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1 Introduction to Economic Thinking
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1.1 Basic Economics Ideas
1.1.1 Defining Economics (Disc 1, 6:36)
1.1.2 Understanding the Concept of Value
(Disc 1, 9:12)
1.2 Using Graphs
1.2.1 Using Graphs to Understand Direct
Relationships (Disc 1, 9:50)
1.2.2 Plotting a Linear Relationship
between Two Variables (Disc 1, 9:57)
1.2.3 Changing the Intercept of a Linear
Function (Disc 1, 8:42)
1.2.4 Understanding the Slope of a Linear
Function (Disc 1, 7:28)
1.3 Advanced Graphical Concepts
1.3.1 Understanding Tangent Lines (Disc
1, 11:44)
1.3.2 Working with Three Variables on a
Graph (Disc 1, 8:09)
1.4 Production Possibilities
1.4.1 Understanding the Concept of
Production Possibilities Frontiers (Disc 1, 24:46)
1.4.2 Understanding How a Change in
Technology or Resources Affects the PPF (Disc 1, 10:10)
1.4.3 Deriving an Algebraic Equation for
the Production Possibilities Frontier (Disc 1, 21:58)
1.5 Comparative Advantage
1.5.1 Defining Comparative Advantage with
the Production Possibilities Frontier (Disc 1)
1.5.2 Understanding Why Specialization
Increases Total Output (Disc 1)
1.5.3 Analyzing International Trade Using
Comparative Advantage (Disc 1, 25:35)
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2 Understanding Markets
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2.1 Demand
2.1.1 Understanding the Determinants of
Demand (Disc 1, 11:58)
2.1.2 Understanding the Basics of Demand
(Disc 1, 11:54)
2.1.3 Analyzing Shifts in the Demand
Curve (Disc 1, 8:13)
2.1.4 Changing Other Demand Variables
(Disc 1, 10:43)
2.1.5 Deriving a Market Demand Curve
(Disc 1, 9:16)
2.2 Supply
2.2.1 Understanding the Determinants of
Supply (Disc 1, 6:00)
2.2.2 Deriving a Supply Curve (Disc 1,
9:49)
2.2.3 Understanding a Change in Supply
versus a Change in Quantity Supplied (Disc 1, 6:52)
2.2.4 Analyzing Changes in Other Supply
Variables (Disc 1, 8:47)
2.2.5 Deriving a Market Supply Curve from
Individual Supply Curves (Disc 1, 7:16)
2.3 Equilibrium
2.3.1 Determining a Competitive
Equilibrium (Disc 1, 11:04)
2.3.2 Defining Comparative Statics (Disc 1, 7:02)
2.3.3 Classifying Comparative Statics (Disc 1, 13:04)
2.4 Elasticity
2.4.1 Defining Elasticity (Disc 1, 4:57)
2.4.2 Calculating Elasticity (Disc 1,
11:43)
2.4.3 Applying the Concept of Elasticity
(Disc 1, 8:42)
2.4.4 Identifying the Determinants of
Elasticity (Disc 1, 6:50)
2.4.5 Understanding the Relationship
between Total Revenue and Elasticity (Disc 1, 8:10)
2.5 Interfering with Markets
2.5.1 Understanding How Price Controls
Damage Markets (Disc 1, 9:38)
2.5.2 Understanding the Problem of
Minimum Wages in Labor Markets (Disc 1, 14:47)
2.5.3 Understanding How an Excise Tax
Affects Equilibrium (Disc 1, 9:12)
2.6 Agriculture Economics
2.6.1 Examining Problems in Agricultural
Economics (Disc 1, 12:41)
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3 Consumer Choice and Household Behavior
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3.1 Utility Theory
3.1.1 Understanding Utility Theory (Disc
1, 4:31)
3.1.2 Finding Consumer Equilibrium (Disc
1, 4:47)
3.2 Budget Constraints and Indifference Curves
3.2.1 Constructing a Consumer's Budget
Constraint (Disc 1, 9:36)
3.2.2 Understanding a Change in the
Budget Constraint (Disc 1, 5:02)
3.2.3 Understanding Indifference Curves
(Disc 1, 18:07)
3.3 Consumer Optimization
3.3.1 Locating the Consumer's Optimal
Combination of Goods (Disc 1)
3.3.2 Understanding the Effects of a
Price Change on Consumer Choice (Disc 1, 4:41)
3.3.3 Deriving the Demand Curve (Disc 1,
5:40)
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4 Production and Costs
