Section 1: Introduction |
|
Intro to Economics |
22:40 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
Basic Economic Concepts |
1:07 | |
| |
What is Economics? |
1:47 | |
| |
| Definition of Economics |
1:50 | |
| |
| Scarcity |
2:25 | |
| |
Four Factors of Production (Resources) |
3:02 | |
| |
| Land |
3:26 | |
| |
| Labor |
3:43 | |
| |
| Capital |
4:02 | |
| |
| Entrepreneurship |
4:35 | |
| |
Needs vs. Wants |
5:00 | |
| |
| Needs |
5:22 | |
| |
| Wants |
6:01 | |
| |
People Choose |
8:46 | |
| |
| Need |
8:48 | |
| |
| Economics is About Making Choices |
8:59 | |
| |
Every Choice Has a Cost |
9:29 | |
| |
| Opportunity Cost |
9:43 | |
| |
| Trade-Off |
9:55 | |
| |
Positive Economics vs. Normative Economics |
10:23 | |
| |
| Positive Economics |
10:32 | |
| |
| Normative Economics |
11:13 | |
| |
Marginal Analysis |
12:29 | |
| |
| All or Nothing Propositions |
12:48 | |
| |
| To Consume the Next Unit or Not |
12:52 | |
| |
| Key to Understanding Economics |
12:57 | |
| |
Example 1 |
13:29 | |
| |
Example 2 |
14:46 | |
| |
Example 3 |
17:02 | |
| |
Example 4 |
20:48 | |
|
Production Possibilities Frontier |
17:47 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:08 | |
| |
I. Basic Economic Concepts |
0:48 | |
| |
Production Possibilities Frontier |
1:23 | |
| |
| Points of Efficiency |
1:40 | |
| |
| Points of Underutilization |
1:43 | |
| |
| Famous 'Guns or Butter' Analogy |
2:20 | |
| |
Increasing Opportunity Cost |
2:59 | |
| |
| Law of Increasing Opportunity Cost |
3:07 | |
| |
| Example: Economy of DVDs and Wine |
3:35 | |
| |
Constant Opportunity Cost |
6:26 | |
| |
| Definition of Constant Opportunity Cost |
6:35 | |
| |
| Example: Economy of Soda and Flags |
6:50 | |
| |
Example 1 |
9:35 | |
| |
Example 2 |
11:06 | |
| |
Example 3 |
12:54 | |
| |
Example 4 |
14:19 | |
| |
Example 5 |
16:28 | |
|
Comparative Advantage & Trade |
48:19 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
I. Basic Economic Concepts |
0:45 | |
| |
Trade and Specialization |
1:36 | |
| |
I, Pencil |
3:29 | |
| |
| Market Economy |
4:28 | |
| |
| Command Economy |
5:02 | |
| |
| Mixed Economy |
5:46 | |
| |
Absolute Advantage |
6:29 | |
| |
| Better at Producing a Particular Product |
6:35 | |
| |
| Example |
6:45 | |
| |
Comparative Advantage |
9:09 | |
| |
| Lower Opportunity Cost in Producing a Particular Product |
9:17 | |
| |
| Example |
9:26 | |
| |
Comparative Advantage & PPF Graph |
16:08 | |
| |
Example 1 |
20:41 | |
| |
Example 2 |
24:29 | |
| |
Example 3 |
29:13 | |
| |
Example 4 |
32:52 | |
| |
Example 5 |
37:46 | |
| |
Example 6 |
43:39 | |
|
Utility Maximization |
31:21 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:14 | |
| |
I. Basic Economic Concepts |
0:47 | |
| |
Utility vs. Marginal Utility |
2:18 | |
| |
| Utility |
2:22 | |
| |
| Marginal Utility |
2:53 | |
| |
| Examples |
3:02 | |
| |
Marginal Utility Per Dollar |
4:07 | |
| |
| Definition of Marginal Utility Per Dollar |
4:12 | |
| |
| Constrained by a Budget |
4:33 | |
| |
| Role of Scarcity |
4:35 | |
| |
Diminishing Marginal Utility |
7:20 | |
| |
| Definition of Diminishing Marginal Utility |
7:24 | |
| |
| Krispy Kreme Experiment |
8:46 | |
| |
Optimal Consumption Bundle |
9:59 | |
| |
| Optimal Consumption Bundle Rule |
10:02 | |
| |
| Select the Higher Marginal Utility Per Dollar |
10:34 | |
| |
| Value Begins to Fall |
10:42 | |
| |
Example 1 |
11:04 | |
| |
Example 2 |
