Introduction to economics from Khan Academy

Khan Academy: „Our mission is to provide a free, world-class education to anyone, anywhere.
This tutorial (above video) is an overview of what economics is. In particular it will tell you the difference between microeconomics (the subject you’re in right now) and macroeconomics. Really good first watch to give you some context on the world of economics.”
(source: Khan Academy website)

You can find the entire „Microeconomics course” here.

There is also the YouTube version of the first two modules here.

Course summary:

  1. Basic economic concepts
    • Introduction to economics
    • Economic systems
    • Production possibilities frontier
    • Comparative advantage and the terms of trade
  2. Supply, demand, and market equilibrium
    • Demand
    • Supply
    • Market equilibrium and changes in equilibrium
  3. Elasticity
    • Price elasticity of demand
    • Price elasticity of supply
    • Income elasticity of demand and cross-price elasticity of demand
  4. Consumer and producer surplus, market interventions, and international trade
    • Consumer and producer surplus
    • Market interventions and dead-weight loss
    • International trade
  5. Consumer theory
    • Introduction to consumer theory: total utility and and marginal utility
    • Utility maximization using marginal utility per dollar spent
    • Utility maximization with indifference curves
  6. Production decisions and economic profit
    • Introduction to production and costs
    • Production and costs in the short run
    • Production and costs in the long run
    • Types of profit
    • Profit maximization
    • Firm entry, exit, an the shut-down rule
  7. Forms of competition
    • Perfect competition
    • Monopoly
    • Price discrimination
    • Monopolistic competitio
    • Oligopoly and game theory
  8. Factor markets
    • Introduction to factor markets
    • Changes in factor demand and supply
    • Optimal choice of factors in perfectly competitive factor markets
    • Choosing inputs when factor markets are monopolistically competitive
  9. Market failure and the role of government
    • Externalities
    • Bonus articles: Pollution as a negative externality
    • Bonus articles: Innovation as a positive externality
    • The four types of goods: private goods, public goods, common resources, and natural monopolies

What is Khan Academy? See in the below video from John Stossel:

Also for mobile phones there is a mobile application (Khan Academy) that lets you do the courses both online and offline (pre-download the content).

See also:
MACROeconomics full course (from Khan Academy)
Choice Theory: Why Government Often Fails (lecture)
Frederic Bastiat – The Law
(free PDF and audiobook)
America’s Written Constitution course (from Yale)

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