Microeconomics Unit 1 COMPLETE Summary - Economic Thinking

This video covers all of the key points of Unit 1 from the AP Microeconomics Course Exam Description (CED). Scarcity, Opportunity Cost, Marginal Analysis, Economic Systems, and Comparative Advantage.
For more help with unit one, there are content reviews, review games, and practice exercises for you at: www.reviewecon.com/ap-microec...
Note: Topics are out of oder because this is the order in which they are covered in the ReviewEcon.com Total Review Booklet.
To support this channel, like and subscribe, then purchase the Total Review Booklet from ReviewEcon.com.
www.reviewecon.com/total-revi...
Follow me on twitter: / apeconguy
or
Follow me on facebook: / reviewecon
Note: AP©, Advanced Placement Program©, and College Board© are registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material.

[@pedropinheirokarate9537]

Who is here the day before the exam?

[@ReviewEcon]

Me! 😅 Good luck tomorrow!

[@belaalviz6502]

yeah i might be cooked

[@chicagolanddesigns6447]

@@belaalviz6502same here

[@sonikanallapu1481]

cramming the day before the ap exam :)

[@ReviewEcon]

Good luck on the exam!

[@Coal-RubL]

This > crash course

[@raashiatwani269]

Same

[@ReviewEcon]

@raashiatwani269 good luck to you too!

[@saruul2618]

Thx, a lot. You are clearly underrated but you provide more indebt information than others I've watched. Your concepts are more current and you don't leave out anything. You also provided free practice content unlike others. Keep up the good work, and i will also continue my studies!

[@ReviewEcon]

Thank you very much for the kind words! Good luck with your exams!

[@AggreySakwa]

I'm very proud of you. Go.....goooo

[@lilgrey8363]

bro said “indebt” 💀

[@MarisaAvilla]

Out of all the microeconomics videos I have been watching and I have been watching a lot, I think your videos make the most sense to me!!

[@ReviewEcon]

Awesome! Good luck with your studies! 😄

[@MarisaAvilla]

I really appreciate your help!! I do not think I would still be in my class if it was not for your videos.

[@aroujekld]

Those input and output opportunity cost formulas actually saved my life!! Thank you so much for being an econ teacher whose explanations make sense!!!

[@ReviewEcon]

Awesome! I'm glad my explanations and formulas worked for you!

[@Vaten0x]

Subscribed, please keep up with these amazing works :) It's crazy man. When I get a 3 or 4, I'll surely response a bunch of thanks again.

[@ReviewEcon]

Good luck on the exam! You got this!

[@iceesky]

You're one of the reasons I got a surprisingly high grade for macroeconomics last semester. I now have microeconomics and I'll definitely watch your vids for this topic too :D

[@ReviewEcon]

Awesome! I am so glad my videos helped. Good luck with Micro!

[@stacia6678]

OH MY GOD SOMEONE ELSE WITH THE SAME PFP :))) :00000

[@lyn.leavespetals1926]

Omg!! You are brilliant! Explanations are simple and easy to understand. So helpful for some of us new to this.

[@ReviewEcon]

Thank you! I'm so glad my video helped! Good luck with the year. 😀

[@miketran5328]

Thanks for the review! I hope I do well on my Unit 1 test tomorrow!!

[@ReviewEcon]

I hope that test went well! 🤞🤞🤞😄

[@saharahmad8523]

great video i love that you explain at a slow pace so its easy to follow!

[@ReviewEcon]

I'm glad you like it! I go a bit faster in future units, but feel free to slow me down with the KZbin speed settings. 😀

[@abshirmohamed1272]

i actually understood everything you said. the way you explained everything was easy and nice. thank you sir.

[@ReviewEcon]

You're very welcome!

[@sahitihibane]

Your videos are really helpful. Thank you so much!

[@ReviewEcon]

Awesome! Your are very welcome!

[@mariaa8659]

Thank you so much for your videos! I love the free games too. I had to miss out on a whole semester of college due to having a baby so I'm hoping to pass the CLEP exam to get the missing credits quick. My exam is in two days and I gave myself a little over a week to study. Your videos help a lot, love your calm demeanor.

[@ReviewEcon]

I'm so glad you have found my videos helpful! Good luck on your exam!

[@alecsn1087]

Thank you for making these videos! They are helping me succeed in my class

[@ReviewEcon]

You're very welcome! Good luck on your exams!

[@azamatshazhiyayev4267]

you are the best, bro! college board videos do not help as much as your videos. message from Kazakhstan.

[@ReviewEcon]

Awesome! I'm so glad my videos are helping. Good luck with your exams!

[@AtomicSquid5433]

I feel dumb, I keep coming back. I've watched this like 10 times already =-= You did a great job, I just keep forgetting some of the basics.😅

[@ReviewEcon]

You aren't alone. Economics is so different from other classes, it's difficult to remember it all! Good luck on your exams!

