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Microeconomics Unit 1  Basic Concepts

Unit 1 Key Ideas

Text:  Economics by McConnell & Brue 14th ed.

• Chapter 1  (pp.15-19) (optional)                        The Nature & Method of Economics  
• Chapter 2  (pp. 22-32, 35-37) (Circular Flow)   The Economizing Problem                   
  

      Visuals for Unit 1

• All Unit 1 Visuals
• Mic1-1    The Economic Way of Thinking
• Mic1-2     Production Possibilities Curve
• Mic1-3    Comparative Advantage (Output)
• Mic1-4    Comparative Advantage (Input)
• Mic1-5    Difference b/t Change in Demand & change in Qd
• Mic1-6    Factors that Shift the Demand Curve
• Mic1-7    Difference b/t Change in Supply & change in Qs
• Mic1-8    Factors that Shift the Supply Curve
• Mic1-9    Equilibrium & Disequilibrium
• Mic1-10  Effects of Shifts in Demand or Supply

Graphs:

PowerPoints:
Chapter 1 Limits, Alternatives, & Choices (19th ed.)
Chapter 2 The Market System & the Circular Flow (19th ed.)

Videos:

ACDC Micro Unit 1 Videos

• ACDC Star Wars Econ Movie (Scarcity, Opp. Cost, Voluntary Exchange 6:40)
• ACDC Monty Python Econ Movie (Marginal Analysis 5:27)
• ACDC Monsters Inc. Movie (Production Possibilities Curve, Factors of Production 4:44)
• ACDC Indiana Jones Movie (Demand/Supply, Equilibrium, Shortage, Surplus 7:03)
• ACDC Micro Unit 1 Basic Economic Concepts (1:40)
• ACDC Micro 1-2 PPC & Opp. Cost (3:16)
• ACDC Micro 1-1 The Big Picture (AP Econ Overview, "Circular Flow") (12:49)
• ACDC Micro 1-3 Comp. ADV (4:10)
• ACDC Micro 1-4 Comp. ADV Output/Input Practice (4:58)

Practice Questions:

• Blackboard:  Chapters 1, 2

Other Micro Units:

Micro Unit 2
Micro Unit 3
Micro Unit 4
Micro Unit 5

Unit 1 Review List

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