# Full Length Intro Micro Course

# Example Lecture:

Production Possibilities Frontiers and Opportunity Cost

**Long Form Lectures:** The Lectures Below are slightly modified versions from an online course I teach. I am using the Introductory book from McConnell, Brue, and Flynn (21st Edition). These are longer, full lectures (with a few shorter ones). If you want a real course in economics- buy the book and follow along! I will have a lot of handouts you can download, so that you can follow along with the notes, graphing, and calculations.

** ****Playlist of all videos****Handouts Page**

**Many of the Handout links are broken for now- but you can try to find the right one at the bottom of this page, or at the ****Handouts Page**** link.**

**Chapter 1 Economics: Introduction, Scarcity and Opportunity Costs**

Overview of Economics Micro/Macro, Scarcity, Cost/Benefit

Overview Part 2 Resources, Marginal Analysis, Opportunity Cost, Models Handout

Opportunity Cost & Budget Illustrating the idea of opportunity cost using Budget Lines and Slopes Handout

Production Possibilities Production Possibilities Curves (Frontiers) Handout

Math Review Graphing lines, slopes, solving equations, & percentage changes Handout

Graphing Tool & Review A Cool Google Graphing tool for Economics, and Graphing Concepts

Specialization and Trade Comparative Advantage and Trade using Production Possibilities Handout

**Chapter 2 ****Markets & Circular Flow**

Markets & Specialization Adam Smith Quotes, Voluntary Trade, Advantages of Markets Handout

Barter, Money, 5 Questions How money is more efficient than barter, and the the "5 Fundamental Questions"

Circular Flow Model About the basic model, extensions, and a REAL model with water! Handout

**Chapter 3 ****Supply and Demand**

Demand All about demand, quantity demanded, and what can shift demand. Handout

Supply and Equilibrium All about Supply, and what is Equilibrium? What if we aren't in equilibrium?

Shifts in Equilibrium Some examples of supply **or** demand shifting. Print some free graph paper!

S&D Details, and 2 Shifts WHY does demand slope downward? And when **S&D both** shift

**Chapter 4 ****Surplus, Deadweight Loss, Externalities and Public Goods **

Surplus & DWL Intro How to calculate consumer and producer surplus, variable costs, etc. Handout

Public and Private Goods Characteristics of Public and Private Goods; How to Analyze Handout

Positive Externalities What a positive externality is, and why these things should be encouraged.

Negative Externalities What a negative externality is, how they create deadweight loss.

Efficiency of Markets How competitive markets can result in Productive and Allocative Efficiency

**Chapter 6 Elasticity**

Intro to Elasticities Introduction to the idea of elasticities, Price Elasticity of Demand Handout

Other Elasticities Price Elasticity of Supply, and Cross-price/Income elasticities of demand

Calculating Elasticities Simple version and the Midpoint Method for percentage Changes

Linear Demand & Revenue How P.E.of Demand Changes along demand line, & the Total Revenue Test!

Elasticity Quiz 7 Questions: Easy through Beast Mode! Handout

**Chapter 7 **** Utility Analysis**

Intro to Utility Diminishing Marginal Utility, Diamond-Water Paradox, maximization Handout

Marginal Utility per $ Using marginal utility per dollar to maximize utility Handout

**Chapter 23 ****Income Inequality, Poverty, and Discrimination**

Income Inequality Measures of Household Income Inequality (Lorenz, Gini) Handout

Poverty How poverty is measured in the US and the world. (Continue previous handout)

Why Incomes Aren't Equal A discussion of why some people make more than others, with a look at gender

Discrimination A brief look at discrimination from an economist's perspective Handout

**Chapter 9 ****Costs and Intro to Business Analysis**

Intro to Costs An introduction to costs and using them in decision making. Handout

Production Marginal product, increasing and diminishing marginal returns, etc. Handout

Profit: Acct. vs. Economic Also discuss implicit & explicit costs, depreciation, and more!

**Chapter 10 ****Perfect (Pure) Competition **

Introduction to Pure Comp. Overview of 4 common market models, and total revenue vs. total cost. Handout

Cost Table Analysis Using tables to understand pure competition decision making (see previous handout)

Drawing Market Supply How a cost table for ONE firm related to market supply curve Handout

**Chapter 11 ****Pure Competition in the Long Run**

Long Run Introduction Some "big ideas" that follow from Pure Competition in the long run. Handout

Excel Simulation A dynamic spreadsheet with taxes, # firms, and more! Excel File

Returns to Scale, Etc. The difference between Returns to Scale and Decreasing Cost Industry Handout

**Chapter 12 ****Monopolies**

Marginal Revenue What Marginal Revenue is and how to use it for PC and Monopoly Handout

Details about Monopolies Barriers to entry, MR and MC again, and basic price discrimination. Handout

Mastering Monopolies Starting with Pure Competition, what if a monopoly took over? Handout