Unit 01 Economic Reasoning Topic O’Sullivan, 9th Ed ...
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Unit 01 – Economic Reasoning Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos Scarcity Chapter 01: Section 1.1 What is Economics? 1.1 What Is Economics, and Why Is It Important? 1.1 Defining Economics The Economic Problem (Scarcity & Choice) Factors of Production Chapter 01: Section 1.1 What is Economics? 2.1 Factors of Production Economics Lesson - Factors of Production Opportunity Cost Chapter 02: Section 2.1 The Principle of Opportunity Cost 2.1 How Individuals Make Choices Based on Their Budget Constraint 1.1 Defining Economics What Is Opportunity Cost? Assumptions - Humans are rational (People respond to incentives) Chapter 01: Section 1.3 The Economic Way of Thinking 1.2 The Field of Economics Assumptions in Economics Marginal Benefits & Marginal Costs Chapter 02: Section 2.2 The Marginal Principle 1.2 The Field of Economics "Marginal" Explained in 90 Seconds - Economics Assumptions - ceteris paribus Chapter 01: Section 1.3 The Economic Way of Thinking 3.2 Shifts in Demand and Supply for Goods and Services 1.3 The Economists’ Tool Kit Assumptions in Economics Sunk Cost 2.1 How Individuals Make Choices Based on Their Budget Constraint Julia Galef: The Sunk Costs Fallacy Comparative Advantage ("Mutual Gain from Voluntary Exchange") Chapter 02: Section 2.3 The Principle of Voluntary Exchange Chapter 03: all sections 2.2 The Production Possibilities Frontier and Social Choices 17.1 The Gains from Trade Comparative Advantage Why Study Economics? 1.1 What Is Economics, and Why Is It Important? Introduction to Microeconomics
Transcript of Unit 01 Economic Reasoning Topic O’Sullivan, 9th Ed ...
Unit 01 – Economic Reasoning
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Scarcity Chapter 01: Section 1.1 What is Economics?
1.1 What Is Economics, and Why Is It Important?
1.1 Defining Economics The Economic Problem (Scarcity & Choice)
Factors of Production Chapter 01: Section 1.1 What is Economics?
2.1 Factors of Production Economics Lesson - Factors of Production
Opportunity Cost Chapter 02: Section 2.1 The Principle of Opportunity Cost
2.1 How Individuals Make Choices Based on Their Budget Constraint
1.1 Defining Economics What Is Opportunity Cost?
Assumptions - Humans are rational (People respond to incentives)
Chapter 01: Section 1.3 The Economic Way of Thinking
1.2 The Field of Economics Assumptions in Economics
Marginal Benefits & Marginal Costs
Chapter 02: Section 2.2 The Marginal Principle
1.2 The Field of Economics "Marginal" Explained in 90 Seconds - Economics
Assumptions - ceteris paribus
Chapter 01: Section 1.3 The Economic Way of Thinking
3.2 Shifts in Demand and Supply for Goods and Services
1.3 The Economists’ Tool Kit Assumptions in Economics
Sunk Cost 2.1 How Individuals Make Choices Based on Their Budget Constraint
Julia Galef: The Sunk Costs Fallacy
Comparative Advantage ("Mutual Gain from Voluntary Exchange")
Chapter 02: Section 2.3 The Principle of Voluntary Exchange Chapter 03: all sections
2.2 The Production Possibilities Frontier and Social Choices
17.1 The Gains from Trade Comparative Advantage
Why Study Economics? 1.1 What Is Economics, and Why Is It Important?
Introduction to Microeconomics
Unit 02 – Supply and Demand
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Law of Demand Chapter 04: Section 4.1 The Demand Curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
3.1 Demand The Demand Curve
Income and Substitution Effects
7.2 Utility Maximization and Demand
Difference between Income and Substitution Effects
Law of Supply Chapter 04: Section 4.2 The Supply Curve
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
3.2 Supply The Supply Curve
Market Equilibrium Chapter 04: Section 4.3 Market Equilibrium
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
3.3 Demand, Supply, and Equilibrium
The Equilibrium Price and Quantity
Determinants of Demand Chapter 04: Section 4.4 Market Effects of Changes in Demand
3.2 Shifts in Demand and Supply for Goods and Services
Interrelated Markets (Complements, Substitutes) just first 4:20 minutes
Determinants of Supply Chapter 04: Section 4.5 Market Effects of Changes in Supply
3.2 Shifts in Demand and Supply for Goods and Services
Changes in Supply and Shifts of the Supply Curve
Surpluses and Shortages Equilibrium - Economic Lowdown, Ep. 3
Analysis of Market Changes Chapter 04: Section 4.6 Predicting and Explaining Market Changes
3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
4.1 Putting Demand and Supply to Work
Does the Equilibrium Model Work?
