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AP Microeconomics Online Course Prof. Jibin Park

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  • Level Advanced
  • 26 Lessons (16hr : 17min)
  • 1,388 already enrolled!
  • Audio: English

Join Professor Jibin Park’s AP Microeconomics online course to help you prepare for the AP exam or ace your college course. Learn economic ideas from real world examples and focus on understanding complex graphs with Dr. Park’s clear explanations. The course also contains a full step-by-step walkthrough of an AP Microeconomics test by Dr. Park who has been grading the AP for 7+ years.

Table of Contents

Section 1: Introduction
  Intro to Economics 22:40
   Intro 0:00 
   Lesson Overview 0:09 
   Basic Economic Concepts 1:07 
   What is Economics? 1:47 
    Definition of Economics 1:50 
    Scarcity 2:25 
   Four Factors of Production (Resources) 3:02 
    Land 3:26 
    Labor 3:43 
    Capital 4:02 
    Entrepreneurship 4:35 
   Needs vs. Wants 5:00 
    Needs 5:22 
    Wants 6:01 
   People Choose 8:46 
    Need 8:48 
    Economics is About Making Choices 8:59 
   Every Choice Has a Cost 9:29 
    Opportunity Cost 9:43 
    Trade-Off 9:55 
   Positive Economics vs. Normative Economics 10:23 
    Positive Economics 10:32 
    Normative Economics 11:13 
   Marginal Analysis 12:29 
    All or Nothing Propositions 12:48 
    To Consume the Next Unit or Not 12:52 
    Key to Understanding Economics 12:57 
   Example 1 13:29 
   Example 2 14:46 
   Example 3 17:02 
   Example 4 20:48 
  Production Possibilities Frontier 17:47
   Intro 0:00 
   Lesson Overview 0:08 
   I. Basic Economic Concepts 0:48 
   Production Possibilities Frontier 1:23 
    Points of Efficiency 1:40 
    Points of Underutilization 1:43 
    Famous 'Guns or Butter' Analogy 2:20 
   Increasing Opportunity Cost 2:59 
    Law of Increasing Opportunity Cost 3:07 
    Example: Economy of DVDs and Wine 3:35 
   Constant Opportunity Cost 6:26 
    Definition of Constant Opportunity Cost 6:35 
    Example: Economy of Soda and Flags 6:50 
   Example 1 9:35 
   Example 2 11:06 
   Example 3 12:54 
   Example 4 14:19 
   Example 5 16:28 
  Comparative Advantage & Trade 48:19
   Intro 0:00 
   Lesson Overview 0:07 
   I. Basic Economic Concepts 0:45 
   Trade and Specialization 1:36 
   I, Pencil 3:29 
    Market Economy 4:28 
    Command Economy 5:02 
    Mixed Economy 5:46 
   Absolute Advantage 6:29 
    Better at Producing a Particular Product 6:35 
    Example 6:45 
   Comparative Advantage 9:09 
    Lower Opportunity Cost in Producing a Particular Product 9:17 
    Example 9:26 
   Comparative Advantage & PPF Graph 16:08 
   Example 1 20:41 
   Example 2 24:29 
   Example 3 29:13 
   Example 4 32:52 
   Example 5 37:46 
   Example 6 43:39 
  Utility Maximization 31:21
   Intro 0:00 
   Lesson Overview 0:14 
   I. Basic Economic Concepts 0:47 
   Utility vs. Marginal Utility 2:18 
    Utility 2:22 
    Marginal Utility 2:53 
    Examples 3:02 
   Marginal Utility Per Dollar 4:07 
    Definition of Marginal Utility Per Dollar 4:12 
    Constrained by a Budget 4:33 
    Role of Scarcity 4:35 
   Diminishing Marginal Utility 7:20 
    Definition of Diminishing Marginal Utility 7:24 
    Krispy Kreme Experiment 8:46 
   Optimal Consumption Bundle 9:59 
    Optimal Consumption Bundle Rule 10:02 
    Select the Higher Marginal Utility Per Dollar 10:34 
    Value Begins to Fall 10:42 
   Example 1 11:04 
   Example 2 14:15 
   Example 3 18:16 
   Example 4 21:13 
   Example 5 24:09 
   Example 6 27:50 

