Chapter | Download videos to explain the educational curriculum in the various branches of the economy
Economics |
1 |
An Introduction to Economic Thinking |
| | 1.1 The Basics of Economics |
| | 1.1.1. Defining Economics |
| | 1.1.2. What Economists Do |
| | 1.1.3 Macroeconomics and Microeconomics |
| | 1.1.4 An Overview of Economic Systems |
| | 1.1.5 Case Study: The Work of Adam Smith |
| | 1.2 Graphs in Economics |
| | 1.2.1. Using Graphs to Understand Direct Relationships |
| | 1.2.2. Plotting a Linear Relationship between Two Variables |
| | 1.2.3 Changing the Intercept of a Linear Function |
| | 1.2.4 Understanding the Slope of a Linear Function |
| | 1.3 Advanced Graphical Concepts |
| | 1.3.1. Understanding Tangent Lines |
| | 1.3.2. Working with Three Variables on a Graph |
| | 1.4 Production Possibilities |
| | 1.4.1. Understanding the Concept of Production Possibilities Frontiers |
| | 1.4.2. Understanding How a Change in Technology or Resources Affects the PPF |
| | 1.4.3. Deriving an Algebraic Equation for the Production Possibilities Frontier |
| | 1.5 Comparative Advantage |
| | 1.5.1. Defining Comparative Advantage with the Production Possibilities Frontier |
| | 1.5.2. Understanding Why Specialization Increases Total Output |
| | 1.5.3. Analyzing International Trade Using Comparative Advantage |
| | 1.5.4. Hot Topic: Outsourcing |
2
|
Understanding Markets
|
| > | 2.1 Demand |
| | 2.1.1. Understanding the Determinants of Demand |
| | 2.1.2. Understanding the Basics of Demand |
| | 2.1.3 Analyzing Shifts in the Demand Curve |
| | 2.1.4 Changing Other Demand Variables |
| | 2.1.5 Deriving a Market Demand Curve |
| > | 2.2 Supply |
| | 2.2.1. Understanding the Determinants of Supply |
| | 2.2.2. Deriving a Supply Curve |
| | 2.2.3 Understanding a Change in Supply versus a Change in Quantity Supplied |
| | 2.2.4 Analyzing Changes in Other Supply Variables |
| | 2.2.5 Deriving a Market Supply Curve from Individual Supply Curves |
| > | 2.3 Equilibrium |
| | 2.3.1. Determining a Competitive Equilibrium |
| | 2.3.2. Defining Comparative Statics |
| | 2.3.3 Classifying Comparative Statics |
| > | 2.4 Elasticity |
| | 2.4.1. Defining Elasticity |
| | 2.4.2. Calculating Elasticity |
| | 2.4.3 Applying the Concept of Elasticity |
| | 2.4.4. Identifying the Determinants of Elasticity |
| | 2.4.5 Understanding the Relationship between Total Revenue and Elasticity |
| > | 2.5 Interfering with Markets |
| | 2.5.1. Understanding How Price Controls Damage Markets |
| >>> | 2.5.2. Understanding the Problem of Minimum Wages in Labor Markets |
| | 2.5.3 Understanding How an Excise Tax Affects Equilibrium |
| | 2.6 Agricultural Economics |
| | 2.6.1. Examining Problems in Agricultural Economics |
3
|
Consumer Choice and Household Behavior
|
| | 3.1 Utility Theory |
| | 3.1.1. Understanding Utility Theory |
| | 3.1.2. Finding Consumer Equilibrium |
| | 3.2 Budget Constraints and Indifference Curves |
| | 3.2.1. Constructing a Consumer's Budget Constraint |
| | 3.2.2. Understanding a Change in the Budget Constraint |
| | 3.2.3. Understanding Indifference Curves |
| | 3.3 Consumer Optimization |
| | 3.3.1. Locating the Consumer's Optimal Combination of Goods |
| | 3.3.2. Understanding the Effects of a Price Change on Consumer Choice |
