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Microeconomics: An Introductory Economics Course

Unit 1: Introduction to Economics
Welcome: An Introduction to Economics
Lesson 1: The Study of Economics
Lesson 2: Scarcity, Choice, Opportunity Cost, and Utility
Lesson 3: The Basic Economic Problem
Lesson 4: The Factors of Production
Lesson 5: Production Possibility Curve
Lesson 6: The Nine Central Themes of IB Economics
Lesson 7: Microeconomics and Macroeconomics
Lesson 8: Positive and Normative Economics
Lesson 9: Rational Economic Thinking
Study Break
Lesson 10: Model Building
Lesson 11: The Circular Flow of Income Model
Lesson 12: Free Market vs Planned Economies
Lesson 13: Economic Growth vs Economic Development
Lesson 14: Closing Remarks to Introduction to Economics
Unit 2: The Evolution of Economic Thinking
Lesson 1: Introduction to the Evolution of Economic Thinking
Lesson 2: Classical Economics - The 18th Century
Lesson 3: Classical Economics - The 19th Century
Lesson 4: Neoclassical Economics - 19th Century
Lesson 5: Karl Marx's Critique of Classical Economics
Lesson 6: Keynesian Economics - The 20th Century
Lesson 7: Monetarism (New Classical) Economics - 20th Century
Lesson 8: Behavioral Economics - 21st Century
Lesson 9: The Circular Economy and The Doughnut Economy - 21st Century
Lesson 10: Closing Remarks on the Evolution of Economic Thought
Unit 3: Demand, Supply, and Market Equilibrium
Lesson 1: Introduction to Demand, Supply, and Market Equilibrium
Lesson 2: The Law of Demand
Lesson 3: The Determinants of Demand
Lesson 4: The Law of Supply
Lesson 5: The Determinants of Supply
Lesson 6: The Rule of 11 - The Basic Demand and Supply Diagram
Study Break
Lesson 7: Market Equilibrium
Lesson 8: The Effects of Shifts of Demand and Supply
Lesson 9: The Role of Price Mechanism
Lesson 10: Market and Allocative Efficiency
Lesson 11: Closing Remarks on Demand, Supply, and Market Equilibrium
Unit 4: Behavioral Economics
Lesson 1: Introduction Behavioral Economics - A Critique of Rational Economic Thought
Lesson 2: Assumptions of Neoclassical View of Economics
Lesson 3: Introduction to Behavioral Economics
Lesson 4: Behavioral Economics - Critique of Consumers' Rational Thinking
Lesson 5: Behavioral Economics - The Dual System Model
Lesson 6: Behavioral Economics - Cognitive Biases
Lesson 7: Behavioral Economics - Choice Architecture
Lesson 8: Behavioral Economics - Nudge Theory
Lesson 9: Closing Remarks on Behavioral Economics
Unit 5: Elasticities
Lesson 1: Elasticities: Introduction and Overview
Lesson 2: Price Elasticity of Demand (PED)
Lesson 3: Price Elasticity of Demand - Applications
Lesson 4: Price Elasticity of Demand - The Diagram
Lesson 5: Price Elasticity of Demand - Determinants
Lesson 6: Cross Elasticity of Demand (XED)
Lesson 7: Income Elasticity of Demand (YED)
Lesson 8: Importance of Income Elasticity of Demand
Study Break
Lesson 9: Price Elasticity of Supply (PES)
Lesson 10: Price Elasticity of Supply - Applications
Lesson 11: Price Elasticity of Supply - Determinants
Lesson 12: Closing Remarks on Elasticity
Unit 6: Government Intervention
Lesson 1: Introduction to Government Intervention
Lesson 2: Indirect Taxes
Lesson 3: Indirect Tax Diagram
Lesson 4: Per-Unit Subsidies
Lesson 5: Per-Unit Subsidy Diagram
Study Break
Lesson 6: Price Controls - Introduction
Lesson 7: Price Ceiling Diagram
Lesson 8: Price Floor Diagram
Lesson 9: Closing Remarks on Government Intervention
Unit 7: Market Failure
Lesson 1: Introduction to Market Failure
Lesson 2: Market and Allocative Efficiency
Lesson 3: Market Failure Base Diagram
Lesson 4: Negative Externality of Consumption - The Diagram
Lesson 5: Negative Externality of Consumption - The Solutions
Lesson 6: Negative Externality of Production - The Diagram
Lesson 7: Negative Externalities of Production - The Solutions
Lesson 8: Positive Externality of Consumption - The Diagram
Lesson 9: Positive Externality of Consumption - The Solutions
Lesson 10: Positive Externality of Production - The Diagram
Lesson 11: Positive Externality of Production - The Solutions
Lesson 12: Common Access Resources
Lesson 13: Closing Remarks on Market Failure
Congratulations. Closing Thoughts on Microeconomics
Congratulations. Closing Thoughts on Microeconomics

Lesson 9: The Role of Price Mechanism

Microeconomics: An Introductory Economics Course Unit 3: Demand, Supply, and Market Equilibrium
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