14:15 | |
| |
Example 3 |
18:16 | |
| |
Example 4 |
21:13 | |
| |
Example 5 |
24:09 | |
| |
Example 6 |
27:50 | |
Section 2: Supply & Demand |
|
Price & Quantity |
39:07 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:14 | |
| |
II. Product Markets |
1:05 | |
| |
Supply and Demand |
2:22 | |
| |
| Supply and Demand Model |
2:24 | |
| |
| Demand Curve |
2:28 | |
| |
| Supply Curve |
2:43 | |
| |
| Factors |
2:56 | |
| |
| Equilibrium Price and Quantity |
3:45 | |
| |
Demand Schedule and Demand Curve |
3:56 | |
| |
| Market Demand Schedule |
3:59 | |
| |
| Market Demand Curve |
4:07 | |
| |
| Example |
4:18 | |
| |
Shifts of the Demand Curve |
9:39 | |
| |
| Changes in the Prices of Related Goods |
9:47 | |
| |
| Changes in Income |
12:14 | |
| |
| Changes in Tastes |
12:57 | |
| |
| Changes in Expectations |
13:58 | |
| |
Increase in Demand (Rightward Shift) |
14:44 | |
| |
Decrease in Demand (Leftward Shift) |
15:37 | |
| |
Supply Schedule and Supply Curve |
16:27 | |
| |
| Market Supply Schedule |
16:37 | |
| |
| Market Supply Curve |
16:46 | |
| |
| Example |
16:52 | |
| |
Shifts of the Supply Curve |
20:19 | |
| |
| Changes in Input Prices |
20:29 | |
| |
| Changes in Technology |
20:43 | |
| |
| Changes in Expectations |
21:09 | |
| |
Increase in Supply (Rightward Shift) |
21:41 | |
| |
Decrease in Supply (Leftward Shift) |
22:51 | |
| |
Supply, Demand, and Equilibrium |
23:45 | |
| |
| Equilibrium Price |
23:50 | |
| |
| Equilibrium Quantity |
23:57 | |
| |
| Equilibrium |
24:05 | |
| |
Surplus and Shortage |
25:15 | |
| |
| Surplus |
25:19 | |
| |
| Shortage |
25:30 | |
| |
| Example |
25:43 | |
| |
Example 1 |
29:26 | |
| |
Example 2 |
30:18 | |
| |
Example 3 |
31:37 | |
| |
Example 4 |
34:11 | |
| |
Example 5 |
36:37 | |
|
Supply & Demand |
25:11 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:13 | |
| |
II. Product Markets |
0:57 | |
| |
Shifts to the Demand or Supply Curve |
1:50 | |
| |
| Demand Shift to the Right |
1:55 | |
| |
| Demand Shift to the Left |
2:11 | |
| |
| Supply Shift to the Right |
2:27 | |
| |
| Supply Shift to the Left |
2:43 | |
| |
Example 1 |
2:59 | |
| |
Example 2 |
4:28 | |
| |
Example 3 |
6:13 | |
| |
Example 4 |
8:17 | |
| |
Shifts of Both the Demand and Supply Curves |
10:05 | |
| |
| Demand and Supply Shift to the Right |
10:52 | |
| |
| Demand and Supply Shift to the Left |
11:15 | |
| |
| Supply Shift to the Left and Demand Shift to the Right |
11:52 | |
| |
| Supply Shift to the Right and Demand Shift to the Left |
12:17 | |
| |
Example 5 |
13:44 | |
| |
Example 6 |
17:14 | |
| |
Example 7 |
19:21 | |
| |
Example 8 |
21:43 | |
|
Price Controls |
27:05 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
II. Product Markets |
1:01 | |
| |
Why Price Controls are Inefficient |
1:51 | |
| |
| Price Controls |
3:10 | |
| |
| Price Ceiling |
3:34 | |
| |
| Price Floor |
3:41 | |
| |
Effective Price Ceiling |
4:08 | |
| |
| Rent Control |
4:16 | |
| |
| Effective Price Ceiling Must be Below Equilibrium Price |
4:27 | |
| |
How a Price Ceiling Causes Inefficiency |
6:36 | |
| |
| Inefficiency Allocation to Consumers |
6:50 | |
| |
| Wasted Resources |
7:20 | |
| |
| Inefficiently Low Quality |
7:51 | |
| |
Effective Price Floor |
8:45 | |
| |
| Minimum Wage |
8:53 | |
| |
| Effective Price Floors Must be Above Equilibrium Price |
9:40 | |
| |
Price Floor on Agricultural Products |
13:42 | |
| |
'Butter' Mountain |
