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These short animated Adobe Presentations introduce high school economic concepts in microeconomics. Each chapter includes around 10-16 clips and each clip is between 2 and 10 minutes long. Full transcripts of presentations are also available. All clips require Adobe Flash.
Chapter One: Limits, Alternatives, and Choices
Chapter one includes an introduction to the economic way of thinking, scarcity, budget line, and production possibilities curves.
Chapter Two: The Market System and the Circular Flow
Chapter two includes the fundamental economic questions, economic systems, market systems, the invisible hand theory, and circular flow.
Chapter Three: Demand, Supply, and Market Equilibrium
Chapter three includes demand curves and shifters, normal versus inferior goods, substitutes versus complements, supply curves and shifters, function of prices, market equilibrium, and price ceilings and floors.
Chapter Four: Elasticity of Demand and Supply
Chapter four includes price elasticity of demand and supply, cross elasticity, income elasticity, and the effects of tax on prices, quantity, and consumer and producer surpluses.
Chapter Five: Market Failures - Public Goods and Externalities
Chapter five includes consumer and producer surpluses, market failures, externalities, public goods, productive and allocative efficiency, and deadweight loss.
Chapter Six: Businesses and Their Costs
Chapter six includes organizational structures of firms, explicit costs and implicit costs, accounting profit and economic profit, fixed costs, variable costs, marginal costs, short run versus long run, the law of diminishing returns, and returns to scale.
Chapter Seven: Pure Competition
Chapter seven includes the characteristics of pure competition, the demand and marginal revenue curves of a purely competitive firm, short-run profit maximization of a purely competitive firm, entry and exit in the long run, long-run equilibrium, long-run supply curve, and allocative and productive efficiency in long-run equilibrium.
Chapter eight includes the characteristics of pure monopoly, the four major types of entry barriers, the difference between monopoly and pure competition, pure monopoly and marginal revenue, profit maximization, productive and allocative efficiency under a pure monopoly, cost complications, economies of scale, X-inefficiency, rent-seeking behaviors, price discrimination, and anti-trust regulations.
Chapter Nine: Monopolistic Competition and Oligopoly
Chapter nine includes the characteristics of monopolistic competition, limited control over price, monopolistic competition and advertising, the demand curve facing a monopolistic competitive firm, short-run and long-run profit maximization, productive and allocative efficiency under monopolistic competition, the characteristics of oligopoly, merger and anti-trust regulations, elements of a game, the payoff matrix, the dominant strategy in a game, Nash equilibrium, collusion, the kinked-demand model, oligopoly and advertising, and productive and allocative efficiency under oligopoly.
Chapter Ten: Wage Determination
Chapter ten includes output and input markets, the marginal cost of labor, labor demand shifters, wage elasticity, wage determination and optimal labor hiring in monopsony, union models, and the minimum wage controversy.
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