Section 2: Supply & Demand
  Price & Quantity 39:07
   Intro 0:00 
   Lesson Overview 0:14 
   II. Product Markets 1:05 
   Supply and Demand 2:22 
    Supply and Demand Model 2:24 
    Demand Curve 2:28 
    Supply Curve 2:43 
    Factors 2:56 
    Equilibrium Price and Quantity 3:45 
   Demand Schedule and Demand Curve 3:56 
    Market Demand Schedule 3:59 
    Market Demand Curve 4:07 
    Example 4:18 
   Shifts of the Demand Curve 9:39 
    Changes in the Prices of Related Goods 9:47 
    Changes in Income 12:14 
    Changes in Tastes 12:57 
    Changes in Expectations 13:58 
   Increase in Demand (Rightward Shift) 14:44 
   Decrease in Demand (Leftward Shift) 15:37 
   Supply Schedule and Supply Curve 16:27 
    Market Supply Schedule 16:37 
    Market Supply Curve 16:46 
    Example 16:52 
   Shifts of the Supply Curve 20:19 
    Changes in Input Prices 20:29 
    Changes in Technology 20:43 
    Changes in Expectations 21:09 
   Increase in Supply (Rightward Shift) 21:41 
   Decrease in Supply (Leftward Shift) 22:51 
   Supply, Demand, and Equilibrium 23:45 
    Equilibrium Price 23:50 
    Equilibrium Quantity 23:57 
    Equilibrium 24:05 
   Surplus and Shortage 25:15 
    Surplus 25:19 
    Shortage 25:30 
    Example 25:43 
   Example 1 29:26 
   Example 2 30:18 
   Example 3 31:37 
   Example 4 34:11 
   Example 5 36:37 
  Supply & Demand 25:11
   Intro 0:00 
   Lesson Overview 0:13 
   II. Product Markets 0:57 
   Shifts to the Demand or Supply Curve 1:50 
    Demand Shift to the Right 1:55 
    Demand Shift to the Left 2:11 
    Supply Shift to the Right 2:27 
    Supply Shift to the Left 2:43 
   Example 1 2:59 
   Example 2 4:28 
   Example 3 6:13 
   Example 4 8:17 
   Shifts of Both the Demand and Supply Curves 10:05 
    Demand and Supply Shift to the Right 10:52 
    Demand and Supply Shift to the Left 11:15 
    Supply Shift to the Left and Demand Shift to the Right 11:52 
    Supply Shift to the Right and Demand Shift to the Left 12:17 
   Example 5 13:44 
   Example 6 17:14 
   Example 7 19:21 
   Example 8 21:43 
  Price Controls 27:05
   Intro 0:00 
   Lesson Overview 0:12 
   II. Product Markets 1:01 
   Why Price Controls are Inefficient 1:51 
    Price Controls 3:10 
    Price Ceiling 3:34 
    Price Floor 3:41 
   Effective Price Ceiling 4:08 
    Rent Control 4:16 
    Effective Price Ceiling Must be Below Equilibrium Price 4:27 
   How a Price Ceiling Causes Inefficiency 6:36 
    Inefficiency Allocation to Consumers 6:50 
    Wasted Resources 7:20 
    Inefficiently Low Quality 7:51 
   Effective Price Floor 8:45 
    Minimum Wage 8:53 
    Effective Price Floors Must be Above Equilibrium Price 9:40 
   Price Floor on Agricultural Products 13:42 
   'Butter' Mountain 16:09 
   How a Price Floor Causes Inefficiency 17:41 
    Inefficiently Low Quantity 17:47 
    Wasted Resources 18:11 
    Inefficiently High Quality 18:39 
   Example 1 20:05 
   Example 2 21:12 
   Example 3 22:36 
   Example 4 23:46 
   Example 5 25:06 
  Price Elasticity of Demand 58:45
   Intro 0:00 
   Lesson Overview 0:10 
   II. Product Markets 1:26 
   What is Elasticity of Demand? 2:37 
    Definition of Price Elasticity of Demand 2:40 
    Ceteris Paribus 3:35 
   Elastic Demand 6:57 
    e>1 7:02 
    Product is Price-Sensitive 7:47 
    Flat Demand Curve 8:05 
   Inelastic Demand 12:02 
    e<1 12:06 
    Product is Not Sensitive to Price Change 13:14 
    Steep Demand Curve 14:09 
   Example 1 19:20 
   Example 2 25:01 
   Using the Midpoint Method to Find Elasticity 30:40 
    Own Price Elasticity 31:22 
    Absolute Value Removes Negative Sign 32:20 
   Example 3 32:38 
   Example 4 38:37 
   Factors That Determine Price Elasticity 44:06 
    Whether Close Substitutes are Available 44:13 
    Whether the Good is a Necessity or a Luxury 44:48 
    Time 45:45 
    Share of Income Spent of the Good 46:32 
   Price Elasticity Along the Demand Curve 47:11 
   Example 5 56:22 
  Income, Cross-Price & Supply Elasticities 39:00
   Intro 0:00 
   Lesson Overview 0:16 
   II. Product Markets 1:31 
   What is Cross-Price Elasticity of Demand? 2:57 
    Definition of Cross-Price Elasticity of Demand 3:01 
    Formula 3:16 
   Substitutes 6:24 
    Definition of Substitutes 6:26 
    Items Match as Substitutes 6:50 
    If the Price of Good A Increases, then the Quantity Demanded of Good Will Increase 7:34 
    If the Price of Good A Decreases, then the Quantity Demanded of Good Will Decrease 8:08 
   Example 1 8:34 
   Complements 9:35 
    Definition of Complements 9:44 
    Items Match as Complements 10:01 
    If the Price of Good A Decreases, then the Quantity Demanded of Good Will Increase 11:32 
    If the Price of Good A Increases, then the Quantity Demanded of Good Will Decrease 11:48 
   Example 2 12:38 
    Definition of Income Elasticity of Demand 14:30 
    Normal Good 15:08 
    Inferior Good 15:43 
    Income-Elastic 16:56 
    Income-Inelastic 17:04 
   Formula for Income Elasticity of Demand 17:20 
    Formula 17:44 
   Example 3 21:39 
   Example 4 24:52 
   Price Elasticity of Supply 27:59 
    Definition of Price Elasticity of Supply 28:10 
    Formula 28:18 
    Availability of Inputs Affects Elasticity 28:46 
   Two Extreme Cases of Supply Price Elasticity 29:35 
   Example 5 32:41 
  Total Surplus, Deadweight Loss & World Trade 47:51
   Intro 0:00 
   Lesson Overview 0:16 
   II. Product Markets 1:25 
   What is Consumer Surplus? 2:32 
    Definition of Consumer Surplus 2:35 
    Supply and Demand Graph 2:44 
   What is Producer Surplus? 5:20 
    Definition of Producer Surplus 5:40 
    Supply and Demand Graph 5:52 
   CS + PS 8:52 
   Example 1 10:17 
   Example 2 12:21 
   How Does a Tax Affect Hotel Owners? 14:19 
    Excise Tax on Hotel Owners 14:37 
    Equilibrium Price 14:42 
    Excise Tax on Hotel Guests 19:35 
    Equilibrium Price 20:03 
    Tax Incidence 20:13 
   Example 3 22:36 
   International Trade 26:03 
    Autarky 26:10 
   Importing Countries 28:21 
    World Price 28:22 
    Positive Net Gain 28:49 
   Exporting Countries 32:28 
    World Price 33:35 
    Positive Net Gain 33:43 
   Example 4 37:46 
  Production Function & Firm Costs 41:14
   Intro 0:00 
   Lesson Overview 0:09 
   II. Product Markets 0:55 
   Long Run vs. Short Run 1:46 
    Production Function 1:51 
    Fixed Input 2:04 
    Variable Input 2:20 
    Long Run 2:36 
    Short Run 2:54 
   Marginal Product of Labor 3:03 
    Definition of Marginal Product of Labor 3:06 
    Example MPL Curve 3:50 
   Different Types of Marginal Returns 7:18 
    Increasing Marginal Returns 7:22 
    Diminishing Marginal Returns 7:49 
    Negative Marginal Returns 8:00 
   Was Thomas Malthus Correct? 10:59 
    Thomas Malthus Prediction 11:10 
    Dismal Science 11:29 
   Fixed, Variable and Total Cost 12:34 
    Fixed Cost 12:45 
    Variable Cost 13:06 
    Total Cost 13:23 
   Average Cost 15:27 
   Marginal Costs 22:17 
   Relationship Between ATC and MC Curves 27:02 
    Minimum-Cost Output 27:20 
    Output Less Than Minimum-Cost Output 27:55 
    Output Greater Than Minimum-Cost Output 28:02 
   Just Do It, Smile and Smirk 30:09 
    MC Curve 30:24 
    ATC Curve 30:45 
    AVC Curve 31:09 
   True or False, or Uncertain? 32:57 
    Example 1 32:59 
    Example 2 34:36 
   Short-Run Total Cost Function Example 38:19 
  Long-Run Costs & Economies of Scale 32:23
   Intro 0:00 
   Lesson Overview 0:10 
   II. Product Markets 1:10 
   Short-Run vs. Long-Run Costs 1:46 
    Business Decisions 1:51 
    High Fixed Cost 2:19 
    Low Fixed Cost 2:28 
    Example 3:03 
   Short-Run and Long Run ATC Curves 8:25 
   Returns to Scale 13:25 
    Economies of Scale 13:34 
    Diseconomies of Scale 14:27 
   Sources of Economies of Scale 16:18 
    Increased Specialization That Larger Output Levels Allow 16:27 
    Large Initial Set-Up Cost 17:00 
    Network Externalities 17:51 
   Sunk Cost 19:05 
    Definition of Sunk Cost 19:11 
    Example 19:52 
   Fill in the Following Cost Table 22:02 
   Short-Run vs. Long-Run Example 26:43 

