- Consumers & Companies
- Business Economics - Countries
- math for Economics
Business Economics - Consumers & Companies - Includes 165 Videos
The Basics of Economics
What is economics? Many will tell you that economics is about making choices in conditions of scarcity; others will tell you that it is about making decisions on the margins, and a few will tell you that those two answers are the same.
Units include:
How Income Flows - Households and Firms
Opportunity Cost vs Choice
Production Possibility Frontier
Production Possibility Curve
Public Goods
Market Forces - Supply and Demand
The demand curve can show a single individual's demand for a good or it can show many individuals’ aggregate demand for a good. The supply curve shows a positive relationship between the quantity of a good sold and the price at which it is sold.
Units include:
Supply Curve
Giffen Goods
Demand Curve
Market Forces - Equilibrium
Market Equilibrium occurs when the market price reaches a level at which quantity supplied equals quantity demanded.
Units include:
Market Equilibrium
Case Study - Green Space and Equilibrium
Elasticity
When prices change, the quantity that consumers buy will also change. When prices increase, consumers purchase less; the quantity demanded decreases. The question is, by how much?
Units include:
Price Elasticity of Demand
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Marginal Utility
When consumers consume various quantities of a particular good, they realize different levels of utility from that consumption.
Units include:
Diminishing Marginal Utility
Case Study - Diminishing Marginal Utility
Consumer Choice
One of the goals of economics is to understand how people make decisions about what to buy and consume. To do this, economists have developed a model of consumer choice called the utility maximization framework.
Units include:
Indifference Curves
Maximizing Utility with a Budget
Producer Surplus Consumer Surplus
Producer Behavior
One of the important subjects in economics is international trade. In today's world economy, it is very important to understand why international trade happens. About two thirds of all international trade happens because of comparative advantage.
Units include:
Comparative Advantage and International Trade
Production Possibility Frontier
Price
How do firms and businesses decide how to price things? How do these prices affect demand?
Units include:
Elasticity of Supply
Price Intervention
Price Discrimination
Price Collusion
Costs of Production
Every business, large or small, needs to understand its cost of production to operate efficiently and effectively maximize profit.
Units include:
Costs of Production
Marginal Product
Marginal Cost and Average Fixed Cost
Declining Average Cost
Labor Markets
Why does a firm hire a worker? What questions does a firm have to ask to decide if they should hire a worker? Why would a single employer pay two different people different wages to do what seems like the same job, or to perform the same task?
Units include:
The Firm's Hiring Decision
Why Wages Vary
Negative Externalities and Taxes
A negative externality is a cost that an economic transaction imposes upon an uninvolved third party. Consumption causes some negative externalities. Production causes others. Taxation is one solution. Taxes also affect prices.
Units include:
Negative Externality
Taxes
Market Structures - Introduction
In this unit we review the four traditional market structures that we use in industrial organization or industry analysis.
Units include:
Four Market Structures
Case Study - Gas Stations
Perfect Competition
The characteristics of perfect competition: There are many buyers and sellers; Goods are homogeneous; Firms are price takers; Firms freely enter and exit the market.
Units include:
Perfect Competition - Introduction
Perfect Competition - Profit Scenario
Perfect Competition - Minimizing Losses
Perfect Competition - Shutdown Scenario
Perfect Competition - Supply and Demand
Monopoly
A monopoly, by definition, is a market structure with only one seller and no close substitutes.
Units include:
Monopoly - Introduction
Natural Monopoly
Monopolistic Competition
If you consider the firms where you shop most frequently and the firms that advertise the most, many of them are in a market that we describe as monopolistic competition.
Units include:
Monopolistic Competition Introduction
Monopolistic Competition Dynamics
Monopolistic Competition Equilibrium
Oligopoly
The first assumption that we make about an oligopoly is that there are few firms. This contrasts with perfect competition where there are many firms, and with monopoly, where there is just a single firm.
Units include:
Oligopoly - Introduction
Case Study - Airlines vs. OPEC
Business Economics - Countries - Includes 130 Videos
The Basics of Economics
Macroeconomics is the study of the behavior of the aggregate economy, exploring the economy's output, national income, unemployment, inflation, price levels and growth.
Units include:
Circular Flow of Income
Opportunity Cost vs Choice
Selfish vs Self-Interest
Time Value of Money
Measuring Aggregate Output
The U.S. GDP is a very large number. In 2011, for example, the U.S. GDP figure was more than $14 dollars. In 2013, U.S. GDP was estimated by the Department of Commerce to be $16.8 trillion.
Units include:
Calculating GDP
GDP vs. GNP
Capital Stock and Flow Variables
Saving and Investment
Nominal vs. Real Quantities
Unemployment and Inflation
Population and real GDP affect the demand for labor and employment. In our society, people are very busy with jobs, household work, schools and many other activities.
Units include:
GDP Deflator vs. CPI
Population: Employment and Unemployment
Unemployment and the Recessionary Gap
Aggregate Demand and Supply
What happens when there is inflation and the government does not intervene in the markets?
Units include:
Inflationary Gap Without Government Intervention
Interest Rates vs. Bond Prices
Government and Fiscal Policy
Most governments' annual budgets feature fiscal deficits. Governments bring in revenues in the form of taxes, and they have expenditures.
Units include:
Solutions to the Population Pyramid
Population Pyramids
Fiscal Policy - Taxation
Tax Multiplier
Government Spending
Fiscal Deficit vs Debt
Spending Multiplier
Money Supply and Monetary Policy
Just as there is a supply curve for goods or services, there is a supply curve for money. The supply of money is determined by the Central Bank. The Central Bank sets goals for inflation and employment.
Units include:
Money Demand
Money Supply
Fractional Reserve
Banking
Money Supply and the Money Multiplier
Monetary Policy
International Trade
Countries will trade with each other because trade is driven by comparative advantage and not by absolute advantage.
Units include:
Comparative Advantage and International Trade
Benefits of Trade
Currency Exchange Rates
Math for Economics - Includes 8 Videos
Math Basics for Economics
In this chapter, you will learn the basic math skills required for the study of economics.
Units include:
How to Plot a Line
Measuring Slopes
Different Types of Slopes
Intersection of Two Lines
Curved Lines - Slopes and Tangents
Dividing by Fractions
Compound Interest
Present and Future Values of Money
Math for Economics - 8 Videos
Math Basics for Economics
In this chapter, you will learn the basic math skills required for the study of economics.
Units include:
How to Plot a Line
Measuring Slopes
Different Types of Slopes
Intersection of Two Lines
Curved Lines - Slopes and Tangents
Dividing by Fractions
Compound Interest
Present and Future Values of Money