[@dillonroberts4904]

great video! keep up the good work 👍

[@ReviewEcon]

Thank you for the kind words! I will keep working! :-)

[@aawesome8119]

Actual legend, thank you! I'm currently preparing for the AP Micro exam on Friday this week and you are sure to be a big help. I'm going to watch every video in this playlist

[@ReviewEcon]

You're very welcome! Good luck on your exams!!

[@user-bh8if1jr2x]

any tips for the AP micro

[@ReviewEcon]

I would suggest you do some practice MC and see if you can identify where you are struggling. Prioritize those topics. Also make sure you practice drawing all the graphs. See reviewecon.com for lots of practice games including graph drawing practice drills. Good luck!

[@angelavo5262]

thank you for all the review videos for macro and micro! really coming in clutch when studying for the ap exams

[@ReviewEcon]

You're very welcome! Good luck tomorrow!

[@angelavo5262]

@@ReviewEcon thanks! yea i crammed for macro yesterday, and now cramming for micro today 😂

[@ReviewEcon]

Good luck tomorrow as well!

[@saraabdii9268]

Thank you for teaching more than my prof!

[@ReviewEcon]

You're very welcome! Good luck with your exams!

[@elifoktem8906]

I cannot explain how much this helped me. Thank you A LOT!! ❤

[@ReviewEcon]

I'm so glad! Good luck on your exams!

[@sarankannan6871]

Budget Jacob Clifford but WAYYYY better. thanks for the great video!

[@ReviewEcon]

That is very kind. Thank you!

[@singingLeaf123]

@@ReviewEcon You are the best. You are a god. OG

[@jemaicacortez6088]

Oh wow thank you for this video. Really helps me a lot for my major subject 😊😊

[@ReviewEcon]

You're very welcome!

[@user-je4kv3yu3e]

i watched your videos for ap exam and now back for college econ class, thanks you for making those great videos

[@ReviewEcon]

You're very welcome! Good luck with the new class!

[@kamilmohamet3152]

Great summary and explanation. Thank you for the effort

[@ReviewEcon]

You're very welcome! Good luck on your exams!

[@bobbyhe8090]

Thank you, sir, your video is really helpful.

[@ReviewEcon]

You're welcome! Good luck with your exams!

[@user-xr5fu9rq8c]

Your lecture here is the best. Keep going

[@ReviewEcon]

Thank you!

[@ComB4tZ]

Outstanding teaching sir! This would help me ace my exams

[@ReviewEcon]

Good luck!

[@jas-ox2bb]

i wish everyone who is watching this and taking the exam the best of luck

[@ReviewEcon]

🤘😎 Yes! No mercy for that exam tomorrow!

[@PatriciaAmoah-wu5no]

Thank you for making this video

[@ReviewEcon]

You're very welcome! Good luck on your exams!

[@virginiajelimo4682]

Am lost with the opportunity cost. Will come back and go through it again. Thank you

[@ReviewEcon]

It can be tricky. My advice is to focus on the choice. Opportunity costs are the explicit and implicit costs of a choice added together. Good luck with your studies!

[@virginiajelimo4682]

@@ReviewEcon thank you sir

[@user-ro2po4fk9e]

Thank you so much!

[@ReviewEcon]

You're very welcome! Good luck on your exams!

[@milikamumba3717]

Thanks a lot.

[@ReviewEcon]

You're welcome!

[@aidenmann6190]

Thanks!

[@ReviewEcon]

You're very welcome!

[@evelynchaambwa1866]

Thank u so much u r the best

[@ReviewEcon]

You're very welcome!!

[@ilikechips2596]

i think 16:12, for Henry, 1 T Zucchini should be 5/3 T Strawberries, not 2/3

[@ReviewEcon]

You are correct. Check that again though. It actually says 1 2/3, and that is equal to 5/3. 😄 So we're on the same page! Good luck on your exam!

[@ilikechips2596]

@@ReviewEcon oh my bad, thanks for the clarification!

[@ReviewEcon]

@ilikechips2596 no worries! Easy mistake to make.

[@samrudhghanta1848]

thank you so much! i just wish i discovered ur vids earlier lol

[@ReviewEcon]

Better late than never! Good luck! 😄

[@abstraction6266]

First, I would like to thank you for your efforts and the free and absolutely useful content you provide us. Secondly, I wanted to ask if you can help me with this question, it is an official question from AP classroom: A production possibilities curve can shift inward if there is (A) an increase in productivity (B) an increase in unemployment (C) an increase in the price of raw materials (D) a misallocation of resources (E) a natural disaster Arent B , D, E , all correct answer choices!? I memorized the mnemonic "DUN" to memorize that. I am confused how E is the correct answer

[@ReviewEcon]

I don't know the DUN mnemonic, but unemployment won't shift the curve inwards because the PPC is the maximum possible production with all resources being used. Unemployment means the point of production moves inwards (actual production decreases but possible production doesn't change). But the curve doesn't shift because the unemployed workers COULD produce. They just aren't producing because. Misallocation also doesn't change possible production just actual production. The curved moves from changes in the quality or quantity of resources. I cover the PPC more completely here: kzbin.info/www/bejne/fXnMo5uklLVlrMksi=iF4sBIjhXnu7_Tes

[@abstraction6266]

@@ReviewEcon Omg thanks so much for taking the time and answering me. I am really grateful and got the point. Thanks again!

