Economics: Mastering Microeconomics 101

Introduction to Microeconomics 3 lectures 09:34 What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements Introduction to Microeconomics 3 lectures 09:34 What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why What is Microeconomics? A brief video introducing the concept of Microeconomics. E.g. what do we study and why A brief video introducing the concept of Microeconomics. E.g. what do we study and why A brief video introducing the concept of Microeconomics. E.g. what do we study and why The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! The difference between economic theories and models We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! We learn why in economics we use theories to explain real world observations and why we use models to illustrate those theories. Economics is often criticized for using too many theories that don't represent the real world, however, theories and models are used to explain real world observations, not mimic or forecast them! Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements Positive vs. normative economics A brief explanation of the difference between positive economic statements and normative economic statements A brief explanation of the difference between positive economic statements and normative economic statements A brief explanation of the difference between positive economic statements and normative economic statements Choice and Scarcity 7 lectures 53:26 Introduction to making choices under scarcity The production possibilities curve or frontier Opportunity costs Deriving marginal cost Marginal benefit and allocative efficiency Economic growth Choice and scarcity - conclusion Choice and Scarcity 7 lectures 53:26 Introduction to making choices under scarcity The production possibilities curve or frontier Opportunity costs Deriving marginal cost Marginal benefit and allocative efficiency Economic growth Choice and scarcity - conclusion Introduction to making choices under scarcity Introduction to making choices under scarcity Introduction to making choices under scarcity Introduction to making choices under scarcity The production possibilities curve or frontier The production possibilities curve or frontier The production possibilities curve or frontier The production possibilities curve or frontier Opportunity costs Opportunity costs Opportunity costs Opportunity costs Deriving marginal cost Deriving marginal cost Deriving marginal cost Deriving marginal cost Marginal benefit and allocative efficiency Marginal benefit and allocative efficiency Marginal benefit and allocative efficiency Marginal benefit and allocative efficiency Economic growth Economic growth Economic growth Economic growth Choice and scarcity - conclusion Choice and scarcity - conclusion Choice and scarcity - conclusion Choice and scarcity - conclusion Supply and Demand 11 lectures 01:36:05 Introduction to Supply and Demand Introducing demand Deriving individual demand curves From individual to market demand curves Demand curve shifts: why and how Introducing the supply curve Deriving the individual firm supply curve From the individual firm to market supply curve Supply curve shifts: why and how Equilibrium: where supply and demand meet Market mechanisms: shifts towards price equilibrium Supply and Demand trong Price elasticity of Demand Interpreting the price elasticity of Demand The relationship between elasticity and revenue Calculating "cross price elasticity" Calculating "income elasticity of demand" Introduction to elasticity Introduction to elasticity Introduction to elasticity Introduction to elasticity The relationship between revenue and price The relationship between revenue and price The relationship between revenue and price The relationship between revenue and price Price elasticity of Demand Price elasticity of Demand Price elasticity of Demand Price elasticity of Demand Interpreting the price elasticity of Demand Interpreting the price elasticity of Demand Interpreting the price elasticity of Demand Interpreting the price elasticity of Demand The relationship between elasticity and revenue The relationship between elasticity and revenue The relationship between elasticity and revenue The relationship between elasticity and revenue Calculating "cross price elasticity" Calculating "cross price elasticity" Calculating "cross price elasticity" Calculating "cross price elasticity" Calculating "income elasticity of demand" Calculating "income elasticity of demand" Calculating "income elasticity of demand" Calculating "income elasticity of demand" Consumption Theory (budget lines and indifference curves) 14 lectures 01:36:02 Introduction to consumer theory Introducing the individual consumer budget line How to construct a budget line Understanding why the budget line slope is so important Understanding shifts in the budget line ...