Sign In | Subscribe
Start learning today, and be successful in your academic & professional career. Start Today!
Loading video...
This is a quick preview of the lesson. For full access, please Log In or Sign up.
For more information, please see full course syllabus of AP Macroeconomics
  • Discussion

  • Study Guides

  • Download Lecture Slides

  • Table of Contents

  • Related Books

Bookmark and Share
Lecture Comments (7)

2 answers

Last reply by: James Weaver
Sun Nov 15, 2015 6:24 AM

Post by James Weaver on November 9, 2015

Will this course be good for an I ntro to macroeconomic at a college?

0 answers

Post by Catherine Hand on June 23, 2014

Sorry, I understand now.

0 answers

Post by Catherine Hand on June 21, 2014

Without clothing we may freeze and die or get ill. I would say it was a need and maybe fancy designer clothes would not be needed, nor would a full wardrobe.  Also Internet access maybe needed else people can not function, so this lecture is not practical. A laptop may give inform us so we do not need a TV.

1 answer

Last reply by: Professor Jibin Park
Wed May 14, 2014 12:51 AM

Post by Angela Patrick on May 13, 2014

Is it an incorrect statement to compare the efficiency of the points on the PPF curve by comparing the area of the rectangles they create?

Intro to Macroeconomics

  • All resources are scarce. Scarcity is the fundamental problem in economics. Unlimited wants vs. limited resources.
  • We prioritize our wants and make choices based on our subjective values.
  • Positive economics deals with how things are while normative economics deals with how things should be.
  • Every choice has an opportunity cost.
  • Most decisions are made at the margin.
  • Underutilization of resources results in inefficiency.
  • Production possibilities frontier graphs can have either increasing or constant costs.

Intro to Macroeconomics

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Lesson Overview 0:14
  • What is Economics? 1:33
    • The Study of How People Seek to Satisfy Their Needs and Wants by Making Choices
    • Scarcity
  • Four Factors of Production (Resources) 2:59
    • Land
    • Labor
    • Capital
    • Entrepreneurship
  • Needs vs. Wabts 5:10
  • Choice and Cost 11:24
    • Opportunity Cost
    • Trade-Off
  • Opportunity Cost Example 14:16
  • Positive Economics vs. Normative Economics 16:19
    • Positive Economics
    • Normative Economics
  • Is It Normative or Positive? 18:30
  • Marginal Analysis 20:54
    • Thinking at the Margin
    • All or Nothing Propositions
    • Whether or Not to Consume the Next Unit
  • Marginal Analysis Example 22:10
  • Production Possibilities Frontier 25:00
    • Graph
    • Efficiency
    • Underutilization
    • PPF Graphs
    • Guns or Butter Analogy
  • Increasing Opportunity Cost 27:48
    • Law of Increasing Opportunity Cost
    • Curve Will Be Concave
    • Example
  • Constant Opportunity Cost 33:45
    • Definition of Constant Opportunity Cost
    • Downward-Sloping Line
    • Example
  • Example 1 37:32
  • Example 2 39:12
  • Example 3 40:37
  • Example 4 42:11