Part A | The Core Economic Idea
Better choices can benefit everyonePart A explores one of the most profound insights in all of social science: we have both preferences and scarcity which means every choice requires giving something up, and that measuring the cost of a choice by the value of what we give up, there turns out to be a fundamental reason to coordinate with others. These concepts explain why we specialize, why cities flourish, and how strangers working together can create prosperity that benefits everyone. These are the models that make it possible to see the invisible forces that make civilization possible.
Block A0 | What is microeconomics?
Microeconomics is about how we make decisions under constraints that arise from having both preferences and scarcity.
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Syllabus Quiz home
Block A1 | The production possibility frontier
The PPF shows us what's attainable as individuals and as a society.
Block A2 | Comparative advantage and specialization
Minimizing opportunity cost by specializing in one's comparative advantage can bend out the PPF.
Block A3 | Trade
Trade based on comparative advantage makes both parties better off simultaneously.
Checkpoint A
Checkpoint A covers everything in Part A. You will begin to learn that if you understand the concepts and do the work in the Vignettes, Homework, and Demo, you're going to be in good shape on the Checkpoint.