16:09 | |
| |
How a Price Floor Causes Inefficiency |
17:41 | |
| |
| Inefficiently Low Quantity |
17:47 | |
| |
| Wasted Resources |
18:11 | |
| |
| Inefficiently High Quality |
18:39 | |
| |
Example 1 |
20:05 | |
| |
Example 2 |
21:12 | |
| |
Example 3 |
22:36 | |
| |
Example 4 |
23:46 | |
| |
Example 5 |
25:06 | |
|
Price Elasticity of Demand |
58:45 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:10 | |
| |
II. Product Markets |
1:26 | |
| |
What is Elasticity of Demand? |
2:37 | |
| |
| Definition of Price Elasticity of Demand |
2:40 | |
| |
| Ceteris Paribus |
3:35 | |
| |
Elastic Demand |
6:57 | |
| |
| e>1 |
7:02 | |
| |
| Product is Price-Sensitive |
7:47 | |
| |
| Flat Demand Curve |
8:05 | |
| |
Inelastic Demand |
12:02 | |
| |
| e<1 |
12:06 | |
| |
| Product is Not Sensitive to Price Change |
13:14 | |
| |
| Steep Demand Curve |
14:09 | |
| |
Example 1 |
19:20 | |
| |
Example 2 |
25:01 | |
| |
Using the Midpoint Method to Find Elasticity |
30:40 | |
| |
| Own Price Elasticity |
31:22 | |
| |
| Absolute Value Removes Negative Sign |
32:20 | |
| |
Example 3 |
32:38 | |
| |
Example 4 |
38:37 | |
| |
Factors That Determine Price Elasticity |
44:06 | |
| |
| Whether Close Substitutes are Available |
44:13 | |
| |
| Whether the Good is a Necessity or a Luxury |
44:48 | |
| |
| Time |
45:45 | |
| |
| Share of Income Spent of the Good |
46:32 | |
| |
Price Elasticity Along the Demand Curve |
47:11 | |
| |
Example 5 |
56:22 | |
|
Income, Cross-Price & Supply Elasticities |
39:00 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:16 | |
| |
II. Product Markets |
1:31 | |
| |
What is Cross-Price Elasticity of Demand? |
2:57 | |
| |
| Definition of Cross-Price Elasticity of Demand |
3:01 | |
| |
| Formula |
3:16 | |
| |
Substitutes |
6:24 | |
| |
| Definition of Substitutes |
6:26 | |
| |
| Items Match as Substitutes |
6:50 | |
| |
| If the Price of Good A Increases, then the Quantity Demanded of Good Will Increase |
7:34 | |
| |
| If the Price of Good A Decreases, then the Quantity Demanded of Good Will Decrease |
8:08 | |
| |
Example 1 |
8:34 | |
| |
Complements |
9:35 | |
| |
| Definition of Complements |
9:44 | |
| |
| Items Match as Complements |
10:01 | |
| |
| If the Price of Good A Decreases, then the Quantity Demanded of Good Will Increase |
11:32 | |
| |
| If the Price of Good A Increases, then the Quantity Demanded of Good Will Decrease |
11:48 | |
| |
Example 2 |
12:38 | |
| |
| Definition of Income Elasticity of Demand |
14:30 | |
| |
| Normal Good |
15:08 | |
| |
| Inferior Good |
15:43 | |
| |
| Income-Elastic |
16:56 | |
| |
| Income-Inelastic |
17:04 | |
| |
Formula for Income Elasticity of Demand |
17:20 | |
| |
| Formula |
17:44 | |
| |
Example 3 |
21:39 | |
| |
Example 4 |
24:52 | |
| |
Price Elasticity of Supply |
27:59 | |
| |
| Definition of Price Elasticity of Supply |
28:10 | |
| |
| Formula |
28:18 | |
| |
| Availability of Inputs Affects Elasticity |
28:46 | |
| |
Two Extreme Cases of Supply Price Elasticity |
29:35 | |
| |
Example 5 |
32:41 | |
|
Total Surplus, Deadweight Loss & World Trade |
47:51 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:16 | |
| |
II. Product Markets |
1:25 | |
| |
What is Consumer Surplus? |
2:32 | |
| |
| Definition of Consumer Surplus |
2:35 | |
| |
| Supply and Demand Graph |
2:44 | |
| |
What is Producer Surplus? |
5:20 | |
| |
| Definition of Producer Surplus |
5:40 | |
| |
| Supply and Demand Graph |
