views
      When a good or service creates benefits for not just the individual who consumes it but for society as a whole, that good will be under-provided by the free market. This lesson explains the market ...
    • Public Goods as a Market Failure - part 1 - Duration: 9 minutes, 11 seconds.

      • 3 years ago
      • 12,367 views
      A market failure exists when the private sector fails to produce the socially optimal level of output (where marginal social benefit equals marginal social cost). An extreme form of market failure ...
    • Public Goods as a Market Failure - part 2 - Duration: 9 minutes, 46 seconds.

      • 3 years ago
      • 7,345 views
      A market failure exists when the private sector fails to produce the socially optimal level of output (where marginal social benefit equals marginal social cost). An extreme form of market failure ...
    • The Tragedy of the Commons as a Market Failure - Duration: 14 minutes.

      • 6 years ago
      • 19,047 views
      In this video lesson the market failure of common access resources is explained and applied to three such resources being depleted in an unsustainable manner by the world's people today: fish in th...
    • Visualizing the Tragedy of the Commons - Duration: 11 minutes.

      • 3 years ago
      • 5,678 views
      When a resource is abundant, it makes sense for it to be cheap. But as the scarcity of a resource (whether it's renewable or non-renewable) is intensified under the pressure of growing demand and d...
    • Asymmetric Information as a Market Failure - part 1 - Duration: 7 minutes, 8 seconds.

      • 3 years ago
      • 11,326 views
      When the buyers or sellers in a market do not know all the same information, it is possible that the equilibrium quantity will be greater than what is best for society. The existence of such "infor...
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