| | 3.3.3. Deriving the Demand Curve |
4
|
Production and Costs
|
| | 4.1 The Basics of Production |
| | 4.1.1. Understanding Output, Inputs, and the Short Run |
| | 4.1.2. Explaining the Total Product Curve |
| | 4.1.3. Drawing Marginal Product Curves |
| | 4.1.4. Understanding Average Product |
| | 4.1.5. Relating Costs to Productivity |
| | 4.2 Variable Costs |
| | 4.2.1. Defining Variable Costs |
| | 4.2.2. Graphing Variable Costs |
| | 4.2.3. Graphing Variable Costs Using a Geometric Trick |
| | 4.3 Marginal Costs |
| | 4.3.1. Defining Marginal Costs |
| | 4.3.2. Deriving the Marginal Cost Curve |
| | 4.3.3. Understanding the Mathematical Relationship between Marginal Cost and Marginal Product |
| | 4.4 Average Costs |
| | 4.4.1. Defining Average Variable Costs |
| | 4.4.2. Understanding the Relationship between Average Variable Cost and Average Product of Labor |
| | 4.4.3. Understanding the Relationship between Marginal Cost and Average Variable Cost |
| | 4.5 Total Costs |
| | 4.5.1. Defining and Graphing Average Fixed Cost and Average Total Cost |
| | 4.5.2. Calculating Average Total Cost |
| | 4.5.3. Putting the Cost Curves Together |
| | 4.5.4. Shifts in the Cost Curves |
| | 4.6 Long-Run Production and Costs |
| | 4.6.1. Defining the Long Run |
| | 4.6.2. Determining a Firm's Return to Scale |
| | 4.6.3. Understanding Short-Run and Long-Run Average Cost Curves |
| | 4.7 Isocost/Isoquant Analysis |
| | 4.7.1. Constructing Isocost Lines |
| | 4.7.2. Understanding Isoquants |
| | 4.7.3. Finding the Cost-Minimizing Combination of Capital and Labor |
5
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Perfect Competition
|
| | 5.1 The Basic Assumptions of Competitive Markets |
| | 5.1.1. Calculating Total Revenue |
| > | 5.1.2. Understanding the Role of Price |
| >> | 5.1.3. Understanding Market Structures |
| | 5.1.4. Finding Economic and Accounting Profit |
| | 5.2 Calculating Profit and Loss |
| | 5.2.1. Finding the Firm's Profit-Maximizing Output Level |
| | 5.2.2. Proving the Profit-Maximizing Rule |
| | 5.2.3. Calculating Profit |
| | 5.2.4. Calculating Loss |
| | 5.2.5. Finding the Firm's Shut-Down Point |
| | 5.3 Market Supply |
| | 5.3.1. Deriving the Short-Run Market Supply Curve |
| | 5.3.2. Relating the Individual Firm to the Market |
| | 5.3.3. Examining Shifts in the Short-Run Market Supply Curve |
| | 5.3.4. Deriving the Long-Run Market Supply Curve |
| | 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 |
6
|
Other Market Models
|
| >> | 6.1 Monopolies |
| >> | 6.1.1. Defining Monopoly Power |
| | 6.1.2. Defining Marginal Revenue for a Firm with Market Power |
| | 6.1.3. Determining the Monopolist's Profit-Maximizing Output and Price |
| | 6.1.4. Calculating a Monopolist's Profit and Loss |
| | 6.1.5. Graphing the Relationship between Marginal Revenue and Elasticity |
| >> | 6.2 The Social Cost of Monopoly |
| >> | 6.2.1. Determining the Social Cost of Monopoly |
| | 6.2.2. Calculating Deadweight Loss |
| | 6.2.3. Understanding Monopoly Regulation |
| > | 6.3 Oligopoly |
| | 6.3.1. Introducing Oligopoly and the Prisoner's Dilemma |
| | 6.3.2. Understanding a Cartel As a Prisoner's Dilemma |
| | 6.3.3. Understanding the Kinked-Demand Curve Model |
| > | 6.4 Monopolistic Competition |
| | 6.4.1. Defining Monopolistic Competition |