5:52 | |
| |
CS + PS |
8:52 | |
| |
Example 1 |
10:17 | |
| |
Example 2 |
12:21 | |
| |
How Does a Tax Affect Hotel Owners? |
14:19 | |
| |
| Excise Tax on Hotel Owners |
14:37 | |
| |
| Equilibrium Price |
14:42 | |
| |
| Excise Tax on Hotel Guests |
19:35 | |
| |
| Equilibrium Price |
20:03 | |
| |
| Tax Incidence |
20:13 | |
| |
Example 3 |
22:36 | |
| |
International Trade |
26:03 | |
| |
| Autarky |
26:10 | |
| |
Importing Countries |
28:21 | |
| |
| World Price |
28:22 | |
| |
| Positive Net Gain |
28:49 | |
| |
Exporting Countries |
32:28 | |
| |
| World Price |
33:35 | |
| |
| Positive Net Gain |
33:43 | |
| |
Example 4 |
37:46 | |
|
Production Function & Firm Costs |
41:14 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
II. Product Markets |
0:55 | |
| |
Long Run vs. Short Run |
1:46 | |
| |
| Production Function |
1:51 | |
| |
| Fixed Input |
2:04 | |
| |
| Variable Input |
2:20 | |
| |
| Long Run |
2:36 | |
| |
| Short Run |
2:54 | |
| |
Marginal Product of Labor |
3:03 | |
| |
| Definition of Marginal Product of Labor |
3:06 | |
| |
| Example MPL Curve |
3:50 | |
| |
Different Types of Marginal Returns |
7:18 | |
| |
| Increasing Marginal Returns |
7:22 | |
| |
| Diminishing Marginal Returns |
7:49 | |
| |
| Negative Marginal Returns |
8:00 | |
| |
Was Thomas Malthus Correct? |
10:59 | |
| |
| Thomas Malthus Prediction |
11:10 | |
| |
| Dismal Science |
11:29 | |
| |
Fixed, Variable and Total Cost |
12:34 | |
| |
| Fixed Cost |
12:45 | |
| |
| Variable Cost |
13:06 | |
| |
| Total Cost |
13:23 | |
| |
Average Cost |
15:27 | |
| |
Marginal Costs |
22:17 | |
| |
Relationship Between ATC and MC Curves |
27:02 | |
| |
| Minimum-Cost Output |
27:20 | |
| |
| Output Less Than Minimum-Cost Output |
27:55 | |
| |
| Output Greater Than Minimum-Cost Output |
28:02 | |
| |
Just Do It, Smile and Smirk |
30:09 | |
| |
| MC Curve |
30:24 | |
| |
| ATC Curve |
30:45 | |
| |
| AVC Curve |
31:09 | |
| |
True or False, or Uncertain? |
32:57 | |
| |
| Example 1 |
32:59 | |
| |
| Example 2 |
34:36 | |
| |
Short-Run Total Cost Function Example |
38:19 | |
|
Long-Run Costs & Economies of Scale |
32:23 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:10 | |
| |
II. Product Markets |
1:10 | |
| |
Short-Run vs. Long-Run Costs |
1:46 | |
| |
| Business Decisions |
1:51 | |
| |
| High Fixed Cost |
2:19 | |
| |
| Low Fixed Cost |
2:28 | |
| |
| Example |
3:03 | |
| |
Short-Run and Long Run ATC Curves |
8:25 | |
| |
Returns to Scale |
13:25 | |
| |
| Economies of Scale |
13:34 | |
| |
| Diseconomies of Scale |
14:27 | |
| |
Sources of Economies of Scale |
16:18 | |
| |
| Increased Specialization That Larger Output Levels Allow |
16:27 | |
| |
| Large Initial Set-Up Cost |
17:00 | |
| |
| Network Externalities |
17:51 | |
| |
Sunk Cost |
19:05 | |
| |
| Definition of Sunk Cost |
19:11 | |
| |
| Example |
19:52 | |
| |
Fill in the Following Cost Table |
22:02 | |
| |
Short-Run vs. Long-Run Example |
26:43 | |
Section 3: Market Structures |
|
Perfect Competition |
47:49 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:14 | |
| |
II. Product Markets |
1:31 | |
| |
Types of Market Structure |
2:47 | |
| |
| Perfect Competition |
2:58 | |
| |
| Monopoly |
3:33 | |
| |
| Oligopoly |
4:08 | |
| |
| Monopolistic Competition |
4:45 | |
| |
Perfect Competition |
5:35 | |
| |
| Price-Taking Firm |
5:45 | |
| |
| Price-Taking Consumer |
6:14 | |
| |
| Perfectly Competitive Market |
