This 9 minute video will expand on oligopolies and how they can coordinate to create collusion and cartel (closer to a monopoly). In doing so, the students will also be introduced to OPEC cartel. This video will aid in mastery in standard EPF. 2 (h) and (i)

Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else. The last resource, entrepreneurship, refers to the ability to put the other three resources together to create value. In this video, we define each of the four factors of production and provide examples of each.

Walk through the solution to a free response question (FRQ) like the ones you may see on an AP Microeconomics exam. Topics include why price equals marginal revenue (P=MR) for a perfectly competitive firm, how to draw side-by-side market and firm graphs, and how to find several points of interest in the firm graph.

Overview of full reserve banking in comparison to fractional reserve banking. Created by Sal Khan.

What does money actually do? Economists usually subdivide its functions into three categories: A medium of exchange, a store of value, and a unit of value. Created by Grant Sanderson.

The GDP deflator is a way of adjusting nominal output to get the real value of output. In this video, get an intuitive explanation of the GDP deflator and learn how to calculate the GDP deflator. Created by Sal Khan.

We deepen our understanding of a Nash Equilibrium by exploring Pareto optimality and more on Nash Equilibrium. Created by Sal Khan.

Generalizing a linear consumption function as a function of aggregate income. Created by Sal Khan.

Learn how the Gini coefficient can be used to interpret income inequality in this video.

How a change in fiscal policy shifts the IS curve. Created by Sal Khan.

This video shows how to graph marginal cost, average variable cost, and average total cost. The relationship between these curves at important points is also explored.

This video expands on previous videos to explore how changes in production technology, changes in fixed costs, and changes in variable costs affect the marginal product of labor, marginal costs, average variable costs, average fixed costs, and average total cost.

Given that hiring more workers gives more revenue, but also has additional cost, what is the optimal amount of labor to hire? We begin thinking about this as well as briefly discuss another type of competition: monopsony labor markets. Created by Sal Khan.

Price controls reallocate surplus between buyers and sellers. In this video we explore how that happens with a price ceiling or a price floor.

Basic of hyperinflation. Weimar Germany, Hungarian Pengo and Zimbabwean Dollar. Created by Sal Khan.

In this video we explore an alternative method of calculating GDP: the income approach. The intuition behind the income approach is pretty straightforward because every time you spend money, that spending is someone else's income. Learn more about the income approach and its categories: wages, interest, rent, and profit. Created by Sal Khan.

Elasticities can be calculated for more than just price elasticity of supply or price elasticity of demand. For example, income elasticity of demand as a measure of how quantity demanded changes in response to income.

When there are increasing opportunity costs, the shape of the production possibilities curve (PPC) is bowed out. Learn more about how the shape of the PPC, which is sometimes also called the production possibilities frontier curve (PPF), depends on opportunity cost in this video. Created by Sal Khan.