| | 6.4.2. Understanding Pricing and Output under Monopolistic Competition |
| | 6.4.3. Understanding Monopolistic Competition As a Prisoner's Dilemma |
7
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Resource Markets
|
| > | 7.1 The Derived Demand for Labor |
| > | 7.1.1. Deriving the Factor Demand Curve |
| > | 7.1.2. Deriving the Least-Cost Rule |
| >>> | 7.1.3. Analyzing the Labor Market |
| | 7.2 Monopsony |
| >>> | 7.2.1. Understanding Labor Market Power and Marginal Factor Cost |
| | 7.3 Capital Markets |
| | 7.3.1. Analyzing Capital Markets |
8
|
Market Failures
|
| >> | 8.1 Overview of Market Failures |
| | 8.1.1. Understanding Market Failures |
| | 8.2 Public Goods and Public Choice |
| | 8.2.1. Defining Public Goods |
| | 8.2.2. Analyzing the Tax System |
| | 8.2.3. Understanding Public Choice |
| | 8.3 Uncertainty |
| | 8.3.1. Understanding Expected Value, Risk, and Uncertainty |
| | 8.3.2. Understanding Asymmetric Information as an Economic Problem |
| | 8.3.3. Understanding Moral Hazards in Markets |
| | 8.4 Externalities |
| | 8.4.1. Defining Externalities |
| | 8.4.2. Explaining How to Internalize External Costs |
| | 8.4.3. Explaining How to Internalize External Benefits |
| | 8.5 Solutions to Externalities |
| | 8.5.1. Finding a Market Solution to External Costs |
| | 8.5.2. Finding a Negotiated Settlement to an External Cost |
| | 8.5.3. Applying the Coase Theorem |
9
|
Evaluating Market Outcomes
|
| | 9.1 Normative Economics |
| | 9.1.1. Measuring the Benefits of Consumption |
| | 9.1.2. Using the Demand Curve As a Measure of Benefit |
| | 9.2 Calculating Total Economic Value |
| | 9.2.1. Quantifying Benefit |
| | 9.2.2. Quantifying Cost |
| | 9.2.3. Determining Total Social Cost |
| | 9.2.4. Understanding Economic Value |
| | 9.3 Consumer and Producer Surplus |
| | 9.3.1. Understanding Producer and Consumer Surplus |
| | 9.3.2. Calculating Total Economic Value |
| | 9.4 Market Interference and Economic Value |
| | 9.4.1. Understanding the Effects of Price Controls |
| | 9.4.2. Understanding How Price Controls Destroy Economic Value |
| | 9.4.3. Evaluating the Effects of an Excise Tax |
| | 9.4.4. Assessing the Effect of an Excise Tax on Economic Value |
| | 9.4.5. Understanding How a Tax Can Create Deadweight Loss |
| | 9.5 International Trade and Economic Value |
| | 9.5.1. Evaluating the Gains from International Trade |
| | 9.5.2. Understanding the Effects of Tariffs on Consumer and Producer Surplus |
10
|
Macroeconomic Measurements
|
| | 10.1 Aggregate Output and Income |
| | 10.1.1. The Production Possibilities Frontier: Macroeconomic Applications |
| > | 10.1.2. The Circular Flow Model |
| > | 10.1.3. Real GDP |
| | 10.1.4. The BEA Procedure for Calculating Real GDP |
| > | 10.1.5. Limitations of GDP and Alternative Indexes |
| | 10.1.6. The growth of China as a Superpower |
| > | 10.2 Approaches to Calculating GDP |
| > | 10.2.1. The Expenditures Approach |
| > | 10.2.2. The Income Approach |
| | 10.3 Cost of Living |
| > | 10.3.1. Changes in the Cost of Living and the CPI |
| > | 10.3.2. Calculating the Rate of Inflation |
| | 10.3.3. Comparing the CPI and the GDP Deflator |
| >> | 10.3.4. Hot Topic: Income Distribution in the United States |
11
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Economic Fluctuations: Unemployment and Inflation
