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Unit 1
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
GDP and Economic Growth
International Trade
Inflation and Unemployment
Globalization and its impacts
Elasticity of Demand and Supply
Introduction to Macroeconomics
Monetary Policy
Fiscal Policy
Unit 2
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Consumer and Producer Surplus
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
Globalization and its impacts
Market Failures
Microeconomics vs. Macroeconomics
Government Intervention in Markets
International Trade
Market Equilibrium
Inflation and Unemployment
Unit 3
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
GDP and Economic Growth
Fiscal Policy
International Trade
Globalization and its impacts
Government Intervention in Markets
Market Failures
Inflation and Unemployment
Market Equilibrium
Consumer and Producer Surplus
Introduction to Macroeconomics
Monetary Policy
Unit 4
Basics of Economics
Introduction to Economics
Supply and Demand
Market Equilibrium
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
Inflation and Unemployment
International Trade
Globalization and its impacts
Scarcity and Choice
Fiscal Policy
GDP and Economic Growth
Market Failures
Government Intervention in Markets
Consumer and Producer Surplus
Monetary Policy
Unit 5
Basics of Economics
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
International Trade
Globalization and its impacts
Scarcity and Choice
Inflation and Unemployment
Introduction to Economics
Elasticity of Demand and Supply
Unit 1 • Chapter 1
Introduction to Economics
Key Insights
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Concept Check
What primarily determines market equilibrium in a perfectly competitive market?
Government intervention
Consumer surplus alone
Producer preferences
Interaction of supply and demand.
Explain how an increase in the price of a complement impacts the demand curve for a related good.
No impact on demand.
Supply curve shifts leftward
Demand curve shifts rightward
Demand curve shifts leftward.
What economic concept describes the additional cost of producing one more unit of a good?
Opportunity cost
Marginal cost
Average cost
Fixed cost
If the price elasticity of demand for a good is inelastic, what happens to total revenue when the price increases?
Cannot be determined.
Total revenue stays the same.
Total revenue decreases.
Total revenue increases.
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Scarcity and Choice