Our friend and Cleveland Cavalier, LeBron James, asks Sal if there's a high probability of making three free throws in a row or one three-pointer. Before solving the problem, jot down what you think the answer will be!

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Probability and statistics on Khan Academy: We dare you to go through a day in which you never consider or use probability. Did you check the weather forecast? Busted! Did you decide to go through the drive through lane vs walk in? Busted again! We are constantly creating hypotheses, making predictions, testing, and analyzing. Our lives are full of probabilities! Statistics is related to probability because much of the data we use when determining probable outcomes comes from our understanding of statistics. In these tutorials, we will cover a range of topics, some which include: independent events, dependent probability, combinatorics, hypothesis testing, descriptive statistics, random variables, probability distributions, regression, and inferential statistics. So buckle up and hop on for a wild ride. We bet you're going to be challenged AND love it!





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1. Production possibilities frontier
2. Opportunity Cost
3. Increasing opportunity cost
4. Allocative efficiency and marginal benefit
5. Economic growth through investment
6. Comparative advantage specialization and gains from trade
7. Comparative advantage and absolute advantage
8. Law of demand | Supply, demand, and market equilibrium
9. Price of related products and demand
10. Changes in income, population, or preferences
11. Normal and inferior goods | Supply, demand, and market equilibrium
12. Inferior goods clarificationx
13. Law of supply | Supply, demand, and market equilibrium
14. Factors affecting supply | Supply, demand, and market equilibrium
15. Market equilibrium | Supply, demand, and market equilibrium
16. Changes in Market Equilibrium
17. Price elasticity of demand | Elasticity
18. More on elasticity of demand | Elasticity
19. Perfect inelasticity and perfect elasticity of demand
20. Constant unit elasticity | Elasticity
21. Total revenue and elasticity | Elasticity
22. More on total revenue and elasticity | Elasticity
23. Cross elasticity of demand | Elasticity
24. Elasticity of supply | Elasticity
25. Elasticity and strange percent changes | Elasticity
26. Demand Curve as Marginal Benefit Curve
27. Consumer surplus introduction | Consumer and producer surplus
28. Total consumer surplus as area
29. Producer surplus | Consumer and producer surplus
30. Rent Control and Deadweight Loss
31. Minimum wage and price floors
32. Taxation and dead weight loss
33. Percentage tax on hamburgers
34. Taxes and perfectly inelastic demand
35. Taxes and perfectly elastic demand
36. Marginal Utility
37. Equalizing Marginal Utility per Dollar Spent
38. Deriving demand curve from tweaking marginal utility per dollar
39. Budget Line
40. Optimal point on budget line
41. Types of indifference curves
42. Economic profit vs accounting profit
43. Depreciation and opportunity cost of capital
44. Fixed, Variable, and Marginal Cost.
45. Visualizing average costs and marginal costs as slope
46. Marginal cost and average total cost
47. Marginal revenue and marginal cost
48. Marginal revenue below average total cost
49. Long term supply curve and economic profit
50. Perfect competition | Forms of competition
51. Monopoly basics | Forms of competition
52. Monopolist optimizing price: Total revenue.
53. Monopolist optimizing price: Marginal revenue
54. Monopolist optimizing price: Dead weight loss
55. Optional calculus proof to show that MR has twice slope of demand
56. Review of Revenue and Cost Graphs for a Monopoly
57. Oligopolies and monopolistic competition | Forms of competition
58. Monopolistic competition and economic profit
59. Oligopolies, duopolies, collusion, and cartels
60. Prisoners' dilemma and Nash equilibrium
61. More on Nash equilibrium | Game theory and Nash equilibrium
62. Why parties to cartels cheat | Game theory and Nash equilibrium
63. Game theory of cheating firms | Game theory and Nash equilibrium
64. Negative externalities | Consumer and producer surplus
65. Taxes for factoring in negative externalities
66. Positive externalities | Consumer and producer surplus
67. Tragedy of the commons | Consumer and producer surplus
68. First degree price discrimination
69. A firm's marginal product revenue curve
70. How many people to hire given the MPR curve
71. Adding demand curves | Production decisions and economic profit
72. Circular flow of income and expenditures
73. Parsing gross domestic product | GDP: Measuring national income
74. More on final and intermediate GDP contributions
75. Investment and consumption | GDP: Measuring national income
76. Income and expenditure views of GDP | GDP: Measuring national income
77. Components of GDP | GDP: Measuring national income
78. Examples of accounting for GDP | GDP: Measuring national income
79. Real GDP and nominal GDP | GDP: Measuring national income
80. GDP deflator | GDP: Measuring national income
81. Example Calculating Real GDP with a Deflator
82. Introduction to inflation | Inflation - measuring the cost of living
83. Actual CPI-U Basket of Goods
84. Phillips curve | Inflation - measuring the cost of living
85. Interest as rent for money | The monetary system
86. Money supply and demand impacting interest rates
87. The business cycle | Aggregate demand and aggregate supply
88. Aggregate demand | Aggregate demand and aggregate supply
89. Shifts in aggregate demand | Aggregate demand and aggregate supply
90. Long-run aggregate supply | Aggregate demand and aggregate supply
91. Short run aggregate supply | Aggregate demand and aggregate supply
92. Demand-pull inflation under Johnson
93. Real GDP driving price | Aggregate demand and aggregate supply
94. Cost-push inflation | Aggregate demand and aggregate supply
95. Monetary and fiscal policy | Aggregate demand and aggregate supply
96. Tax lever of fiscal policy | Aggregate demand and aggregate supply
97. Breakdown of gas prices | Supply, demand, and market equilibrium
98. Short-run oil prices | Supply, demand, and market equilibrium
99. Keynesian economics | Aggregate demand and aggregate supply
100. Risks of Keynesian thinking | Aggregate demand and aggregate supply
101. Overview of fractional reserve banking | The monetary system
102. Weaknesses of fractional reserve lending | The monetary system
103. Full reserve banking | The monetary system
104. Money supply: M0, M1, and M2 | The monetary system
105. Simple fractional reserve accounting (part 2) | The monetary system
106. MPC and multiplier
107. Mathy version of MPC and multiplier (optional)
108. Consumption function basics
109. Generalized linear consumption function
110. Consumption function with income dependent taxes
111. Keynesian Cross
112. Details on shifting aggregate planned expenditures
113. Keynesian cross and the multiplier
114. Investment and real interest rates
115. Connecting the keynesian cross to the IS curve
116. Loanable funds interpretation of IS curve
117. Polyalphabetic Cipher
118. LM part of the IS-LM model
119. Government spending and the IS-LM model
120. Balance of payments: Current account | Foreign exchange and trade
121. Balance of payments: Capital account | Foreign exchange and trade
122. Why Current and Capital Accounts Net Out
123. Accumulating foreign currency reserves | Foreign exchange and trade
124. Using reserves to stabilize currency | Foreign exchange and trade
125. Financial crisis in Thailand caused by speculative attack
126. Math mechanics of Thai banking crisis | Foreign exchange and trade
127. Greek Debt Recession and Austerity (part 1)
128. Greek Financial Crisis (part 2)
129. How and why Greece would leave the Euro (part 3)
130. Why Europe is worried about Greece
131. Three pointer vs free throwing probability | Probability and Statistics

This course includes topics in microeconomics and macroeconomics covered in a traditional college level introductory economics course