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Scarcity, possibilities, preferences and opportunity cost

This course is a part of Microeconomics, a 7-course Topic series from Khan Academy.

How do you decide what to produce or trade? How can you maximize happiness in a world of scarcity. What are you giving up when you choose something (i.e., opportunity cost)?

This course contains 3 segments:

Production possibilities frontier

This tutorial goes back to the basics. You are a hunter-gatherer with only so much time to hunt or gather. How do you allocate your time and energy to maximize your happiness? This is what we try to understand through our study of the production possibilities frontier and opportunity cost.

Comparative advantage and gains from trade

Should you try to produce everything yourself or only what you are best at and trade for everything else? What if you're better than your trading partners at everything? This tutorial focuses on comparative advantage, specialization and gains from trade with a microeconomic lens.

Marginal utility and budget lines

In this tutorial we look at the utility of getting one more of something and put numbers to it. We then use this to construct a budget line and think about indifference curves.

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Rating Not enough ratings
Length 3 segments
Starts On Demand (Start anytime)
Cost Free
From Khan Academy
Download Videos On all desktop and mobile devices
Language English
Subjects Business Social Sciences
Tags Economics-Finance-Domain Microeconomics

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Careers

An overview of related careers and their average salaries in the US. Bars indicate income percentile.

artist at trade $50k

Trade Publicist $53k

Trade-In Coordinator $54k

Trade Editor $57k

Trade Liaison $60k

Trade Closer $63k

Trade Specialist 3 $65k

Trade Rep $67k

Trade Reporter $67k

Trade Management $81k

Trade Development $89k

Free Trade Analyst - Trade Compliance $113k

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Khan Academy

Rating Not enough ratings
Length 3 segments
Starts On Demand (Start anytime)
Cost Free
From Khan Academy
Download Videos On all desktop and mobile devices
Language English
Subjects Business Social Sciences
Tags Economics-Finance-Domain Microeconomics

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