Section 3: Market Structures
  Perfect Competition 47:49
   Intro 0:00 
   Lesson Overview 0:14 
   II. Product Markets 1:31 
   Types of Market Structure 2:47 
    Perfect Competition 2:58 
    Monopoly 3:33 
    Oligopoly 4:08 
    Monopolistic Competition 4:45 
   Perfect Competition 5:35 
    Price-Taking Firm 5:45 
    Price-Taking Consumer 6:14 
    Perfectly Competitive Market 6:55 
    Three Characteristics of Perfect Competition 7:24 
   Production and Profits 9:12 
    Optimal Output Rule 9:20 
   The Industry Supply Curve 12:27 
    Definition of Industry Supply Curve 12:35 
    Shut-Down Price 12:49 
    Price Above AVC 13:13 
   The Long-Run Industry Supply Curve 18:01 
    Definition of Long-Run Industry Supply Curve 18:07 
    Example Graphs 19:39 
   The Effect of an Increase in Demand 25:19 
    Increase in Demand 25:24 
    Increase in Demand Raises Price and Profit 27:03 
   Perfect Competition in Long-Run Equilibrium 30:45 
    No Economic Profit 30:57 
    No Firms Enter or Leave 31:37 
    The Market is Always Right 31:50 
   Perfect Competition Making Short-Run Profit 34:00 
   Perfect Competition Incurring Short-Run Loss 38:57 
   Summary of Profitability and Production 43:20 
  Monopoly 42:43
   Intro 0:00 
   Lesson Overview 0:12 
   II. Product Markets 1:13 
   Characteristics of a Monopoly 2:53 
    Control of a Scarce Resource or Input 3:18 
    Economies of Scale 3:40 
    Technological Superiority 4:25 
    Government Monopolies 5:10 
   Monopoly and Price Discrimination 5:39 
    Price Discrimination 5:53 
    Perfect Price Discrimination 8:11 
   Monopoly Making a Profit 12:08 
   Monopoly Incurring a Loss 20:42 
   Monopoly vs. Perfect Competition 23:47 
    P=MC 23:55 
    P>MR=MC 24:09 
    Monopoly 24:25 
   Reading a Monopoly Graph 29:17 
  Monopoly & Public Policy 42:46
   Intro 0:00 
   Lesson Overview 0:09 
   Monopoly vs. Perfect Competition (Surplus) 1:06 
    Deadweight Loss 1:43 
   Welfare Effects of Monopoly 7:02 
    Increase Profits, Decrease Consumer Surplus 7:07 
    Perfectly Competitive Firms Profit-Maximize 7:47 
    Deadweight Loss 8:15 
   Public Ownership of Monopolies 8:50 
    In Theory 10:16 
    In Practice 10:43 
   Unregulated vs. Regulated Natural Monopoly 12:03 
    Unregulated Monopoly 13:14 
    Regulated Monopoly 13:20 
   Monopoly Practice Problem 1 18:26 
   Monopoly Practice Problem 2 21:34 
   Monopoly Practice Problem 3 24:34 
   Monopoly Practice Problem 4 26:21 
   More Monopoly Practice 1 31:50 
   More Monopoly Practice 2 34:57 
   More Monopoly Practice 3 37:17 
   More Monopoly Practice 4 39:49 
  Oligopoly & Game Theory 50:43
   Intro 0:00 
   Lesson Overview 0:08 
   Characteristics of an Oligopoly 1:06 
    Interdependence 1:12 
    Few Sellers with Significant Control of Pricing 1:32 
    Duopoly 1:48 
    Incentive to Collude 1:59 
    Cartel 2:24 
   Game Theory 3:33 
    Two-Player Model 3:46 
    Application sin Economics, Military Strategy, Politics 4:39 
    Nash Equilibrium 5:05 
   Game Theory (Prisoner's Dilemma) 5:31 
    Dominant Strategy 5:41 
    Prisoner's Dilemma 6:21 
   Game Theory (Chicken) 12:37 
   Game Theory (One Dominant, One Not) 19:54 
   Overcoming Prisoner's Dilemma 26:29 
    Strategic Behavior 27:31 
    Tit for Tat Strategy 27:37 
    Tacit Collusion 28:17 
    Collusion 28:46 
   (Yet Another) Game Theory Example 1 29:14 
   (Yet Another) Game Theory Example 2 33:02 
   (Yet Another) Game Theory Example 3 34:40 
   (Yet Another) Game Theory Example 4 37:12 
   Final Game Theory Example 1 39:21 
   Final Game Theory Example 2 41:39 
   Final Game Theory Example 3 43:10 
   Final Game Theory Example 4 45:29 
  Monopolistic Competition 26:54
   Intro 0:00 
   Lesson Overview 0:09 
   Characteristics of Monopolistic Competition 1:01 
    Large Number of Competing Firms 1:13 
    Differentiated Products 2:05 
    Free Entry and Exit 3:09 
   Profitable Firm in Monopolistic Competition 4:10 
   Unprofitable Firm in Monopolistic Competition 7:54 
   Long-Run Zero-Profit Equilibrium 10:15 
    Profitable 10:23 
    Unprofitable 10:46 
    Demand Curve 11:10 
   Comparing Perfect and Monopolistic Competition 13:36 
    Both 13:42 
    Perfect Competition 13:57 
    Monopolistic Competition 14:11 
   Product Differentiation and Advertising 18:44 
    Differentiation by Style or Type 19:04 
    Differentiation by Location 19:45 
    Differentiation by Quality 20:23 
    Ford vs. General Motors 21:06 
   Monopolistic Competition Example 22:28 