6:55 | |
| |
| Three Characteristics of Perfect Competition |
7:24 | |
| |
Production and Profits |
9:12 | |
| |
| Optimal Output Rule |
9:20 | |
| |
The Industry Supply Curve |
12:27 | |
| |
| Definition of Industry Supply Curve |
12:35 | |
| |
| Shut-Down Price |
12:49 | |
| |
| Price Above AVC |
13:13 | |
| |
The Long-Run Industry Supply Curve |
18:01 | |
| |
| Definition of Long-Run Industry Supply Curve |
18:07 | |
| |
| Example Graphs |
19:39 | |
| |
The Effect of an Increase in Demand |
25:19 | |
| |
| Increase in Demand |
25:24 | |
| |
| Increase in Demand Raises Price and Profit |
27:03 | |
| |
Perfect Competition in Long-Run Equilibrium |
30:45 | |
| |
| No Economic Profit |
30:57 | |
| |
| No Firms Enter or Leave |
31:37 | |
| |
| The Market is Always Right |
31:50 | |
| |
Perfect Competition Making Short-Run Profit |
34:00 | |
| |
Perfect Competition Incurring Short-Run Loss |
38:57 | |
| |
Summary of Profitability and Production |
43:20 | |
|
Monopoly |
42:43 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
II. Product Markets |
1:13 | |
| |
Characteristics of a Monopoly |
2:53 | |
| |
| Control of a Scarce Resource or Input |
3:18 | |
| |
| Economies of Scale |
3:40 | |
| |
| Technological Superiority |
4:25 | |
| |
| Government Monopolies |
5:10 | |
| |
Monopoly and Price Discrimination |
5:39 | |
| |
| Price Discrimination |
5:53 | |
| |
| Perfect Price Discrimination |
8:11 | |
| |
Monopoly Making a Profit |
12:08 | |
| |
Monopoly Incurring a Loss |
20:42 | |
| |
Monopoly vs. Perfect Competition |
23:47 | |
| |
| P=MC |
23:55 | |
| |
| P>MR=MC |
24:09 | |
| |
| Monopoly |
24:25 | |
| |
Reading a Monopoly Graph |
29:17 | |
|
Monopoly & Public Policy |
42:46 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
Monopoly vs. Perfect Competition (Surplus) |
1:06 | |
| |
| Deadweight Loss |
1:43 | |
| |
Welfare Effects of Monopoly |
7:02 | |
| |
| Increase Profits, Decrease Consumer Surplus |
7:07 | |
| |
| Perfectly Competitive Firms Profit-Maximize |
7:47 | |
| |
| Deadweight Loss |
8:15 | |
| |
Public Ownership of Monopolies |
8:50 | |
| |
| In Theory |
10:16 | |
| |
| In Practice |
10:43 | |
| |
Unregulated vs. Regulated Natural Monopoly |
12:03 | |
| |
| Unregulated Monopoly |
13:14 | |
| |
| Regulated Monopoly |
13:20 | |
| |
Monopoly Practice Problem 1 |
18:26 | |
| |
Monopoly Practice Problem 2 |
21:34 | |
| |
Monopoly Practice Problem 3 |
24:34 | |
| |
Monopoly Practice Problem 4 |
26:21 | |
| |
More Monopoly Practice 1 |
31:50 | |
| |
More Monopoly Practice 2 |
34:57 | |
| |
More Monopoly Practice 3 |
37:17 | |
| |
More Monopoly Practice 4 |
39:49 | |
|
Oligopoly & Game Theory |
50:43 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:08 | |
| |
Characteristics of an Oligopoly |
1:06 | |
| |
| Interdependence |
1:12 | |
| |
| Few Sellers with Significant Control of Pricing |
1:32 | |
| |
| Duopoly |
1:48 | |
| |
| Incentive to Collude |
1:59 | |
| |
| Cartel |
2:24 | |
| |
Game Theory |
3:33 | |
| |
| Two-Player Model |
3:46 | |
| |
| Application sin Economics, Military Strategy, Politics |
4:39 | |
| |
| Nash Equilibrium |
5:05 | |
| |
Game Theory (Prisoner's Dilemma) |
5:31 | |
| |
| Dominant Strategy |
5:41 | |
| |
| Prisoner's Dilemma |
6:21 | |
| |
Game Theory (Chicken) |
12:37 | |
| |
Game Theory (One Dominant, One Not) |
19:54 | |
| |
Overcoming Prisoner's Dilemma |
26:29 | |
| |
| Strategic Behavior |
27:31 | |
