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Microeconomics- Everything You Need to Know
Lernstatistiken
GER-Niveau
Schwierigkeit
Untertitel (970 Segmente)
hey how you doing econ students this is
Jacob Clifford welcome to ACDC econ now
in this summary video I'm going to go
over everything you need to know for an
AP or college introductory
microeconomics class I'm going to go
super fast but keep in mind this is not
designed to retach you all the concepts
it's designed to help you get ready
right before you walk into the big AP
test your big final also it's a great
way to review what you know and don't
know by watching the entire class over
again you can spot the things that you
have to go back and study and if you've
been watching my videos you know I sell
something called the ultimate review
pack it has a bunch of practice
questions and access to Hidden videos
that help you learn economics these
summary videos they cover everything in
Greater detail than this video I'm doing
right now now I was going to make this
video available only of people who buy
the packet but then I thought you know I
can trust people man if you like my
videos if these videos are helping you
learn economics please go get the packet
I'm going to make this video available
to everyone but if you like my stuff
please support my channel and help me
continue to make great Ecom videos okay
let's start it up now whether or not
you're enrolled in a microeconomics
class or a macroeconomics class it all
starts the same for a basic introductory
econ course it starts with the idea of
scarcity scarcity idea is we have
unlimited wants and limited resources
also you going to learn the idea of
opportunity costs that's the idea that
everything has a cost right it doesn't
matter what you're producing you got to
give up something to produce it any
decision you make has a cost now those
Concepts come together with the
production possibili is curve it's the
first graph you learn in economics it
shows the different combinations of
producing two different Goods using all
of your resources so any point on the
curve is efficient like you're using all
of your resources to the fullest any
point inside the curve is inefficient
any point out here outside the curve is
impossible given your current resources
and there's two different shapes you
have to remember if it's a straight line
production possibilities curve that
means there's constant opportunity cost
which means the resources to produce the
different products are very similar so
similar resources if it's a straight
line if it's a boat outline concave to
the origin that means the resources are
not very similar so when you produce
more of one you have to give more and
more of the other one that's called The
Law of increasing opportunity cost now
this curve can shift if you have more
resources like land labor and capital or
less resources or better technology that
can shift the curve another thing that
shifts the curve is trade if another
country trades with another country that
can shift out their production possibly
curve but it shows how much they can
consume not actually produce so it
doesn't actually change how much you can
make but you can uh consume beyond your
production possibly as curve and that
brings us to the hardest part of this
unit the idea of comparative advantage
comparative advantage is the idea that
country should specialize in the product
where they have a lower opportunity cost
so if you're producing one thing and I'm
producing something else if I can
produce a lower opportunity cost then
you I should produce this you should
produce other thing and then we should
trade now there's two different things
you got to remember absolute advantage
and comparative advantage absolute
Advantage is a joke it's easy you just
figure out who produces more that means
they have an absolute Advantage
comparative advantage requires you to do
some calculations or the quick and dirty
if you saw my unit summary video and it
tells you who should specialize in what
now another thing you have to learn is
the have terms of trade which means how
many units of one product should they
trade for the other product that would
benefit both countries that's the idea
of terms of trade in this unit you also
get a basic overview of different
economics systems like the free market
system capitalism and the idea of a
command economy and a mixed economy
we're going to focus on capitalism in
this class and so you learn the circular
flow model the circular flow model shows
you that there's businesses and
individuals and the government and how
they interact with each other just
remember businesses both sell and buy
two different things they sell products
and they buy resources so there's a
product market and there's a resource
market and individuals you and me we buy
products and we sell our resources and
the government does some stuff as well
another thing you're going to learn here
is some vocab like transfer payments
this is when the government pays
individuals like welfare but it's not to
buy anything it's just to provide some
public service and you also learn the
idea of subsidies when the government
provides businesses money to produce
more and also you're going to talk about
the idea of factor payments so
individuals sell the resources and
businesses pay the factor payments to
those individuals overall unit one is
quick and easy to learn I give it about
a three on the difficulty level out of
10 it's a fast unit makes you get it
makes you get compared Advantage now
unit 2 sets a foundation for everything
you're going to be doing later on you
start with demand and Supply remember
demand is a downward sloping curve that
shows you the law of demand when price
goes up people buy less of stuff right
when price goes down people buy more
that's the idea of price and quantity
demanded understand the idea that this
curve is downward sloping for three
reasons substitution effect income
effect and the law diminishing margin
utility there's also a law of supply
when the price goes up people produce
more price goes down people produce less
right price goes up quantity Supply goes
up price goes down quantity Supply goes
down now together they form equilibrium
please note if price goes up there is no
shift price does not shift the curve it
just moves along the curve creates
either shortage when the price is low or
a surplus when the price is higher you
should also understand when there's
actual individual shifts so there's only
four things that can happen demand can
go up demand can go down Supply can go
up or Supply can go down and you just
watch the graph draw the graph tells you
exactly what happens to the price and
quantity every single time now there's a
double shift when two curves shift at
the same time there's a double shift
rule when two curves shift remember
something is going to be indeterminant
right you can't tell what's going to
happen either price or quantity the
trick here is draw the graph draw the
shift that occurs and that's going to
tell you where you end up whichever one
looks the same right means that's
indeterminate because you can't tell
price will go up or down another trick
really quick is you can actually
separate it out so if demand goes up and
Supply goes up you can actually separate
those two things out put those results
together and that tells you which thing
is indeterminate price or quantity the
next thing you're talk about is the idea
of substitutes and compliments remember
substitutes are two products you buy in
place of each other compens are two
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