Section 4: Factor Markets
  Factor Markets 43:37
   Intro 0:00 
   Lesson Overview 0:12 
   Economy's Factors of Production 1:43 
    Land 2:21 
    Labor 2:31 
    Capital 2:39 
    Entrepreneurship 3:22 
   Why Factor Prices Matter 4:01 
    Derived Demand 4:05 
    Example 4:38 
   Total Product vs. Marginal Product 7:12 
    Total Product 7:40 
    Marginal Product 7:52 
   Value of the Marginal Product 11:06 
    Value of the Marginal Product of Labor Formula 11:26 
    Hiring Decision Rule 13:50 
   Graphing the VMPL (or MRP) Curve 16:11 
   Shifts of the Factor Demand Curve 18:19 
    Changes in the Price of Goods 18:26 
    Changes in Supply of Other Factors 20:08 
    Changes in Technology 21:19 
   Factor Market Example 22:32 
   Another Factor Market Example 32:48 
  Labor Supply & Cost Minimization 46:06
   Intro 0:00 
   Lesson Overview 0:12 
   Work vs. Leisure 1:09 
    Labor Market 1:45 
    Individual Labor Supply Curve 2:32 
    Substitution Effect 2:47 
    Income Effect 2:55 
   Backward-Bending Labor Supply Curve 5:31 
   Shifts of the Labor Supply Curve 9:59 
    Changes in Preferences and Social Norms 10:12 
    Changes in Population 10:49 
    Changes in Opportunities 11:12 
    Changes in Wealth 13:14 
   Determining the Optimal Input Mix 14:49 
    Substitutes and Complements in Factor Markets 15:25 
    Cost Minimization 16:34 
   Capital vs. Labor 20:05 
    Example 1 20:08 
    Example 2 23:39 
   Theories of Income Distribution 25:51 
    Marginal Productivity and Wage Inequality 26:09 
    Market Power 28:02 
    Efficiency Wages 28:44 
    Discrimination 30:48 
   Factor Market Example 1 32:59 
   Factor Market Example 2 39:05 
   Factor Market Example 3 42:44 