| |
| Tit for Tat Strategy |
27:37 | |
| |
| Tacit Collusion |
28:17 | |
| |
| Collusion |
28:46 | |
| |
(Yet Another) Game Theory Example 1 |
29:14 | |
| |
(Yet Another) Game Theory Example 2 |
33:02 | |
| |
(Yet Another) Game Theory Example 3 |
34:40 | |
| |
(Yet Another) Game Theory Example 4 |
37:12 | |
| |
Final Game Theory Example 1 |
39:21 | |
| |
Final Game Theory Example 2 |
41:39 | |
| |
Final Game Theory Example 3 |
43:10 | |
| |
Final Game Theory Example 4 |
45:29 | |
|
Monopolistic Competition |
26:54 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:09 | |
| |
Characteristics of Monopolistic Competition |
1:01 | |
| |
| Large Number of Competing Firms |
1:13 | |
| |
| Differentiated Products |
2:05 | |
| |
| Free Entry and Exit |
3:09 | |
| |
Profitable Firm in Monopolistic Competition |
4:10 | |
| |
Unprofitable Firm in Monopolistic Competition |
7:54 | |
| |
Long-Run Zero-Profit Equilibrium |
10:15 | |
| |
| Profitable |
10:23 | |
| |
| Unprofitable |
10:46 | |
| |
| Demand Curve |
11:10 | |
| |
Comparing Perfect and Monopolistic Competition |
13:36 | |
| |
| Both |
13:42 | |
| |
| Perfect Competition |
13:57 | |
| |
| Monopolistic Competition |
14:11 | |
| |
Product Differentiation and Advertising |
18:44 | |
| |
| Differentiation by Style or Type |
19:04 | |
| |
| Differentiation by Location |
19:45 | |
| |
| Differentiation by Quality |
20:23 | |
| |
| Ford vs. General Motors |
21:06 | |
| |
Monopolistic Competition Example |
22:28 | |
Section 4: Factor Markets |
|
Factor Markets |
43:37 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
Economy's Factors of Production |
1:43 | |
| |
| Land |
2:21 | |
| |
| Labor |
2:31 | |
| |
| Capital |
2:39 | |
| |
| Entrepreneurship |
3:22 | |
| |
Why Factor Prices Matter |
4:01 | |
| |
| Derived Demand |
4:05 | |
| |
| Example |
4:38 | |
| |
Total Product vs. Marginal Product |
7:12 | |
| |
| Total Product |
7:40 | |
| |
| Marginal Product |
7:52 | |
| |
Value of the Marginal Product |
11:06 | |
| |
| Value of the Marginal Product of Labor Formula |
11:26 | |
| |
| Hiring Decision Rule |
13:50 | |
| |
Graphing the VMPL (or MRP) Curve |
16:11 | |
| |
Shifts of the Factor Demand Curve |
18:19 | |
| |
| Changes in the Price of Goods |
18:26 | |
| |
| Changes in Supply of Other Factors |
20:08 | |
| |
| Changes in Technology |
21:19 | |
| |
Factor Market Example |
22:32 | |
| |
Another Factor Market Example |
32:48 | |
|
Labor Supply & Cost Minimization |
46:06 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:12 | |
| |
Work vs. Leisure |
1:09 | |
| |
| Labor Market |
1:45 | |
| |
| Individual Labor Supply Curve |
2:32 | |
| |
| Substitution Effect |
2:47 | |
| |
| Income Effect |
2:55 | |
| |
Backward-Bending Labor Supply Curve |
5:31 | |
| |
Shifts of the Labor Supply Curve |
9:59 | |
| |
| Changes in Preferences and Social Norms |
10:12 | |
| |
| Changes in Population |
10:49 | |
| |
| Changes in Opportunities |
11:12 | |
| |
| Changes in Wealth |
13:14 | |
| |
Determining the Optimal Input Mix |
14:49 | |
| |
| Substitutes and Complements in Factor Markets |
15:25 | |
| |
| Cost Minimization |
16:34 | |
| |
Capital vs. Labor |
20:05 | |
| |
| Example 1 |
20:08 | |
| |
| Example 2 |
23:39 | |
| |
Theories of Income Distribution |
25:51 | |
| |
| Marginal Productivity and Wage Inequality |
26:09 | |
| |
| Market Power |
28:02 | |
| |
| Efficiency Wages |
28:44 | |
| |
| Discrimination |
30:48 | |
