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Economic Institutions: Market Economies, Capitalism, Socialism, and the Role of Government
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Introduction to Economics
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Hello!
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Microeconomics vs. Macroeconomics
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Definition of Economics:Micro vs. Macro
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Circular Flow Diagram
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01:32
Households and Firms
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04:20
The Circular Flow Diagram
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People Respond to Incentives
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Economic Incentives
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Externalities: Social Benefits and Social Costs
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Externalities on the Graph
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Negative Externality and Positive Externality
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Public Solutions to Externalities
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Public Solutions to Externalities:Quantity Limits
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Public Solutions to Externalities:Command-and-Control Policies and Corrective Pigovian Taxes and Subsidies
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Four Types of Goods and Two Characteristics
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The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods
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Two Characteristics:Rivalry in Consumption and Excludability
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