C718 Microeconomics Concepts and Videos- Western Governors University

Microeconomics Concepts and Videos Unit 1: Basic Economic Concepts UNIT 1 Overview- Introduction  Scarcity  Microeconomics vs. Macroeconomics  Positive vs. Normative Economics  Self-Interest and Incentives  Marginal Analysis  Opportunity Cost and Trade-offs  Four Factors of Production  Capital Goods and Future Growth VIDEO 1.1- Production Possibilities Curve  Efficiency  Straight vs. Bowed PPC  Law of Increasing Opportunity Costs VIDEO 1.2- Shifting the PPC  Shifters of the PPC VIDEOS 1.3/1.4- Specialization and Trade  Absolute and Comparative Advantage  Terms of Trade VIDEO 1.5- Comparative Advantage  Output and Input Questions VIDEO 1.6- Economic Systems  Free-Market Economy  Centrally Planned Economy VIDEO 1.7- Circular Flow Model  Product and Factor Markets  Private and Public Sector  Factor Payments  Transfer Payments Unit 2: Supply, Demand, and Consumer Choice VIDEO 2.1- Demand  Law of Demand  Substitution Effect and Income Effect  Law of Diminishing Marginal Utility  5 Shifters (Determinants) of Demand  Substitutes and Complements  Normal Goods vs. Inferior Goods VIDEO 2.2- Supply and Equilibrium  Law of Supply  6 Shifters (Determinants) of Supply  Quantity Supplied vs. Supply VIDEO 2.3/2.4- Shifting Demand and Supply  Equilibrium Price and Equilibrium Quantity  Disequilibrium: Surplus and Shortage VIDEO 2.5- Double Shifts  Double Shift Rule VIDEO 2.6- Price Controls and Efficiency  Price Floors and Ceilings VIDEO 2.7- Consumer and Producers Surplus  CS, PS, and Deadweight Loss VIDEO 2.8- Welfare Economics and Trade  Benefits of Trade  Tariffs and Quotas VIDEO 2.9- Elasticity  Price Elasticity of Demand  The Total Revenue Test VIDEO 2.10- Other Elasticities  Income Elasticity of Demand  Cross-Price Elasticity of Demand  Price Elasticity of Supply VIDEO 2.11- Excise Taxes  Effect of Excise Taxes VIDEO 2.12- Consumer Choice  Marginal Benefit and Marginal Costs  Utility Maximizing Rule Unit 3: Costs of Production and Perfect Competition VIDEO 3.1- Diminishing Marginal Returns  Total Product and Marginal Product  Three Stages of Returns VIDEO 3.2- Long-Run Costs  Economies and Diseconomies of Scale VIDEO 3.3- Short-Run Costs of Production  Fixed Costs, Variable Costs, and Total Cost  Per-Unit Costs- (AVC, AFC, ATC)  Shifts in MC, ATC, AVC, and AFC.  Marginal Cost and Marginal Revenue VIDEO 3.4- Shape of the Cost Curves  Why is ATC “U” Shaped VIDEO 3.6- Revenue and Profit  Explicit vs. Implicit Costs  Accounting vs. Economic Profit  Profit Maximizing Rule (MR=MC) VIDEO 3.7- The Shut Down Rule  Shut Down Rule (PAVC) VIDEO 3.8/3.9- Perfect Competition- Short-Run  Price Takers, Graph for Market and Firm VIDEO 3.10/3.11- Perfect Competition- Long-Run  No Barrier to Entry  Normal Profit VIDEO 3.12- Perfect Comp and Efficiency  Productive Efficiency (P=Min ATC)  Allocative Efficiency (P= MC)