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4.1 The Basics of Production
4.1.1 Understanding Output, Inputs, and
the Short Run (Disc 1, 8:48)
4.1.2 Explaining the Total Product Curve
(Disc 1, 15:57)
4.1.3 Drawing Marginal Product Curves
(Disc 1, 7:22)
4.1.4 Understanding Average Product (Disc
1, 10:32)
4.1.5 Relating Costs to Productivity
(Disc 1, 5:25)
4.2 Variable Costs
4.2.1 Defining Variable Costs (Disc 1,
4:23)
4.2.2 Graphing Variable Costs (Disc 1,
4:57)
4.2.3 Graphing Variable Costs Using a
Geometric Trick (Disc 1, 5:03)
4.3 Marginal Costs
4.3.1 Defining Marginal Costs (Disc 1,
6:44)
4.3.2 Deriving the Marginal Cost Curve
(Disc 1, 10:59)
4.3.3 Understanding the Mathematical
Relationship between Marginal Cost and Marginal Product (Disc 1, 10:26)
4.4 Average Costs
4.4.1 Defining Average Variable Costs
(Disc 1, 5:37)
4.4.2 Understanding the Relationship
between Average Variable Cost and Average Product of Labor (Disc 1, 6:06)
4.4.3 Understanding the Relationship
between Marginal Cost and Average Variable Cost (Disc 1, 7:54)
4.5 Total Costs
4.5.1 Defining and Graphing Average Fixed
Cost and Average Total Cost (Disc 1, 6:55)
4.5.2 Calculating Average Total Cost (Disc
2, 4:51)
4.5.3 Putting the Cost Curves Together
(Disc 2, 4:51)
4.6 Long-Run Production and Costs
4.6.1 Defining the Long Run (Disc 2,
5:55)
4.6.2 Determining a Firm's Return to
Scale (Disc 2, 9:01)
4.6.3 Understanding Short-Run and
Long-Run Average Cost Curves (Disc 2, 15:06)
4.6.4 Understanding the Difference
between a Movement along a Cost Curve and a Shift in a Cost Curve (Disc 2,
3:26)
4.7 Isocost/Isoquant
Analysis
4.7.1 Constructing Isocost
Lines (Disc 2, 8:34)
4.7.2 Understanding Isoquants
(Disc 2, 13:29)
4.7.3 Finding the Cost-Minimizing
Combination of Capital and Labor (Disc 2)
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5 Perfect Competition
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5.1 The Basic Assumptions of
Competitive Markets
5.1.1 Understanding the Role of Price
(Disc 2, 3:43)
5.1.2 Understanding Market Structures
(Disc 2, 10:55)
5.1.3 Finding Economic and Accounting
Profit (Disc 2, 13:54)
5.2 Calculating Profit and Loss
5.2.1 Finding the Firm's
Profit-Maximizing Output Level (Disc 2, 14:24)
5.2.2 Proving the Profit-Maximizing Rule
(Disc 2, 4:20)
5.2.3 Calculating Profit (Disc 2, 12:26)
5.2.4 Calculating Loss (Disc 2, 9:13)
5.2.5 Finding the Firm's Shut-Down Point
(Disc 2, 8:35)
5.3 Market Supply
5.3.1 Deriving the Short-Run Market
Supply Curve (Disc 2, 20:44)
5.3.2 Relating the Individual Firm to the
Market (Disc 2, 18:52)
5.3.3 Examining Shifts in the Short-Run
Market Supply Curve (Disc 2, 5:15)
5.3.4 Deriving the Long-Run Market Supply
Curve (Disc 2, 9:13)
5.4 Competitive Firms' Responses to Price Changes
5.4.1 Examining the Firm's Long-Run and
Short-Run Adjustments to a Price Increase (Downloadable version)
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6 Other Market Models
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6.1 Monopolies
6.1.1 Defining Monopoly Power (Disc 2,
10:10)
6.1.2 Defining Marginal Revenue for a
Firm with Market Power (Disc 2, 12:43)
6.1.3 Determining the Monopolist's
Profit-Maximizing Output and Price (Disc 2, 14:18)
6.1.4 Calculating a Monopolist's Profit
and Loss (Disc 2, 6:24)
6.1.5 Graphing the Relationship between
Marginal Revenue and Elasticity (Disc 2, 15:06)
6.2 The Social Cost of Monopoly
6.2.1 Determining the Social Cost of
Monopoly (Disc 2, 12:22)
6.2.2 Calculating Deadweight Loss (Disc
2, 15:23)
6.2.3 Understanding Monopoly Regulation
(Disc 2, 13:06)
6.3 Oligopoly
6.3.1 Introducing Oligopoly and the