Unit 03 – Elasticity
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Price Elasticity of Demand Chapter 05: Section 5.1 & 5.2
5.1 Price Elasticity of Demand and Price Elasticity of Supply
5.1 The Price Elasticity of Demand
Calculating Price Elasticity of Demand
Perfectly Elastic and Perfectly Inelastic
Chapter 05: Section 5.1 5.2 Polar Cases of Elasticity and Constant Elasticity
Determinants of Price Elasticity of Demand
Chapter 05: Section 5.1 5.1 The Price Elasticity of Demand
Factors affecting Price Elasticity of Demand
Total Revenue and Elasticity Chapter 05: Section 5.3 5.3 Elasticity and Pricing 5.1 The Price Elasticity of Demand
Price Elasticity and Total Revenue
Income Elasticity of Demand
Chapter 05: Section 5.4 5.4 Elasticity in Areas Other Than Price
5.2 Responsiveness of Demand to Other Factors
Income Elasticity of Demand
Cross Elasticity of Demand Chapter 05: Section 5.4 5.4 Elasticity in Areas Other Than Price
5.2 Responsiveness of Demand to Other Factors
Cross Elasticity of Demand (XED)
Price Elasticity of Supply Chapter 05: Section 5.5 5.1 Price Elasticity of Demand and Price Elasticity of Supply
5.3 Price Elasticity of Supply Elasticity of Supply
Unit 04 – Market Efficiency and Government Intervention
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Price Ceilings Chapter 06: Section 6.3 3.4 Price Ceilings and Price Floors
4.2 Government Intervention in Market Prices: Price Floors and Price Ceilings
Price Ceilings: Shortages and Quality Reduction
Price Floors Chapter 06: Section 6.3 3.4 Price Ceilings and Price Floors
4.2 Government Intervention in Market Prices: Price Floors and Price Ceilings
Price Floors: Airline Fares
Consumer Surplus Chapter 06: Section 6.1 3.5 Demand, Supply, and Efficiency
6.2 Maximizing in the Marketplace
What Is Consumer Surplus?
Producer Surplus Chapter 06: Section 6.1 3.5 Demand, Supply, and Efficiency
6.2 Maximizing in the Marketplace
What Is Producer Surplus?
Total Surplus Chapter 06: Section 6.2 3.5 Demand, Supply, and Efficiency
6.1 The Logic of Maximizing Behavior
Deadweight Losses due to Government Intervention
Chapter 06: Section 6.3 3.5 Demand, Supply, and Efficiency
6.1 The Logic of Maximizing Behavior
Price Ceilings: Deadweight Loss
Rent Control
Landlord, Tenant Locked In Dispute Over Rent-Controlled Queens Apartment
Minimum Wage 4.1 Demand and Supply at Work in Labor Markets
Price Floors: The Minimum Wage
Farm Price Supports Economic Impact of Farm Subsidies
Unit 05 – Consumer Utility Theory and Behavioral Economics
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Utility Chapter 07: Section 7.1 6.1 Consumption Choices 7.1 The Concept of Utility Introduction to Consumer Choice
Marginal Utility and Total Utility
Chapter 07: Section 7.1 6.1 Consumption Choices 7.1 The Concept of Utility Total and Marginal Utility
Law of Diminishing Marginal Utility
Chapter 07: Section 7.1 6.1 Consumption Choices 7.1 The Concept of Utility Episode 17: Diminishing Marginal Utility
Utility-Maximizing Rule Chapter 07: Section 7.1 6.1 Consumption Choices 7.1 The Concept of Utility Episode 18: Consumer Equilibrium
Substitution and Income Effects
Chapter 07: Section 7.2 6.2 How Changes in Income and Prices Affect Consumption Choices
7.2 Utility Maximization and Demand
Difference between Income and Substitution Effects
Behavioral Economics - Anchoring
Chapter 07: Appendix starting on page 169
6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
Behavioural Economics - Anchoring
Behavioral Economics - Endowment Effect
Chapter 07: Appendix starting on page 169
6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
The High Price of Ownership
Diamond-Water Paradox (optional)
The paradox of value - Akshita Agarwal
Indifference Curves (optional)
7.3 Indifference Curve Analysis
Indifference Curves
Unit 06 – Production Costs
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Economic Costs (explicit and implicit costs)
Chapter 08: Section 8.1 7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
