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Fundamental Principles and Concepts in Microeconomics
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Scarcity and Choice
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02:39
Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs
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Factors of Production
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03:09
Land, Labor, and Physical Capital
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02:08
Human Capital and Entrepreneurship
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People Are Rational
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01:32
People Are Rational
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People Respond to Incentives
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01:40
Economic Incentives
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Positive and Normative Analysis
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04:35
Positive Statements vs. Normative Statements
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02:48
Identifying Statements
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Microeconomics vs. Macroeconomics
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02:16
Definition of Economics:Micro vs. Macro
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Externalities: Social Benefits and Social Costs
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10:54
Negative Externality and Positive Externality
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14:23
Externalities on the Graph
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Market Equilibrium
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04:07
Big Daddy Shift Summary
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