Macroeconomics Unit 1 Intro: Basic Economic Concepts (AP Macro)

Mr. Clifford provides an overview of macroeconomics, starting with basic economic concepts shared with microeconomics, such as scarcity and opportunity costs. He explains the production possibilities curve and the law of increasing opportunity cost. The video covers comparative advantage and trade, highlighting specialization and mutual benefits. It then explores economic systems, focusing on free market capitalism and command economies, and delves into supply and demand, including equilibrium price and quantity. The session concludes with a transition to macroeconomic topics, setting the stage for broader economic discussions.

Describe the differences between free market capitalism and command economies.

What are equilibrium price and equilibrium quantity in the context of supply and demand?