Unit 1.1 - Introduction to Economic Concepts
Scarcity, Choice & Opportunity Cost
Factors of Production
Economic Systems
The Production Possibilities Curve Part I
The Production Possibilities Curve Part II
Absolute & Comparative Advantage
Answering Absolute & Comparative Advantage Questions
Unit 1.2- Supply & Demand
Demand Introduced (And Why It’s Confusing)
Supply & The Chocolate Factory
(Non-Price Determinants of Supply)
Non-Price Determinants (Shifters) of Demand
Simultaneous Shifts to Supply and Demand
Consumer Surplus, Producer Surplus & Social Surplus
Unit 1.3- Elasticity
Supply Introduced (And Why It’s Worse Than Demand)
Marginal Utility, Marginal Benefit & Demand
(The Twinkie Experiment)
Allocative Efficiency
Marginal Cost and Supply
Price Elasticity of Demand
Determinants of Price Elasticity of Demand
PED and Total Revenue
Cross Price Elasticity of Demand
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