Microeconomic factors

In this lesson

1. 0:00 Introduction to microeconomics and key topics
2. 2:01 Law of demand and demand curves explained
3. 4:45 Factors that shift the demand curve
4. 6:38 Price elasticity of demand fundamentals
5. 8:50 Elasticity and revenue with real examples
6. 10:25 Substitutes and complements in demand
7. 12:01 What makes demand elastic or inelastic
8. 14:23 Law of supply and supply curves
9. 16:38 Factors that shift the supply curve
10. 18:55 Equilibrium price and market dynamics
11. 20:26 Worked example: price rise and demand
12. 22:22 Law of diminishing returns in short term
13. 26:02 Diseconomies of scale in long term
14. 27:57 Types of market competition structures
15. 30:34 Market competition examples and applications
16. 32:09 Worked example: characteristics of perfect markets

About this lesson

This lesson covers the law of demand and supply, how to interpret demand and supply curves, and why prices shift when external factors change. You'll also explore price elasticity of demand—understanding when consumers are sensitive to price changes and how this affects revenue—plus the concept of equilibrium price where supply meets demand. Finally, you'll examine short-term cost behaviour through the law of diminishing returns, long-term diseconomies of scale, and the four market structures: monopoly, oligopoly, monopolistic competition, and perfect competition, with real-world examples for each.

Duration: 34m