Economic profit vs accounting profit | Microeconomics | Khan Academy
Law of Diminishing Marginal Returns
Chapter 08: Section 8.2 7.2 Production in the Short Run
Law of Diminishing Returns and Short Run Costs
Marginal Product Chapter 08: Section 8.2 7.2 Production in the Short Run
How to calculate Average Product, Total Product, Marginal Product
Fixed and Variable Costs Chapter 08: Section 8.2 7.2 Production in the Short Run
Business Costs (Fixed Costs and Variable Costs) Explained
Average and Total Cost Chapter 08: Section 8.2 7.3 Costs in the Short Run Calculating Short Run Costs
Marginal Costs Chapter 08: Section 8.2 7.3 Costs in the Short Run Marginal cost and average total cost | Microeconomics | Khan Academy
Short-run Production Costs Chapter 08: Section 8.2 7.3 Costs in the Short Run 8.1 Production Choices and Costs: The Short Run
Short Run Cost Curves
Long-run Production Costs (economies of scale)
Chapter 08: Section 8.3 to 8.4
7.5 Costs in the Long Run 8.2 Production Choices and Costs: The Long Run
Long Run Costs, Economies of Scale and Returns to Scale
Unit 07 – Perfect Competition
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Characteristics of Perfectly Competitive Markets
Chapter 09: Section 9.1 to 9.4
8.1 Perfect Competition and Why It Matters
9.1 Perfect Competition: A Model
Episode 26: Perfect Competition
Economic Profit Profit - Normal, Supernormal (Abnormal) and Subnormal
Decision Rule for Short Term Production: Maximize (TR - TC)
8.2 How Perfectly Competitive Firms Make Output Decisions
Episode 26B: Maximizing Profits
Decision Rule for Short Term Production: MR = MC
8.2 How Perfectly Competitive Firms Make Output Decisions
9.2 Output Determination in the Short Run
Profit Calculations 8.2 How Perfectly Competitive Firms Make Output Decisions
Shutdown Decisions 8.2 How Perfectly Competitive Firms Make Output Decisions
Why do only some firms leave a loss making industry? The Shutdown Condition
Perfect Competition in the Long Run
Chapter 09: Section 9.6 8.3 Entry and Exit Decisions in the Long Run
9.3 Perfect Competition in the Long Run
Perfect Competition in the Long Run
Efficiency in competitive markets
8.4 Efficiency in Perfectly Competitive Markets
Perfect Competition Efficiency Analysis
Unit 08 – Monopoly
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Characteristics of Monopoly Markets
Chapter 10: Section 10.1 to 10.3
10.1 The Nature of Monopoly
Episode 27: Monopoly
Natural Monopoly 9.1 How Monopolies Form: Barriers to Entry
10.1 The Nature of Monopoly
Barriers to Entry 9.1 How Monopolies Form: Barriers to Entry
Monopoly Demand and MR curves
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
10.2 The Monopoly Model Maximizing Profit Under Monopoly
Inefficiencies of Monopolies (Deadweight Losses)
9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
10.3 Assessing Monopoly Episode 27B: Deadweight Loss from Monopoly
Price Discrimination Chapter 10: Section 10.4
11.3 Extensions of Imperfect Competition: Advertising and Price Discrimination
Price Discrimination - First, Second and Third Degree
Rent Seeking Chapter 10: Section 10.2 14.3 - Public Choice - Rent Seeking
The Costs and Benefits of Monopoly
The Costs and Benefits of Monopoly
Unit 09 – Monopolistic Competition and Oligopoly
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Characteristics of Monopolistically Competitive Markets
Chapter 11: Section 11.1 to 11.3
10.1 Monopolistic Competition
11.1 Monopolistic Competition: Competition Among Many
Episode 29: Monopolistic Competition
Monopolistic Competition - Short Run Analysis
Monopolistic Competition - Short Run Analysis
Monopolistic Competition - Long Run Analysis
Monopolistic Competition - Long Run Analysis
Characteristics of Oligopoly Markets
Chapter 12: Section 12.1 to 12.4
10.2 Oligopoly 11.2 Oligopoly: Competition Among the Few
Episode 30: Oligopoly
Game Theory Office Hours: Game Theory
Prisoner's Dilemma Game Theory (Prisoner's Dilemma)
Collusion Collusion in an Oligopoly