Prisoner's Dilemma (Disc 2, 17:26)
6.3.2 Understanding a Cartel As a
Prisoner's Dilemma (Disc 2, 10:47)
6.3.3 Understanding the Kinked-Demand
Curve Model (Disc 2, 4:22)
6.4 Monopolistic Competition
6.4.1 Defining Monopolistic Competition
(Disc 2, 7:01)
6.4.2 Understanding Pricing and Output
under Monopolistic Competition (Disc 2, 8:58)
6.4.3 Understanding Monopolistic
Competition As a Prisoner's Dilemma (Disc 2, 6:44)
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7 Resource Markets
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7.1 The Derived Demand for
Labor
7.1.1 Deriving the Factor Demand Curve
(Disc 2, 15:10)
7.1.2 Deriving the Least-Cost Rule (Disc
2, 5:08)
7.1.3 Analyzing the Labor Market (Disc 2,
15:24)
7.2 Monopsony
7.2.1 Understanding Labor Market Power
and Marginal Factor Cost (Disc 2, 6:18)
7.3 Capital Markets
7.3.1 Analyzing Capital Markets (Disc 2, 11:16)
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8 Market Failures
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8.1 Overview of Market
Failures
8.1.1 Understanding Market Failures (Disc
2, 17:50)
8.2 Public Goods and Public Choice
8.2.1 Defining Public Goods (Disc 2,
13:32)
8.2.2 Analyzing the Tax System (Disc 2,
8:19)
8.2.3 Understanding Public Choice (Disc
2, 11:10)
8.3 Uncertainty
8.3.1 Understanding Expected Value, Risk,
and Uncertainty (Disc 2, 7:17)
8.3.2 Understanding Asymmetric
Information as an Economic Problem (Disc 2, 12:24)
8.3.3 Understanding Moral Hazards in
Markets (Disc 2, 10:00)
8.4 Externalities
8.4.1 Defining Externalities (Disc 2,
5:46)
8.4.2 Explaining How to Internalize
External Costs (Disc 2, 11:58)
8.4.3 Explaining How to Internalize
External Benefits (Disc 2, 5:34)
8.5 Solutions to Externalities
8.5.1 Finding a Market Solution to
External Costs (Disc 2, 12:21)
8.5.2 Finding a Negotiated Settlement to
an External Cost (Disc 2, 12:45)
8.5.3 Applying the Coase
Theorem (Disc 3, 7:02)
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9 International Trade
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9.1 The Basics of Open
Economies
9.1.1 Determining the Difference between
a Closed Economy and an Open Economy (Disc 3, 8:56)
9.1.2 Understanding Exports in an Open
Economy (Disc 3, 5:23)
9.1.3 Analyzing a Change in Equilibrium
in an Open Economy (Disc 3, 4:03)
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10 Evaluating Market Outcomes
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10.1 Normative Economics
10.1.1 Measuring the Benefits of
Consumption (Disc 3, 6:14)
10.1.2 Using the Demand Curve As a
Measure of Benefit (Disc 3, 3:37)
10.2 Calculating Total Economic Value
10.2.1 Quantifying Benefit (Disc 3, 3:27)
10.2.2 Quantifying Cost (Disc 3, 4:33)
10.2.3 Determining Total Social Cost
(Disc 3, 2:48)
10.2.4 Understanding Economic Value (Disc
3, 5:47)
10.3 Consumer and Producer Surplus
10.3.1 Understanding Producer and
Consumer Surplus (Disc 3, 6:36)
10.3.2 Calculating Total Economic Value
(Disc 3, 6:26)
10.4 Market Interference and Economic Value
10.4.1 Understanding the Effects of Price
Controls (Disc 3, 6:31)
10.4.2 Understanding How Price Controls
Destroy Economic Value (Disc 3, 7:28)
10.4.3 Evaluating the Effects of an
Excise Tax (Disc 3, 9:12)
10.4.4 Assessing the Effect of an Excise
Tax on Economic Value (Disc 3, 4:53)
10.4.5 Understanding How a Tax Can Create
Deadweight Loss (Disc 3, 2:08)
10.5 International Trade and Economic Value
10.5.1 Evaluating the Gains from
International Trade (Disc 3, 7:55)
10.5.2 Understanding the Effects of
Tariffs on Consumer and Producer Surplus (Disc 3, 10:50)
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