| |
Factor Market Example 1 |
32:59 | |
| |
Factor Market Example 2 |
39:05 | |
| |
Factor Market Example 3 |
42:44 | |
Section 5: Market Failure and the Role of Government |
|
Positive & Negative Externalities |
39:21 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:07 | |
| |
The Economics of Pollution |
1:06 | |
| |
| Marginal Social Cost of Pollution |
2:20 | |
| |
| Marginal Social Benefit of Pollution |
2:49 | |
| |
| Socially Optimal Quantity of Pollution |
3:08 | |
| |
Socially Optimal Quantity of Pollution |
3:38 | |
| |
| Upward-Sloping MSC Curve |
3:43 | |
| |
| Downward-Sloping MSB Curve |
4:31 | |
| |
| Socially Optimal Point |
4:51 | |
| |
| Market-Determined Quantity of Pollution |
5:30 | |
| |
Graphing a Negative Externality |
7:28 | |
| |
| Negative Externality |
7:52 | |
| |
| High Market Price, Low Market Quantity |
8:25 | |
| |
Graphing a Positive Externality |
11:49 | |
| |
| Positive Externality |
11:55 | |
| |
| Low market Price, Low Market Quantity |
12:39 | |
| |
Government Solution |
15:17 | |
| |
| Correct a Negative Externality |
15:19 | |
| |
| Correct a Positive Externality |
15:31 | |
| |
Private (or Coase) Solution |
20:29 | |
| |
| Coase Theorem |
20:30 | |
| |
| Example |
20:58 | |
| |
Negative Externality Example |
23:14 | |
| |
Positive Externality Example |
26:49 | |
| |
Externality Example |
30:22 | |
| |
Another Externality Example |
33:01 | |
| |
Final Externality Example |
35:37 | |
|
Public vs. Private Goods |
26:45 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:10 | |
| |
Characteristics of Goods |
1:53 | |
| |
| Rival |
2:27 | |
| |
| Nonrival |
2:39 | |
| |
| Excludable |
3:22 | |
| |
| Nonexcludable |
4:01 | |
| |
Four Types of Goods |
5:08 | |
| |
| Private Goods |
5:12 | |
| |
| Public Goods |
5:19 | |
| |
| Common Resource |
7:17 | |
| |
| Artificially Scarce Good |
8:32 | |
| |
Private Goods |
10:43 | |
| |
| Rival and Excludable |
10:47 | |
| |
| Free-Rider Problem |
11:21 | |
| |
| Most Items are Private Foods |
12:24 | |
| |
Public Goods |
12:48 | |
| |
| Nonrival and Nonexcludable |
12:52 | |
| |
| Suffers from the Free-Rider Problem |
12:56 | |
| |
Common Resources |
15:27 | |
| |
| Incentive to Overuse |
15:55 | |
| |
| Tragedy of the Commons |
16:47 | |
| |
Artificially Scarce Resources |
18:47 | |
| |
| Marginal Cost to Society Watching Pay-Per-View |
19:19 | |
| |
| Computer Software and Audio Files Share Same Characteristic |
20:29 | |
| |
Healthcare and Government |
22:02 | |
|
Income Inequality & Income Distribution |
31:08 |
| |
Intro |
0:00 | |
| |
Lesson Overview |
0:10 | |
| |
The Problem of Poverty |
1:13 | |
| |
| Definition of Poverty |
1:17 | |
| |
| Poverty Threshold |
1:43 | |
| |
Who are the Poor? |
3:48 | |
| |
| 1 in 7 People in 2009 |
3:53 | |
| |
| Female-Headed Households |
5:05 | |
| |
| Part-Time Workers |
5:40 | |
| |
What Causes Poverty? |
6:14 | |
| |
| Lack of Education |
6:23 | |
| |
| 1979 Average Hourly Wage |
17:03 | |
| |
| 2009 College Premium |
7:48 | |
| |
| Other Causes of Poverty |
8:35 | |
| |
Economic Inequality |
9:09 | |
| |
| Mean Income and Median Income |
9:24 | |
| |
| Income is Unequally Distributed |
10:43 | |
| |
Gini Coefficient |
13:33 | |
| |
| Definition of Gini Coefficient |
13:35 | |
| |
| High Levels of Inequality |
13:57 | |
| |
| Gini Coefficient in the United States |
14:26 | |
| |
| High Gini Levels |
14:41 | |
| |
| Lorenz Curve |
14:47 | |