Price Leadership Model Price Leadership
Unit 10 – Positive and Negative Externalities
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Negative Externalities Chapter 16: Section 16.1 to 16.3
12.1 The Economics of Pollution
Negative externalities An Introduction to Externalities
Positive Externalities 13.1 Why the Private Sector Underinvests in Innovation
Positive externalities External Benefits
Tragedy of the Commons Tragedy of the commons What is the tragedy of the commons? - Nicholas Amendolare
Deadweight Loses due to Externalities
Negative externalities An Introduction to Externalities
Governmental Solutions to Negative Externalities
12.2 Command-and-Control Regulation
Command and Control Solutions
Governmental Solutions to Positive Externalities
13.2 How Governments Can Encourage Innovation
Pigouvian Taxes Pigovian Tax An Introduction to Externalities
Coase Theorem Chapter 16: Section 16.1 12.3 Market-Oriented Environmental Tools
Coase Theorem The Coase Theorem and Negative Externalities
Unit 11 – Imperfect Information and Moral Hazard
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Asymmetric Information Chapter 14: Section 14.1 to 14.3
16.1 The Problem of Imperfect Information and Asymmetric Information
Information failure Asymmetric Information and Used Cars
The Adverse Selection Problem
16.2 Insurance and Imperfect Information
Asymmetric Information and Health Insurance
Moral Hazard Chapter 14: Section 14.4 16.2 Insurance and Imperfect Information
Moral Hazard Paul Solman's Moral Hazard
Moral Hazard and the Banking Crisis
Financial Economics - Moral Hazard
Third Party Payer Markets (optional)
Third-Party-Payer Markets
Unit 12 – Public Goods and Public Choice
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Public Goods Chapter 15: Section 15.1 to 15.3
13.3 Public Goods Public Goods and Asteroid Defense
Free Rider Problem 13.3 Public Goods What Is the Free Rider Problem?
Cost-Benefit Analysis Cost Benefit Analysis (CBA)
Median Voter Model Chapter 15: Section 15.3 18.3 Flaws in the Democratic System of Government
The Theory of the Median Voter
Paradox of Voting (or a voting cycle)
18.3 Flaws in the Democratic System of Government
Voting Systems and the Condorcet Paradox | Infinite Series
Rent Seeking 18.2 Special Interest Politics 15.3 Choices in the Public Sector
Anne Krueger
Unit 13 – Public Finance and Tax Policy
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Elasticity and Tax Incidence Chapter 06: Section 6.5 5.3 Elasticity and Pricing 15.2 Financing Government Who Pays the Tax?
Deadweight Loses due to Taxes
Chapter 06: Section 6.5 Deadweight Loss What Is Deadweight Loss?
Philosophies of Taxation 15.2 Financing Government
Progressive, Proportional, and Regressive Taxes
15.2 Financing Government Progressive and Regressive Taxes
Tax Brackets 15.2 Financing Government Tax brackets and progressive taxation | Khan Academy
Role of Government 15.1 The Role of Government in a Market Economy
Unit 14 – Labor Markets and Income
Topic O’Sullivan, 9th Ed. Reading (openstax) Reading (Minnesota) Videos
Marginal Revenue Product Chapter 17: Section 17.1 14.1 The Theory of Labor Markets
12.1 The Demand for Labor Marginal Revenue Product of Labour (MRPL)
Marginal Labor Cost 12.1 The Demand for Labor Average and Marginal Cost of Labour
Supply of Labor Chapter 17: Section 17.2 12.2 The Supply of Labor Labour Supply Curve (Market and Firm)
Income and substitution effects
12.2 The Supply of Labor Individual Labour Supply Curve (Backward Bending Labour Supply Curve)
Income Inequality Chapter 17: Section 17.4 15.4 Income Inequality: Measurement and Causes
19.1 Income Inequality Lorenz Curve and Gini Coefficient - Measures of Income Inequality
The Economics of Poverty Chapter 17: Section 17.5 15.1 Drawing the Poverty Line
19.2 The Economics of Poverty
Poverty - Types and Causes
Discrimination in the work place
Chapter 17: Section 17.3 14.5 Employment Discrimination
19.3 The Economics of Discrimination