[@mukumms4010]

Basic topics but very useful

[@ReviewEcon]

Yes! We start with the basics in unit 1. Thank you!

[@tawongaosman8576]

Thanks alot

[@ReviewEcon]

You're very welcome!

[@user-ck5is2pg9y]

cramming everything before AP Exam 05-04-23.

[@ReviewEcon]

Good luck tomorrow!!

[@Leoargentin]

Sir thanks for help 🙏🏼

[@ReviewEcon]

You're very welcome! Good luck on your exams!

[@Leoargentin]

Thanks you so much once again.

[@haseenamoulana228]

I dont see the link in d comments?,but loved ur teaching ❤

[@ReviewEcon]

It's actually in the description. 😅 Thank you!

[@KeliKatheya]

Awesome

[@ReviewEcon]

Thank you for watching!

[@madison-mj6ne]

cramming 2 days before 😍😍

[@ReviewEcon]

Good luck on your exams!

[@madison-mj6ne]

ty!😊

[@myplace571]

Hello, i might be mistaken but i recently finished unit 1. I stuided it through khan academy and this video condridicts what i learned about fidning opportunity cost. arent the values supposed to be the opposite? for example: 1 Break job from amy is 6 not 1/6. according to what i learned.

[@ReviewEcon]

You have the fraction flipped because this is an input question. Hours of labor are an input. Remember it takes Amy 1 hour to do a break job and 6 hours to paint a car. Since it takes her six times as long to paint a car then do a brake job she cannot be losing 6 Painted cars every time she does a brake job. The math here is the it over formula for inputs. The opportunity cost of brake jobs is the number we have for brake jobs divided by the number we have for a painted car, which is 1/6. If this was an output question then it would be 6. I hope that helps! Good luck with your studies!

[@myplace571]

Oh thank you so so much for replying. This clears everything for me, i guess i didnt understand inputs and outputs before. Thank you again !!@@ReviewEcon

[@ReviewEcon]

You're very welcome!

[@julianallan8270]

Why does 1.5 come before 1.3 and 1.4???

[@ReviewEcon]

The numbers are the topics as laid out by the College Board CED. I put them in the order I think makes most sense for the video. 😀

[@julianallan8270]

@@ReviewEcon Thank you for your thoughtfulness

[@ReviewEcon]

You're welcome!

[@user-ye6ln4xy2o]

❤best ever😊

[@ReviewEcon]

Aw! Thank you! Good luck with your exams!

[@Kyle00112233]

He never moves his right arm... I wonder if he injured it in the war?

[@ReviewEcon]

😂 nope, no injury. Just holding the clicker so I know what's coming next.

[@bjbunjk440]

i love you

[@ReviewEcon]

As much as I love Econ!?😅

[@Coal-RubL]

Its honestly ridiculous how much better this shit is than crash course

[@ReviewEcon]

I'm glad you liked it! Good luck with your studies!

[@isiahcurry1593]

Yeah I’m glad I dropped college. Not for me.

[@ReviewEcon]

😢 Good luck moving forward! You'll be using econ your whole life whether you know it or not! 😉

[@LoveVanillaRose]

Scarcity is a lie. We live in an abundant world.

[@ReviewEcon]

While I understand your point, I have to disagree. Even if there are enough resources to satisfy everyone's needs of food, clothing, and shelter. Scarcity means they're aren't enough resources to satisfy everyone's wants, and considering how much so many humans want, it's clear to me scarcity is inescapable.

[@LoveVanillaRose]

@@ReviewEcon Humans in control impose false scarcity on those who don't understand.

[@ReviewEcon]

I certainly agree that some people in power have made the problems of scarcity worse for others.

[@nicknames5325]

Those tests are so lame and all that nonsense as welI. I know people not graduating H.S and do better financially than those who graduated from college having major in economics. LMAO. No wonder people don’t know what to do with money these days, hahaha.

[@ReviewEcon]

Those people certainly exist, but economics majors do quite well on average. But everyone gets to live their own lives. I wish you good luck!

[@user-xr5fu9rq8c]

Send the link to my email because the below here doesn't work out

[@ReviewEcon]

Not sure what link you're referring to and I don't have your email address. 🤷‍♂️

[@verberaunt]

Thank you so much!

[@ReviewEcon]

You're very welcome!