Micro Unit 1 Summary- Basic Economic Concepts

Mr. Clifford provides an overview of microeconomics unit 1, covering key concepts such as scarcity, opportunity costs, and trade-offs. The video introduces the factors of production and the production possibilities curve, explaining trade and comparative advantage. It also discusses economic systems, including free market and command economies, and concludes with the circular flow model, a fundamental concept in understanding microeconomics.

What is the concept of scarcity in economics?

Explain the idea of opportunity costs and trade-offs.

What is the production possibilities curve and what does it illustrate?

How does trade affect the production possibilities curve?

Describe the circular flow model and its significance in microeconomics.