Concept

• 1
  Concept 1

  Jodi Beggs, economics professor at Northeastern University and founder of Economists Do It With Models, introduces the study of economics and explains the role of scarcity.

  Estimated time: ~7 Minutes
• 2
  Concept 2

  Jodi Beggs, economics professor at Northeastern University and founder of Economists Do It With Models, breaks down the differences between the fields of micro and macroeconomics.

  Estimated time: ~7 Minutes
• 3
  Concept 3

  Jodi Beggs, economics professor at Northeastern University University and founder of Economists Do It With Models, explains the basics of understanding supply and demand

  Estimated time: ~7 Minutes
• 4
  Concept 4

  Professor Beggs discusses the factors that determine demand.

  Estimated time: ~7 Minutes
• 5
  Concept 5

  Professor Beggs reviews what happens graphically when there is a change in price versus a change in a non-price determinant of demand (changes in demand vs changes in quantity demanded).

  Estimated time: ~7 Minutes
• 6
  Concept 6

  Professor Beggs examines the basics of the supply curve and the factors which influence it.

  Estimated time: ~7 Minutes
• 7
  Concept 7

  Professor Beggs reviews how adjustments in price and factors of supply impact the supply curve.

  Estimated time: ~7 Minutes
• 8
  Concept 8

  Professor Beggs puts the supply and demand curves together and discusses market equilibrium.

  Estimated time: ~7 Minutes
• Test
  Chapter 1 Test

  Take the chapter 1 test and unlock the Basic Economic Principles badge.