Section 5: Market Failure and the Role of Government
  Positive & Negative Externalities 39:21
   Intro 0:00 
   Lesson Overview 0:07 
   The Economics of Pollution 1:06 
    Marginal Social Cost of Pollution 2:20 
    Marginal Social Benefit of Pollution 2:49 
    Socially Optimal Quantity of Pollution 3:08 
   Socially Optimal Quantity of Pollution 3:38 
    Upward-Sloping MSC Curve 3:43 
    Downward-Sloping MSB Curve 4:31 
    Socially Optimal Point 4:51 
    Market-Determined Quantity of Pollution 5:30 
   Graphing a Negative Externality 7:28 
    Negative Externality 7:52 
    High Market Price, Low Market Quantity 8:25 
   Graphing a Positive Externality 11:49 
    Positive Externality 11:55 
    Low market Price, Low Market Quantity 12:39 
   Government Solution 15:17 
    Correct a Negative Externality 15:19 
    Correct a Positive Externality 15:31 
   Private (or Coase) Solution 20:29 
    Coase Theorem 20:30 
    Example 20:58 
   Negative Externality Example 23:14 
   Positive Externality Example 26:49 
   Externality Example 30:22 
   Another Externality Example 33:01 
   Final Externality Example 35:37 
  Public vs. Private Goods 26:45
   Intro 0:00 
   Lesson Overview 0:10 
   Characteristics of Goods 1:53 
    Rival 2:27 
    Nonrival 2:39 
    Excludable 3:22 
    Nonexcludable 4:01 
   Four Types of Goods 5:08 
    Private Goods 5:12 
    Public Goods 5:19 
    Common Resource 7:17 
    Artificially Scarce Good 8:32 
   Private Goods 10:43 
    Rival and Excludable 10:47 
    Free-Rider Problem 11:21 
    Most Items are Private Foods 12:24 
   Public Goods 12:48 
    Nonrival and Nonexcludable 12:52 
    Suffers from the Free-Rider Problem 12:56 
   Common Resources 15:27 
    Incentive to Overuse 15:55 
    Tragedy of the Commons 16:47 
   Artificially Scarce Resources 18:47 
    Marginal Cost to Society Watching Pay-Per-View 19:19 
    Computer Software and Audio Files Share Same Characteristic 20:29 
   Healthcare and Government 22:02 
  Income Inequality & Income Distribution 31:08
   Intro 0:00 
   Lesson Overview 0:10 
   The Problem of Poverty 1:13 
    Definition of Poverty 1:17 
    Poverty Threshold 1:43 
   Who are the Poor? 3:48 
    1 in 7 People in 2009 3:53 
    Female-Headed Households 5:05 
    Part-Time Workers 5:40 
   What Causes Poverty? 6:14 
    Lack of Education 6:23 
    1979 Average Hourly Wage 17:03 
    2009 College Premium 7:48 
    Other Causes of Poverty 8:35 
   Economic Inequality 9:09 
    Mean Income and Median Income 9:24 
    Income is Unequally Distributed 10:43 
   Gini Coefficient 13:33 
    Definition of Gini Coefficient 13:35 
    High Levels of Inequality 13:57 
    Gini Coefficient in the United States 14:26 
    High Gini Levels 14:41 
    Lorenz Curve 14:47 
   United States Rates of Income Growth 17:27 
   Three Types of Taxes 19:54 
    Proportional Tax 20:39 
    Regressive Tax 21:16 
    Progressive Tax 22:28 
   Means-Tested Programs 24:46 
    Welfare 24:52 
    Temporary Aid for Needy Families 25:00 
    Supplemental Security Income 26:05 
    Negative Income Tax 26:18 
    Food Stamps and Medicaid 27:00 
   Social Security and Unemployment 27:35 
    Retirement Income 27:56 
    Wages Taxed 28:29 
    Unemployment Insurance 28:51 
    Trade-Offs 30:21 

