In this video, we introduce the concept of consumer surplus as the difference between marginal benefit and price paid. Created by Sal Khan.

Context Rich Problem on demand shifters and the implications of such a shift.

In this context rich problem, students are asked to analyze the effects of a price ceiling.

Learn about how firms determine the optimal combination of capital and labor in this video.

This video illustrates how a change in the price of one good affects the quantity demanded of another good (complement or substitute).

Price of one good impacting quantity demanded of another. Created by Sal Khan.

This assignment asks students to write a data-rich policy brief, showing their ability to apply standard microeconomic models and contextualizing the policy debate with numeric evidence.

To get a better intuition about how much a consumer values a good in a market, we think of demand as a marginal benefit curve. In this video we look at the demand curve from a marginal benefit framework. Created by Sal Khan.

How to account for things when you own the building instead of renting it. Created by Sal Khan.

Where does a buyer's demand curve come from? A rational buyer wants to get as much "bang per buck" from their consumption as possible. In economics, that's called marginal utility per dollar spent. When the price of a good decreases, the "bang per buck" on that good increases, which incentivizes consuming more of it. In this video, we derive the individual's demand curve for a good by tweaking the marginal utility per dollar spent. Created by Sal Khan.

Walk through the logic of determining what kind of good has the most elastic demand in this video.

There are several factors that affect how elastic (or inelastic) the price elasticity of demand is, such as the availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a necessity, and how narrowly the market is defined. We explore each of these in this video.

This course provides rigorous introduction to core microeconomic issues in economic development, focusing on both key theoretical contributions and empirical applications to understand both why some countries are poor and on how markets function differently in poor economies. Topics include human capital (education and health); labor markets; credit markets; land markets; firms; and the role of the public sector.

Economic models are a way of taking complicated ideas and events and breaking them down into their most important characteristics. We use models in economics so that we can focus our attention on a few things instead of getting bogged down a lot of details. In this video, learn more about the role that models play in economics, and the importance of the assumptions that underlie those models.

Learn about how to represent a monopoly market graphically in this video. Topics covered include the profit-maximizing quantity, pricing decisions, and deadweight loss associated with monopolies.

An important skill in microeconomics is the ability to find a firm's profit. Learn more about how to use a graph to identify the profit-maximizing quantity for a firm in a perfectly competitive market, and identify the area that represents the firm's profit or loss.

Accounting profit is what many people tend to think of when they think profit, but an economist would say that you leave something very important out when you do so: opportunity costs. In this video, explore the difference between a firm's accounting and economic profit. Created by Sal Khan.

Looking for engaging content for your economics courses? The Institute for Humane Studies has curated this collection of educational resources to help economics professors enrich their curriculum. Find videos, interactive games, reading lists, and more on everything from opportunity costs to trade policy. This collection is updated frequently with new content, so watch this space!

Presumably you've already made plans for surviving a zombie apocalypse, but have you thought through the important economic factors that might make the difference between surviving and losing your brain to one of the walking dead? In this video, Professor Anthony Davies of Duquesne University discusses how a zombie apocalypse would affect the price of gasoline, the supply of money, and the economy as a whole.

Economies of scale exist when long run average total cost decreases as output increases, diseconomies of scale occur when long run average total cost increases as output increases, and constant returns to scale occur when costs do not change as output increases.