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Hey econ students this is Jacob Clifford welcome to the microeconomics unit one summary video in this video series I'm going to cover all the key graphs and all the key concepts for each unit, but I'm going pretty quick so jump on board and let's go now we're going to jump into unit one basic economic concepts now if you've watched this video before, and you're here just a review you can click ahead by clicking one of these okay we're going to cover five different concepts we're going to look at what is economics and talk about scarcity and opportunity costs and trade-off stuff like that then I'm going to jump in to the idea of key terms a bunch of different key terms if you're new to economics then when you talk about economic systems then we're talking about the idea of the production possibilities curve and then finally I'll talk about something called comparative advantage the first thing you should have already done is got the ultimate review packet it looks like this it's on my website and what you do is you watch this video and as we go through pause every once in a while to work out the questions and draw the graphs and do the other things that are inside the packet okay now Before we jump into the content I want you to drop your pencil I want you to do something all right, right now take your right hand and I want you do this thumb out and then pinky out some out then pinky, yet thumb out pizza just like this all right now stop I want you to have both hands do it with me thumbs out pinkies out thumbs think is that just like this alright now what I want you to do is over again except this time thumb out pinky out thumb pinky out alright so switch looks like this now it might seem stupid to you, but there's actually two main reasons we did that, and they're essential first I want you to recognize economics is the same way it's going to start off real easy economics is just logic that's all it is it's just a bunch of large puzzles and it's very intuitive, so it starts off really, really easy and you go this is so easy and it with two hands I can do this all day and then all of a sudden it starts getting tricky right like drawing the graphs or doing the calculations it's going to happen in this video we're going to start off talking about the idea of comparative advantage very easy concept countries should specialize in trade right that makes sense, and then you start doing some calculations calculating the opportunity cost that's a little trickier but not that hard, and then we'll start doing something called terms of trade it gets a lot more difficult so go slow make sure you get the concepts go through each one and then by the end it'll be really easy to do the hard ones now the second reason of this activity was to find out if you can participate right when I asked you to do it did you do it did you even try now if you didn't, you're probably not going to use these videos the right way you're never going to be able to do economics if...
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