Section 6: Practice AP Exam
  AP Practice Exam: Multiple Choice, Part I 1:15:02
   Intro 0:00 
   Question 1 0:27 
   Question 2 1:48 
   Question 3 2:53 
   Question 4 4:43 
   Question 5 6:37 
   Question 6 8:10 
   Question 7 9:19 
   Question 8 11:01 
   Question 9 12:03 
   Question 10 14:37 
   Question 11 15:19 
   Question 12 16:35 
   Question 13 17:41 
   Question 14 19:24 
   Question 15 20:15 
   Question 16 21:08 
   Question 17 21:49 
   Question 18 23:17 
   Question 19 23:59 
   Question 20 24:48 
   Question 21 25:33 
   Question 22 27:19 
   Question 23 28:03 
   Question 24 29:52 
   Question 25 30:28 
   Question 26 31:19 
   Question 27 33:11 
   Question 28 34:55 
   Question 29 36:14 
   Question 30 37:55 
   Question 31 39:13 
   Question 32 40:27 
   Question 33 41:57 
   Question 34 43:26 
   Question 35 45:40 
   Question 36 46:37 
   Question 37 47:22 
   Question 38 49:09 
   Question 39 50:09 
   Question 40 31:37 
   Question 41 52:43 
   Question 42 55:35 
   Question 43 57:02 
   Question 44 58:27 
   Question 45 59:10 
   Question 46 60:00 
   Question 47 61:22 
   Question 48 61:52 
   Question 49 63:20 
   Question 50 65:09 
   Question 51 65:45 
   Question 52 66:35 
   Question 53 67:09 
   Question 54 67:54 
   Question 55 69:39 
   Question 56 70:25 
   Question 57 71:19 
   Question 58 72:31 
   Question 59 73:02 
   Question 60 74:31 
  AP Practice Exam: Multiple Choice, Part II 29:18
   Intro 0:00 
   Question 1 0:22 
   Question 2 1:04 
   Question 3 2:54 
   Question 4 3:34 
   Question 5 4:48 
   Question 6 6:12 
   Question 7 7:40 
   Question 8 8:31 
   Question 9 9:48 
   Question 10 11:16 
   Question 11 11:48 
   Question 12 12:55 
   Question 13 14:40 
   Question 14 15:47 
   Question 15 17:05 
   Question 16 17:30 
   Question 17 17:55 
   Question 18 19:10 
   Question 19 19:57 
   Question 20 22:49 
   Question 21 23:53 
   Question 22 24:28 
   Question 23 24:51 
   Question 24 27:25 
  AP Practice Exam: Free Response, 2013 24:18
   Intro 0:00 
   Question 1 0:17 
   Question 2 12:37 
   Question 3 19:32 
  AP Practice Exam: Free Response, 2012 22:32
   Intro 0:00 
   Question 1 0:20 
   Question 2 6:47 
   Question 3 14:57 