|
| >> | 11.1 The Business Cycle |
| | 11.1.1. Recessions, Depressions, and Booms |
| | 11.1.2. Theoretical Explanations for Cycles |
| >>> | 11.2 Measuring Unemployment |
| >>> | 11.2.1. Measuring the Labor Force and Unemployment |
| >>> | 11.2.2. Types of Unemployment |
| >>> | 11.3 The Natural Rate of Unemployment |
| >>> | 11.3.1. Understanding the Natural Rate of Unemployment |
| >>> | 11.4 Causes of Unemployment |
| >>> | 11.4.1. Minimum Wage Laws |
| >>> | 11.4.2. An Analysis of Labor Unions and Unemployment |
| >>> | 11.4.3. The Theory of Efficiency Wages |
| >>> | 11.4.4. Unemployment Insurance |
| >> | 11.5 Inflation |
| | 11.5.1. Inflation, Deflation, Stagflation, and Hyperinflation |
| | 11.5.2. Inflation and Purchasing Power |
| | 11.5.3. Short-Run Causes: Demand-Pull and Cost-Push Inflation |
| | 11.5.4. The Quantity Theory of Money |
| | 11.5.5. The Costs of Inflation |
| | 11.5.6. Case Study: Behavior during Hyperinflation |
12
|
The Aggregate Expenditures Model
|
| | 12.1 Historical Background |
| >> | 12.1.1. Say's Law and Keynes: An Overview |
| | 12.2 Components of Aggregate Expenditures |
| | 12.2.1. The Aggregate Expenditures Identity |
| | 12.2.2. Average and Marginal Propensities to Consume and Save |
| | 12.2.3. The Aggregate Expenditures Model |
| | 12.2.4. Autonomous Investment |
| | 12.3 Equilibrium GDP |
| | 12.3.1. The Expenditures Approach and the Saving Approach |
| | 12.4 The Multipliers |
| | 12.4.1. Applications of the Multipliers |
| | 12.4.2. Case Study: The Paradox of Thrift |
| | 12.5 Comparative Statics: The AE Model |
| | 12.5.1. Changes in Aggregate Expenditures |
| | 12.5.2. Changes in Taxes |
| | 12.5.3. Changes in Net Exports |
| | 12.5.4. Hot Topic: Does Social Security Need to Be "Saved"? |
13
|
Money: Banking, Spending, Saving, and Investing
|
| | 13.1 Money in the Economy |
| | 13.1.1. The Money Supply |
| | 13.1.2. Determinants of Money Demand |
| | 13.1.3. The Money Market |
| | 13.2 Financial Markets |
| | 13.2.1. Financial Markets and Intermediaries |
| | 13.2.2. Stocks and Bonds |
| | 13.2.3. The Price of Bonds and the Interest Rate |
| | 13.3 The Fed |
| | 13.3.1. The Federal Reserve System |
| | 13.3.2. Hot Topic: Are Reserve Requirements Necessary? |
| | 13.3.3. The Fed's Tools of Monetary Policy |
| | 13.3.4. Case Study: The Greenspan Era |
| | 13.4 The Creation of Money |
| | 13.4.1. How Goldsmiths Created Money |
| | 13.4.2. Case Study: Cigarettes As Money |
| | 13.4.3. How Banks Create Money |
| | 13.4.4. How the Fed Changes the Money Supply |
| | 13.5 Saving and Investment |
| | 13.5.1. Investment Demand |
| | 13.5.2. The Market for Loanable Funds and Government Policy |
| | 13.5.3. Equilibrium in the Loanable Funds Market |
14
|
Aggregate Demand/Aggregate Supply Model
|
| | 14.1 Aggregate Demand |
| | 14.1.1. Deriving the Aggregate Demand Curve |
| | 14.1.2. Movement along the Aggregate Demand Curve |
| | 14.1.3. Shifts in Aggregate Demand |
| | 14.2 Aggregate Supply |
| | 14.2.1. The Short-Run Aggregate Supply Curve |
| >>> | 14.2.2. The Labor Market |
| | 14.2.3. The Long-Run Aggregate Supply Curve |
| | 14.3 Differences in the Long Run and the Short Run |
| | 14.3.1. The Classical View |
| | 14.3.2. Equilibrium in the Short Run |
