MKT-1 Most resources are scarce, and in most cases the use of resources involves constraints and trade-offs.

• • 1.1 Scarcity

  • 1.2 Resource Allocation and Economic Systems

  • 1.3 Production Possibilities Curve

    • Bell Ringer: What is Economics? (2:15)  

    • Bell Ringer: Why is Economics Important to Learn? (1:57)

    • Bell Ringer: Macroeconomics vs. Microeconomics (3:18) 

    • Bell Ringer: Principles of Market Capitalism (5:16)

    • Bell Ringer: Free Market Economics (4 Clips)

    • Bell Ringer: Adam Smith's America: Part I (3 Clips)

    • Bell Ringer: Adam Smith’s America: Part II (4 Clips)

    • Bell Ringer: Adam Smith and the Wealth of Nations (2:28)

    • Lesson Plan: Adam Smith and the Wealth of Nations (6 Clips)

    • Bell Ringer: Adam Smith and Contemporary Globalization (5:56)    

    • Bell Ringer: Prices in a Free Market Economy (2:33)

    • Bell Ringer: Hayek on Free Markets and the Role of Government (3 Clips) 

    • Bell Ringer: Free Markets and Command Economies (4:48)

    • Clip: Current Perspectives on Socialism and Capitalism (2:45) 

    • Bell Ringer: Centrally Planned Economy (4:39)

    • Lesson Plan: Real World Applications of the Production Possibilities Curve (4 Clips)

MKT-2 The consequences of scarcity can be mitigated through specialization in production and by exchange.

• • 1.4 Comparative Advantage and Trade

    • Bell Ringer: Comparative Advantage and Trade (5:06) 

    • Bell Ringer: David Ricardo and Comparative Advantage (1:56)

CBA-1 Rational economic decisions require the evaluation of costs and benefits.

• • 1.5 Cost-Benefit Analysis

    • Bell Ringer: Trade-Offs and Cost-Benefit Analysis (2:39)  

    • Bell Ringer: Thinking Like an Economist (2 Clips)       

CBA-2 To determine the optimal level at which to pursue an activity whose total benefits exceed total cost, rational economic agents compare marginal benefits and marginal costs.

• • 1.6 Marginal Analysis and Consumer Choice

    • Bell Ringer: Behavioral Economics & the Rational Decision Maker (6:18)

    • Bell Ringer: Consumer Choice and Total Welfare (2 Clips)

MKT-3 Individuals and firms respond to incentives and face constraints.

• • 2.1 Demand

  • 2.2 Supply

  • 2.3 Price Elasticity of Demand

  • 2.4 Price Elasticity of Supply

  • 2.5 Other Elasticities

    • Bell Ringer: The Impact of Supply and Demand on Prices (2:14)

    • Bell Ringer: Factors That Impact U.S. Food Prices (4:48)

    • Clip: The Russia-Ukraine Conflict and the Global Food Supply (7:48)

    • Bell Ringer: Senate Hearing on Baby Formula Shortage (1:37)

    • Bell Ringer: Iran Sanctions and Elasticity (3:17)

    • Bell Ringer: Consumer Spending and Income Elasticity (3:44) 

MKT-4 Although equilibria are stable, an economy can move from one equilibrium to another if market conditions change. 

• • 2.6 Market Equilibrium and Consumer and Producer Surplus

  • 2.7 Market Disequilibrium and Changes in Equilibrium

    • Bell Ringer: Walmart and Consumer Surplus (1:48)

    • Bell Ringer: Impact of Broadband on Consumer Surplus (1:56)

POL-1 Government policies influence consumer and producer behavior and therefore affect market outcomes. 

• • 2.8 The Effects of Government Intervention in Markets

  • 2.9 International Trade and Public Policy

    • Bell Ringer: Government Influence on Supply (0:52)

    • Lesson: Price Floors & Price Ceilings (2 Clips) 

    • Lesson: Should the Federal Minimum Wage Be Raised? (5 Clips)

    • Clip: Sen. Ernst (R-IA) on Raising the Minimum Wage (1:21)

    • Clip: Rep. Mark Pocan (D-WI) on Raising the Minimum Wage (1:48)

    • Bell Ringer: Rent Control (1:39)

    • Bell Ringer: Impact of the Soda Tax on Supply and Demand (4:03)

    • Lesson: Trade Policy: Tariffs and Free Trade (9 Clips)

    • Lesson: The History of Tariffs in the United States (8 Clips)

    • Bell Ringer: The Smoot-Hawley Tariff Act and the Great Depression (2:06)

    • Clip: An Explanation of the Proposed United States-Mexico-Canada Agreement (3:35)

    • Lesson: Replacing NAFTA: The United States-Mexico-Canada Agreement (USMCA) (8 Clips)

    • Bell Ringer: What are Tariffs and How do They Work (3:06) 

PRD-1 Firms’ production and cost constraints over different input and output levels shape optimal decisions in the short run and long run.

• • 3.1 The Production Function

  • 3.2 Short-Run Production Costs

  • 3.3 Long-Run Production Costs

    • Bell Ringer: Costs, Profit and Revenue in the EpiPen Market (5:32)

CBA-2 To determine the optimal level at which to pursue an activity whose total benefits exceed total cost, rational economic agents compare marginal benefits and marginal costs.

• • 3.4 Types of Profit

  • 3.5 Profit Maximization

    • Bell Ringer: Costs, Profit and Revenue in the EpiPen Market (5:32)

PRD-2 Firms’ short-run decisions to produce output, and long-run decisions to enter or exit a market, are based on profitability.

