NEW- Micro Unit 1 Summary- Basic Economic Concepts
Published: 2024-08-09
Status:
Analyzed
Published: 2024-08-09
Status:
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Future microeconomics concepts, specifically comparative advantage and terms of trade, will be challenging for students and may cause confusion.
"Eventually things get a little harder like drawing the production possibly is curve or supply and demand but they're still pretty easy. But then things are going to get a lot harder like figuring out comparative advantage or terms of trade. That stuff is harder and you're going to feel confused."
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Students who do not participate in practice activities suggested by the speaker will likely set themselves up for failure on upcoming exams, as the practice questions are representative of exam content.
"If you're not participating then you're definitely not going to get the most out of these videos. Because, every once in a while I'm gonna say stop this video, I want you to draw this graph or do those calculations. And, I promise you I'm not wasting your time. I know the questions your teacher or professor is going to ask you. So, when I ask you to stop and practice, go ahead and try those things because that's what you're going to see on your next exam."
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Taking economics will increase students' human capital, making them more productive and valuable to future employers.
"You're trying to increase your human capital making yourself more productive and more valuable to employers."
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The concept of opportunity cost, introduced in Topic 1.3, will be relevant and applied by students throughout their lives.
"In topic 1.3 you're introduced to a concept you're going to use for the rest of your life, the idea of opportunity cost."
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Exams will require students to perform three tasks related to the Production Possibilities Curve (PPC): explaining economic concepts demonstrated by the graph (e.g., efficiency), calculating opportunity cost, and illustrating shifts of the PPC.
"Now there are three things that you're teaching or professor is going to have you do with this graph. First, they're going to ask questions having you explain how this graph demonstrates different economic concepts, like efficiency. Second your teacher will ask you to use the PPC to calculate the opportunity cost of moving to different combinations. The third thing your teacher will have you do is show how changes move or shift the PPC."
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Students are likely to encounter two distinct types of Production Possibilities Curves (PPCs) on quizzes or exams.
"You're likely to see two different types of PPCs."
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Questions on comparative advantage that appear on exams will be difficult, despite the concept itself being easy.
"So the concept is easy but the questions you're going to see on your exam those are hard."
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Exam questions on comparative advantage will consistently feature tables with two countries, two products, and numerical data, and students will always be asked four specific types of questions.
"Your teacher or professor is going to give you a question like this with two countries, two products, and numbers. The countries, products, and numbers might change but you'll always be asked four different types of questions:"
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Mastering the four comparative advantage tasks (identifying absolute/comparative advantage, calculating opportunity cost, and finding terms of trade) will ensure readiness for any related exam question.
"If you could do these four things then you are ready for any question your teacher or professor is going to give you."
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Students are very likely to encounter both output and input type comparative advantage questions on their upcoming quizzes or exams.
"There's actually two different types of comparative advantage questions. The one you saw was an output question. Now we also have to talk about input questions. It's very likely that you'll see both types on your next quiz or exam."
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Students will immediately assess their understanding of comparative advantage by attempting practice questions.
"You're going to find out right now if you know how to do this."
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The concept of costs (explicit and implicit) will be revisited in Unit 3 for calculations of revenue and profit.
"We're going to come back to it in Unit 3 when we calculate revenue and profit."
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Students are likely to be tested on utility maximizing and consumer choice on their next quiz or unit exam.
"One of the things you're probably going to have to do on your next quiz or unit exam is called utility maximizing and consumer choice."
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Marginal analysis will be a frequently recurring concept in future units, applied to various decision-making scenarios such as firm production quantities and employer hiring.
"We're going to do variations of the same thing over and over again in future units. Whether it's a firm deciding how many units to produce or an employer deciding how many workers to hire, we're going to be using a lot of marginal analysis."
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