| |
United States Rates of Income Growth |
17:27 | |
| |
Three Types of Taxes |
19:54 | |
| |
| Proportional Tax |
20:39 | |
| |
| Regressive Tax |
21:16 | |
| |
| Progressive Tax |
22:28 | |
| |
Means-Tested Programs |
24:46 | |
| |
| Welfare |
24:52 | |
| |
| Temporary Aid for Needy Families |
25:00 | |
| |
| Supplemental Security Income |
26:05 | |
| |
| Negative Income Tax |
26:18 | |
| |
| Food Stamps and Medicaid |
27:00 | |
| |
Social Security and Unemployment |
27:35 | |
| |
| Retirement Income |
27:56 | |
| |
| Wages Taxed |
28:29 | |
| |
| Unemployment Insurance |
28:51 | |
| |
| Trade-Offs |
30:21 | |
Section 6: Practice AP Exam |
|
AP Practice Exam: Multiple Choice, Part I |
1:15:02 |
| |
Intro |
0:00 | |
| |
Question 1 |
0:27 | |
| |
Question 2 |
1:48 | |
| |
Question 3 |
2:53 | |
| |
Question 4 |
4:43 | |
| |
Question 5 |
6:37 | |
| |
Question 6 |
8:10 | |
| |
Question 7 |
9:19 | |
| |
Question 8 |
11:01 | |
| |
Question 9 |
12:03 | |
| |
Question 10 |
14:37 | |
| |
Question 11 |
15:19 | |
| |
Question 12 |
16:35 | |
| |
Question 13 |
17:41 | |
| |
Question 14 |
19:24 | |
| |
Question 15 |
20:15 | |
| |
Question 16 |
21:08 | |
| |
Question 17 |
21:49 | |
| |
Question 18 |
23:17 | |
| |
Question 19 |
23:59 | |
| |
Question 20 |
24:48 | |
| |
Question 21 |
25:33 | |
| |
Question 22 |
27:19 | |
| |
Question 23 |
28:03 | |
| |
Question 24 |
29:52 | |
| |
Question 25 |
30:28 | |
| |
Question 26 |
31:19 | |
| |
Question 27 |
33:11 | |
| |
Question 28 |
34:55 | |
| |
Question 29 |
36:14 | |
| |
Question 30 |
37:55 | |
| |
Question 31 |
39:13 | |
| |
Question 32 |
40:27 | |
| |
Question 33 |
41:57 | |
| |
Question 34 |
43:26 | |
| |
Question 35 |
45:40 | |
| |
Question 36 |
46:37 | |
| |
Question 37 |
47:22 | |
| |
Question 38 |
49:09 | |
| |
Question 39 |
50:09 | |
| |
Question 40 |
31:37 | |
| |
Question 41 |
52:43 | |
| |
Question 42 |
55:35 | |
| |
Question 43 |
57:02 | |
| |
Question 44 |
58:27 | |
| |
Question 45 |
59:10 | |
| |
Question 46 |
60:00 | |
| |
Question 47 |
61:22 | |
| |
Question 48 |
61:52 | |
| |
Question 49 |
63:20 | |
| |
Question 50 |
65:09 | |
| |
Question 51 |
65:45 | |
| |
Question 52 |
66:35 | |
| |
Question 53 |
67:09 | |
| |
Question 54 |
67:54 | |
| |
Question 55 |
69:39 | |
| |
Question 56 |
70:25 | |
| |
Question 57 |
71:19 | |
| |
Question 58 |
72:31 | |
| |
Question 59 |
73:02 | |
| |
Question 60 |
74:31 | |
|
AP Practice Exam: Multiple Choice, Part II |
29:18 |
| |
Intro |
0:00 | |
| |
Question 1 |
0:22 | |
| |
Question 2 |
1:04 | |
| |
Question 3 |
2:54 | |
| |
Question 4 |
3:34 | |
| |
Question 5 |
4:48 | |
| |
Question 6 |
6:12 | |
| |
Question 7 |
7:40 | |
| |
Question 8 |
8:31 | |
| |
Question 9 |
9:48 | |
| |
Question 10 |
11:16 | |
| |
Question 11 |
11:48 | |
| |
Question 12 |
12:55 | |
| |
Question 13 |
14:40 | |
| |
Question 14 |
15:47 | |
| |
Question 15 |
17:05 | |
| |
Question 16 |
17:30 | |
| |
Question 17 |
17:55 | |
| |
Question 18 |
19:10 | |
| |
Question 19 |
19:57 | |
| |
Question 20 |
22:49 | |
| |
Question 21 |
23:53 | |
| |
Question 22 |
24:28 | |
| |
Question 23 |
24:51 | |
| |
Question 24 |
27:25 | |
|
AP Practice Exam: Free Response, 2013 |
24:18 |
| |
Intro |
0:00 | |
| |
Question 1 |
0:17 | |
| |
Question 2 |
12:37 | |
| |
Question 3 |
19:32 | |
|
AP Practice Exam: Free Response, 2012 |
22:32 |
| |
Intro |
0:00 | |
| |
Question 1 |
0:20 | |
| |
Question 2 |
6:47 | |
| |
Question 3 |
14:57 | |