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Principles of Microeconomics (Video)

Marginal Revolution University

Principles covers fundamental concepts like supply and demand and equilibrium. How are prices determined? What did Adam Smith mean when he said the market process works like an “invisible hand”? The course is divided up into "bite-size" chunks (average 5 minutes) that you can watch at your leisure. Ask questions, chat with the professors and earn a certificate at http://mruniversity.com.

  • The Demand Curve
    What is a demand curve? A demand curve illustrates on a graph how much of a particular good or service people are willing to buy as its price changes. When the price for a good or service goes down, demand tends to increase. That’s why stores can look a...
  • Tying
    What is tying and how is this a form of price discrimination? An example of a tied good is an HP printer and the HP ink you need for that printer. The printer (the base good) is often relatively cheap whereas the ink (the variable good) has a high markup...
  • Asymmetric Information and Used Cars
    George Akerlof, a Nobel Prize-winning economist, analyzed the theory of adverse selection – which occurs when an offer conveys negative information about what is being offered. In the market for used cars, Akerlof posited that sellers have more...
  • Public Goods and Asteroid Defense
    While the probability of an asteroid hitting the planet is very low, its effect would be disastrous for all of us. So, who should pay for asteroid protection? A good like asteroid defense — a public good, meaning it’s nonexcludable and nonrival — has...
  • Do Unions Raise Wages?
    Do unions raise wages for workers as a whole? If not, can unions raise the wages of some workers? The answer is, well, it depends. Unions have the ability to restrict the supply of labor to a job, which can increase wages for some workers. However,...
  • Compensating Differentials
    Firms have an incentive to increase job safety, because then they can lower wages. In this video, we explore this surprising claim in much greater depth. Bear in mind that wages adjust until jobs requiring a similar level of skill have similar...
  • Human Capital and Signaling
    Wages in America differ greatly among workers. Why is that? One reason includes differences in human capital — tools of the mind. Education is one of the biggest investments people make to increase their human capital. Which college majors offer the...
  • The Marginal Product of Labor
    In this video on the marginal product of labor, we discuss some commons questions such as: How are wages determined? Why do most Americans earn so much by global standards? What exactly is meant by ‘human capital’? Do labor unions help workers, and if so...
  • The Tradeoff Between Fun and Wages
    If you had to choose, would you rather be a sewer inspector spending your days underground or a lifeguard on the beach? Most would say that being a lifeguard is a more fun job, but a sewer inspector has higher wages to compensate for the less-fun aspects...
  • Bundling
    Bundling refers to when two or more goods are sold together as a package. Microsoft Office, Cable TV, Lexis-Nexis, and Spotify all provide examples of bundling. What if there was no bundling and you had to pay for Cable TV by channel rather than...
  • The Social Welfare of Price Discrimination
    Now that we’ve learned a little about price discrimination, we can begin to think about whether or not price discrimination is bad for society. How does price discrimination affect output, and what is this effect on social welfare? If price...
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