Microeconomics- Everything You Need to Know

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In this video, I cover all the concepts for an introductory microeconomics course and AP course. I go super fast so don't take notes. Focus on the big picture ideas, identify what you still need to practice, and go back and watch my Unit Summary videos.

I cover scarcity, opportunity costs, the PPC, comparative advantage, demand, supply, ceilings, floors, shifts, elasticity, taxes, consumer surplus, consumer choice, costs of production, perfect competition, monopolies, oligopolies, monopolistic competition, labor markets and firms, monopsonies, public goods, externalities, and the Lorenz curve. Wow! That's a lot. Get ready. Here we go!!!!!!!!!!!!!

Thank you to Austin for organizing the following:

Unit 1
1:00 Basics
1:13 PPC
2:17 Absolute & Comparative Advantage
3:07 Circular Flow Model

Unit 2
4:04 Demand & Supply
5:26 Substitutes & Compliments
5:36 Normal & Inferior Goods
5:46 Elasticity
7:35 Consumer & Producer Surplus
7:52 Price Controls, Ceilings & Floors
8:37 Trade
9:08 Taxes
9:56 Maximizing Utility

Unit 3
11:03 Production, Inputs & Outputs
11:16 Law of Diminishing Marginal Returns
11:36 Costs of Production
13:00 Economies of Scale
13:37 Perfect Competition
14:25 Profit-Maximizing Rule, MR=MC
15:20 Shut down Rule
16:05 Accounting & Economic Profit
16:30 Short-Run, Long-Run
16:56 Productive & Allocative Efficiency

Unit 4
18:02 Monopoly
18:53 Natural Monopoly
20:01 Price Discrimination
20:22 Oligopoly
20:31 Game Theory
20:42 Monopolistic Competition

Unit 5
21:51 Derived Demand
22:07 Minimum Wage
22:19 MRP & MRC
22:52 Labor Market
23:30 Monopsony
24:05 Least-Cost Rule

Unit 6
25:11 Market Failures
25:27 Public Goods
26:00 Externalities
27:21 Lorenz Curve
27:44 Gini Coefficient
27:53 Types of Taxes

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[austin]

U1
1:00 Basics
1:13 PPC
2:17 Absolute & Comparative Advantage
3:07 Circular Flow Model


U2
4:04 Demand & Supply
5:26 Substitutes & Compliments
5:36 Normal & Inferior Goods
5:46 Elasticity
7:35 Consumer & Producer Surplus
7:52 Price Controls (Ceilings & Floors)
8:37 Trade
9:08 Taxes
9:56 Maximizing Utility

U3
11:03 Production (Inputs & Outputs)
11:16 Law of Diminishing Marginal Returns
11:36 Costs of Production
13:00 Economies of Scale
13:37 Perfect Competition
14:25 Profit-Maximizing Rule (MR=MC)
15:20 Shut down Rule
16:05 Accounting & Economic Profit
16:30 Short-Run --> Long-Run
16:56 Productive & Allocative Efficiency

U4
18:02 Monopoly
18:53 Natural Monopoly
20:01 Price Discrimination
20:22 Oligopoly
20:31 Game Theory
20:42 Monopolistic Competition

U5
21:51 Derived Demand
22:07 Minimum Wage
22:19 MRP & MRC
22:52 Labor Market
23:30 Monopsony
24:05 Least-Cost Rule

U6
25:11 Market Failures
25:27 Public Goods
26:00 Externalities
27:21 Lorenz Curve
27:44 Gini Coefficient
27:53 Types of Taxes

i have no life.

[ZafarNilay]

anybody else watching this the night before the exam?

[NwachukwuOfoma]

this video gets seasonal views every may lololol

[jasonghent]

You've taught me more in 28 minutes than my teacher has in an entire semester. I can't thank you enough Mr. Clifford. You rock!!

[JacobAClifford]

What did you think? Was it helpful? Do you want me to make a macro version?

[dylanbecker]

Yeah.... 2021 test takers good luck tomorrow. Also go to sleep, i know it's late. You need the sleep. You're going to do great.

[adamcarroll]

Good luck to everyone taking the test tomorrow, may the force be with us all!!!

[cierra]

Just a review eh? Nah I’m learning all this now ;)

[SophiaCleans]

I am now realizing how little I've learned in my econ class this year...

[mentopoops]

Anyone else here in 2020 because online learning has failed you?

[neyudvu]

the BEST econ teacher on the internet, maybe ever

[momoney]

I think it's safe too say, Mr. Clifford is a legend.

[Jib]

watching this the morning of the exam. this man carried my grade all year long (i ended wit a 104%) (buy the ultimate review packet)

[gglyf]

Hello Jacob, just remembered your channel out of the blue.
back in highschool you saved my ass.
I had to cram ap micro and macro in less than a month.
I studied using your videos and was able to pull a 4 and a 5.
Thank you so much brother. It's so good to see your channel being successful now.
Wish you the best,
One of your many former student

[maryr.]

who else is watching through tears lol

[gujju]

anyone watching this the night before the exam? (good luck to everyone taking it)

[yijiajing]

Cramming for tomorrow's AP Microeconomics Exam :(

[notsimple]

Honestly this was more helpful in understanding the material than a whole semester of classes.

[valentinofernandez]

MR THE GOAT... ive never opened an econ textbook thanks to you... when i actually have money imma buy 10 damn review packets. OATH

[nikmills]

My exams in a half hour, it’s my third time redoing this subject and I only discovered these videos a few weeks ago. I’m walking in confident for the first time. You’re a legend Jacob, thankyou.