I. Basic Economic Concepts:
Video One (Opportunity Cost)
Video Two (Is Greed Good?)
After viewing videos one and two answer the following study questions:
1) Describe what opportunity cost is. 2) In thinking about the concept of opportunity cost, why do you think that economists say "There is no such thing as a free lunch"? 3) Let's say you have $100 to spend on a new phone or new clothes. If you decide to spend the money on the phone, what is your opportunity cost? 4) In thinking about video two, do you think that greed is good? 5) Milton Friedman says that our nation and others like it run on greed. Why do you think that he says that? Explain. 6) Friedman also states that most of the great accomplishments in the world were made because of greed. He states that people such as Einstein didn't make human progress because the government required him to do it, but because of his own self-interest. Do you agree or disagree? Explain.
Video Three (Utility Maximization Rule) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Four (Production Possibilities Curves) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Five (Comparative Advantage)
II. The Nature and Function of Product Markets:
Video Six (Supply & Demand) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Seven (Inelastic vs. Elastic Demand) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
BONUS VIDEO 1: Income elasticity of demand & cross price elasticity of demand detailed.
BONUS VIDEO 2: Elasticity of demand with the formulas and revenue test, explained.
Video Eight (Supply & Demand with a Price Ceiling) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Nine (Supply & Demand with a Price Floor) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
BONUS VIDEO 3: Price ceiling and floor graphs with the area of consumer surplus, producer surplus and deadweight loss.
Video Ten (Supply & Demand with a Tax) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Eleven (Supply & Demand with a Quota) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
BONUS VIDEO 4: International trade with supply and demand explained.
Video Twelve (Cost of the Firm)
Video Thirteen (Produce to where MR = MC!)
Video Fourteen (Long-Run vs. Short-Run)
Video Fifteen (Perfect Competition)
Video Sixteen (More Information on Perfect Competition) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Seventeen (Monopolistic Competition) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Eighteen (Oligopoly) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Ninteen (Game Theory) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Twenty (Monopoly) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
III. Factor Markets:
Video Twenty-One (Marginal Product of Labor & Marginal Revenue Product) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
IV. Market Failure and the Role of Government:
Video Twenty-Two (Public goods & the free rider problem)
Video Twenty-Three (Lorenz Curve) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
SEMESTER REVIEW (19 Minute Microeconomics Review)
Video Eight (Supply & Demand with a Price Ceiling) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Nine (Supply & Demand with a Price Floor) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
BONUS VIDEO 3: Price ceiling and floor graphs with the area of consumer surplus, producer surplus and deadweight loss.
Video Ten (Supply & Demand with a Tax) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Eleven (Supply & Demand with a Quota) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
BONUS VIDEO 4: International trade with supply and demand explained.
Video Twelve (Cost of the Firm)
Video Thirteen (Produce to where MR = MC!)
Video Fourteen (Long-Run vs. Short-Run)
Video Fifteen (Perfect Competition)
Video Sixteen (More Information on Perfect Competition) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Seventeen (Monopolistic Competition) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Eighteen (Oligopoly) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Ninteen (Game Theory) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
Video Twenty (Monopoly) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
III. Factor Markets:
Video Twenty-One (Marginal Product of Labor & Marginal Revenue Product) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
IV. Market Failure and the Role of Government:
Video Twenty-Two (Public goods & the free rider problem)
Video Twenty-Three (Lorenz Curve) Study questions are in the details of the video; Click "Show More" below the video to see the study questions.
SEMESTER REVIEW (19 Minute Microeconomics Review)