Duration: 16 hours, 17 minutes

Number of Lessons: 26

Geared towards the high school student taking the AP Microeconomics exam but also suitable for college students taking Microeconomics. The course also includes a walkthrough of a previous year’s AP exam complete with test-taking insights.

Additional Features:

  • Free Sample Lessons
  • Downloadable Lecture Slides
  • Study Guides
  • Instructor Comments

Topics Include:

  • Comparative Advantage
  • Supply & Demand
  • Price Controls
  • Economies of Scale
  • Perfect Competition
  • Labor Supply
  • Factor Markets
  • Income Inequality
  • Sample AP Exam

Professor Park received both his M.A. in Education and B.A. in Economics & Government from Claremont McKenna College. He has been teaching AP Microeconomics for 10+ years and has been an AP exam grader for 7+ years.

Student Testimonials:

“I will definitely be thankful for both of these courses as I am taking both exams this year.

Once again, thank you for your hard work professor” — Angela P.

"Great Job Mr. Park!" — Patrick Y.

“Thank you, it has been very helpful!” — Siyun L.

“Thanks for the Microeconomics lecture professor. It really helped me a lot whether understanding the world and for the preparation for my ap test, Thank you.” — Kim G.

“I actually learned a lot from this. Thank you Professor!” — Aram A.

Visit Prof. Park’s page

Student Feedback

4.5

28 Reviews

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By Jazmine Madore•September 23, 2018
Ah okay thank you.
By Ben Borich•September 18, 2018
Lets say a nation produces both good X and good y. What would happen to the PPF curve over time? Does it stay the same or would it change eventually?
By Siyan Pu•April 6, 2018
Could you give more detailed explanations about these two terms? Thanks
By Taichi Ishikawa•November 10, 2015
For example 6 in the video, I understood why USA has comparative advantage in making computers but I still don't get why India has comparative advantage in making cars aside from the fact that there can't be two comparative advantages.
Thank you
By Irene Chia•September 3, 2015
Using less workers to produce a good is better for that country. This shows the input, not output; so the smaller then number, the more advantage it gets.

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