MICROeconomics 19 Minute Review

Mr. Clifford provides a comprehensive review of macroeconomics, covering key concepts such as scarcity, opportunity cost, economic systems, comparative advantage, supply and demand, elasticity, taxes, costs, perfect competition, monopolies, oligopolies, resource markets, and market failures. The video emphasizes understanding graphs and applying economic principles to real-world scenarios.

Discuss the impact of taxes on supply and demand.

Explain the law of diminishing marginal returns.

What are the characteristics of perfect competition?

What are public goods and why are they important in economics?