Understanding the long term supply curve in terms of economic profit. Created by Sal Khan.

This curriculum covers a broad range of economic concepts and models. Students will learn foundational concepts like scarcity, opportunity cost, marginal analysis, and distinguishing between positive and normative claims. Core microeconomic topics include supply and demand, elasticity, market efficiency, consumer/producer surplus, and government intervention. Macroeconomic topics span GDP, unemployment, inflation, business cycles, growth, fiscal policy, monetary policy, and stabilization tools.

The microeconomics section builds an understanding of how individual buyers and sellers interact in markets. Students analyze supply and demand equilibria, surpluses, and shortages. Elasticity concepts are applied to understand how quantity supplied and quantity demanded respond to price changes. Market outcomes are evaluated using consumer/producer surplus and efficiency criteria. The effects of government price controls and taxes are analyzed.

The macroeconomics portion develops models to explain economy-wide outcomes. Students learn to calculate GDP, unemployment rates, inflation, and price indices. The AD-AS model illustrates macro equilibrium and the causes of business cycles, inflation, and stagnation. The Keynesian and Neoclassical frameworks are compared. Fiscal and monetary policies are explored as stabilization tools, with analysis of their mechanisms, limitations, lags, and appropriate applications.

International economics connects micro and macro concepts. Using theories of comparative advantage, students evaluate the impacts of trade and trade policies on consumers, producers, and the macroeconomy. The determinants of exchange rates and trade balances are analyzed.

This curriculum provides both theoretical frameworks and practical applications of economics. Students build analytical and mathematical skills for modeling and evaluating economic outcomes. Policy tradeoffs are examined from multiple perspectives. Upon completion, students will be equipped with core microeconomic and macroeconomic ways of thinking to apply in their careers and lives.

The economic or economizing problem is identified to be the efficient use of scarce resources to meet the unlimited wants of society. The wants are verified to be unlimited. The resources are cataloged. The economic problem is studied with the help of the production possibilities curve which shows that a choice is necessary and that economic growth is only possible if resources are efficiently used and expanded.

The intended audience of the textbook is first-year undergraduates taking courses on the principles of macroeconomics and microeconomics. Many may never take another economics course. We aim to increase their economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

Macroeconomics examines the fundamentals of the American economy as it relates to social welfare. Emphasis is on basic economic concepts and theories as they effect domestic and international markets. This course integrates behavioral social sciences to present solutions to real world problems. Macroeconomics includes measurements of GDP, fiscal and monetary policy.

In this video we calculate the costs of producing a good, including fixed costs, variable costs, marginal cost, average variable cost, average fixed cost, and average total cost.

Given the cost of producing a good, what is the best quantity to produce? In this video we explore one of the most fundamental rules in microeconomics: a rational producer produces the quantity where marginal revenue equals marginal costs. Created by Sal Khan.

This video discusses the differences in a graph of marginal cost and marginal revenue for an imperfectly competitive firm compared to a perfectly competitive firm.

People sometimes assume that a firm that isn't earning a profit should immediately shut down. In this video, we explore why that might not actually be a very good idea, and why it might be rational to produce at a loss. Created by Sal Khan.

If you have $5 to spend on two goods, how do you decide to spend it? In this video, we use the concepts of marginal utility and marginal benefit to decide how best to allocate a budget. Created by Sal Khan.

In this video, walk through the solution to a question on the 2012 AP Microeconomics exam applying the concepts of marginal utility and utility maximization.

The market demand for a good describes the quantity demanded at every given price for the entire market. Remember that the entire market is made up of individual buyers with their own demand curves. This means that the market demand is the sum of all of the individual buyer's demand curve. In this video, you can visualize why this is true.

An equilibrium exists in a market when there is no pressure for the market price to change. Learn about what it means for a market equilibrium to exist, and how to identify a market equilibrium in a market model. Created by Sal Khan.

In order for markets to function effectively, property rights must be clear. In this video, we explore the idea of property rights, and why they matter in markets and how they affect individual incentives. We describe some of the conditions that are necessary for a properly and efficiently operating market to exist, including how exclusivity, enforceability, and transferability of property rights are essential for a properly functioning market.

This Pre-Calculus course is designed to prepare students for a calculus course. This course is taught so that students will acquire a solid foundation in algebra and trigonometry. The course concentrates on the various functions that are important to the study of the calculus.

This half-semester course provides an introduction to microeconomic theory designed to meet the needs of students in an economics Ph.D. program. Some parts of the course are designed to teach material that all graduate students should know. Others are used to introduce methodologies. Students should be comfortable with multivariable calculus, linear algebra, and basic real analysis.

This course offers an introduction to noncooperative game theory. The course is intended both for graduate students who wish to develop a solid background in game theory in order to pursue research in the applied fields of economics and related disciplines, and for students wishing to specialize is economic theory. While the course is designed for graduate students in economics, it is open to all students who have taken and passed 14.121. The recommended primary text for the course is Drew Fudenberg and Jean Tirole's text, Game Theory. The text covers all the material in the course and much more, but has less in the way of intuition and examples than some students would like. For this reason, students might alternately wish to use Robert Gibbons' Game Theory for Applied Economists as their primary reference. Gibbons' book contains more readable discussions of the material and a lot of nice examples, but omits a few of the topics we'll cover. The course will be graded on the basis of five problem sets and a three hour final exam. In order to learn the material it is absolutely essential to do the problem sets. The problem sets will count for approximately one-fourth of the course grade.

This is a half-semester course which covers the topics in Microeconomic Theory that everybody with a Ph.D. from MIT Economics Department should know but that have not yet been covered in the Micro sequence. Hence, it covers several unrelated topics. The topics come from three general areas: Decision Theory, Game Theory, and Behaviorla Economics.  I will try my best to put them in a coherent narrative, but there will be inherent jumps from topic to topic.

This course is taught using an open education resource book published by Rice University's Openstax program and is offered for free via the generous donations of the following benefactors: the William & Flora Hewlett Foundation, Bill & Melinda Gates Foundation, 20 Million Minds Foundation, Maxfield Foundation, Open Society Foundations, and Rice University. You have several choices in using this book. You can either view it online or download a pdf version for free or if you wish you can purchase a low-cost printed and bound version.
To get started in the course click on this link for the course orientation in PowerPoint format if you haven't already done so before the semester began. Econ 2302 Orientation.pptxDownload Econ 2302 Orientation.pptx
Alternatively, you can view and listen to the orientation in video format provided in the modules tab under "Getting Started" or click here now. Next, read the course syllabus which is available right under the "Home" page tab at the upper left-had corner of the screen. When you are finished reading it, click on the Modules tab on the left and start viewing the videos on The Psychology of Learning.
To learn more about OpenStack and why it is being used in this course play the 3-minute video below. This video is not closed captioned, however, you can download the transcript here.