• • 3.6 Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market

  • 3.7 Perfect Competition

PRD-3 Even with a common goal of profit-maximization, market structure constrains and influences prices, output, and efficiency.

• • 4.1 Introduction to Imperfectly Competitive Markets

  • 4.2 Monopoly

  • 4.3 Price Discrimination

  • 4.4 Monopolistic Competition

  • 4.5 Oligopoly and Game Theory

    • Bell Ringer: Impacts of Monopolization (3:15)  

    • Bell Ringer: Monopolies and Large Tech Companies (3:36)

    • Bell Ringer: Monopolies and Their Impact on Farmers (2:36) 

    • Bell Ringer: Antitrust Tools of the Federal Government (4:27) 

    • Bell Ringer: Predatory Pricing in the Airline Industry (2:41)

    • Bell Ringer: Approaches to Regulating Predatory Pricing (3:46)

    • Bell Ringer: Oligopolies and Formula Production (1:58)

    • Bell Ringer: John Forbes Nash and Game Theory (2:51)

PRD-4 Factor prices provide incentives and convey information to firms and factors of production.

• • 5.1 Introduction to Factor Markets

  • 5.2 Changes in Factor Demand and Factor Supply

  • 5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Markets

  • 5.4 Monopsonistic Markets

    • Bell Ringer: Supply And Demand And Related Markets (1:12)

    • Bell Ringer: Labor Market Supply and Demand (2:05)

    • Bell Ringer: Impact of Technology on Labor Markets (3 Clips)

    • *NEW* Bell Ringer: The Influence of Technology on Farming (3:03)

    • Bell Ringer: Labor and Capital Markets (2:15)

    • Bell Ringer: Gender Pay Gap (4 Clips)

    • Bell Ringer: Competitive Labor Markets and Comparative Advantage (2:06)

    • Bell Ringer: Monopsonies and Large Technology Companies (2:28)

    • Bell Ringer: Medicare and Monopsony Pricing (1:10)

POL-2 Perfectly competitive markets allocate resources efficiently, but imperfect competition often results in market inefficiencies.

• • 6.1 Socially Efficient and Inefficient Market Outcomes

    • Bell Ringer: The Role of Government in Regulating Monopolies (2:24)  

POL-3 Private incentives can fail to account for all socially relevant considerations.

• • 6.2 Externalities

  • 6.3 Public and Private Goods

    • Bell Ringer: Cap and Trade Policies to Reduce Carbon Dioxide Emissions (3:16)  

    • Bell Ringer: Tragedy of the Commons and the Role of Government in Society (2:03)

    • Bell Ringer: Tragedy of the Commons (2 Clips) 

POL-4 In imperfect markets, well-designed government policy can reduce waste.

• • 6.4 The Effects of Government Intervention in Different Market Structures

POL-5 Market outcomes can result in income inequality.

• • 6.5 Inequality

    • Bell Ringer: Federal Payroll Taxes (1:38)

    • Bell Ringer: How the Federal Government Spends Your Taxes (2:51)

    • Bell Ringer: Mandatory and Discretionary Spending (2:16)

    • Lesson: How Are Your Tax Dollars Being Spent on Federal Social Programs? (11 Clips)

    • Bell Ringer: What are Entitlements? (1:07)

    • Lesson: The History of Federal Entitlement Programs in the U.S. (7 Clips)

    • Lesson: 2017 Tax Reform and Jobs Act (11 Clips)

    • Bell Ringer: Marginal Tax Rates (2 Clips)

    • Bell Ringer: The Laffer Curve (1:39) 

    • *NEW* Bell Ringer: The Role of Government in Reducing Income Inequality (3:03)

    • Bell Ringer: Impact of Tax Policy on the Economy (3 Clips)

    • Bell Ringer: Progressive Tax Rates Around the World (2:55) 

    • Lesson: US Tax Rates Compared to Other Countries (7 Clips)

    • Bell Ringer: Wealth Taxes and How They Work (2 Clips) 

    • Bell Ringer: The National Labor Relations Act / Wagner Act (1:48) 

    • Bell Ringer: The Taft-Hartley Act and Right-to-Work Laws (2:26) 

    • Bell Ringer: Unions in America Today (3:27)

    • Bell Ringer: U.S. Living Standards (1970-1996) (2:48)

Bell Ringers and other resources highlighting examples of the key terms listed below:

• Capitalism

• Centrally Planned Economy

• Comparative Advantage

• Consumer Surplus

• Costs of Production

• Division of Labor

• Economics

• Elasticity

• Factor Markets

• Free Market System

• Game Theory

• Gini Coefficient 

• Human Capital

• Income Elasticity of Demand

• Investment Tax Credit

• Labor Market

• The Laffer Curve

• Law of Demand

• Marginal Tax Rates

• Mixed Economy

• Monopoly

• Monopsony

• Natural Monopoly

• Predatory Pricing

• Production Possibilities Curve

• Progressive Tax Rates

• Protective Tariff

• Price Ceilings

• Price Floors

• Revenue

• Secondary Goods

• Specialization

• Standard of Living

• Supply Side Economics / Trickle Down Economics

• Tax Incentives

• Tragedy of the Commons

• *NEW* Practice Microeconomics FRQ: Short Response (Supply, Demand, Government Influence on Markets) (3 Clips)