| | 14.3.3. Equilibrium in the Long Run |
| | 14.3.4. Expectations in the Long Run and the Short Run |
| | 14.3.5. Case Study: The U.S. National Debt |
| | 14.3.6. Hot Topic: Oil Shocks |
| >>> | 14.4 The Phillips Curve |
| >>> | 14.4.1. Definitions and the Historical Record |
| >>> | 14.4.2. Expectations and the Phillips Curve |
15
|
Monetary and Fiscal Policy
|
| | 15.1 Recessions and Booms |
| | 15.1.1. Unanticipated Changes in Aggregate Demand |
| | 15.1.2. Unanticipated Changes in Aggregate Supply |
| | 15.2 Fiscal Policy: The Mainstream |
| | 15.2.1. Fiscal Policy Using the AD/AS Model |
| | 15.2.2. The Market for Loanable Funds and Crowding Out |
| | 15.2.3. Timing Problems and the AD/AS Model |
| | 15.2.4. Automatic Stabilizers |
| >> | 15.2.5. Hot Topic: The Political Business Cycle |
| | 15.3 Fiscal Policy: Alternative Approaches |
| >>> | 15.3.1. New Keynesian and New Classical Approaches to Fiscal Policy |
| >>> | 15.3.2. Supply-Side Policy |
| | 15.4 Monetary Policy: The Mainstream |
| | 15.4.1. The Quantity Theory of Money |
| | 15.4.2. Monetary Policy Using the AD/AS Model |
| | 15.4.3. Monetary Responses to Changes in the Economy |
| | 15.4.4. Monetary Policy: Accommodation |
| | 15.4.5. Hot Topic: Should Monetary Policy Be Made by Rule or Discretion? |
| | 15.4.6. Case Study: The Greenspan Era |
| | 15.5 Monetary Policy: Alternative Approaches |
| > | 15.5.1. New Keynesians versus Monetarists |
| > | 15.5.2. New Classical Macroeconomics |
| | 15.5.3. Case Study: Policy in the Great Depression |
16
|
Productivity and Growth
|
| | 16.1 The Elements of Productivity and Growth |
| | 16.1.1. The Rule of 70, Compounding, and Growth |
| | 16.1.2. The PPF, the AD/AS Model, and Long-Run Growth |
| | 16.1.3. The Production Function and Growth |
| | 16.1.4. The Definition of Productivity and Factors Affecting Ith |
| | 16.2 Policy and Growth |
| | 16.2.1. Investment |
| > | 16.2.2. Other Policies to Encourage Growth |
| >> | 16.2.3. Hot Topic: Women's Roles in Rural Economic Growth |
| | 16.3 Emerging Economies |
| >>> | 16.3.1. Growth in Emerging Economies |
| >>> | 16.3.2. Policies to Promote Growth |
| | 16.3.3. Hot Topic: The Myth of Exploding Populations |
17
|
International Focus
|
| | 17.1 Microeconomics Background |
| | 17.1.1. Determining the Difference between a Closed Economy and an Open Economy |
| | 17.1.2. Understanding Exports in an Open Economy |
| | 17.1.3. Analyzing a Change in Equilibrium in an Open Economy |
| | 17.2 Exports, Imports, and Accounting |
| | 17.2.1. The International Flow of Goods and Services |
| | 17.2.2. Balance of Payments |
| | 17.2.3. Balance of Payments: An example |
| | 17.2.4. Trade Balances |
| | 17.3 Exchange Rates |
| | 17.3.1. Nominal Exchange Rates |
| | 17.3.2. Real Exchange Rates |
| | 17.3.3. Purchasing Power Parity |
| | 17.3.4. Determination of Exchange Rates |
| | 17.3.5. Floating and Fixed Systems |
| | 17.3.6. The Managed Float |
| >> | 17.4 Government Policies |
| | 17.4.1. Government Budget Deficits and Trade |
| | 17.4.2. Trade Policy |
| | 17.4.3. Hot Topic: Winners and Losers in NAFTA |
| | 17.4.4. Political Instability and Trade |
| | 17.4.5. Hot Topic: Is the World Trade Organization a Conspiracy? |
| >>> | 17.5 Transition Economies |
| | 17.5.1. Centrally Planned Economies |
| | 17.5.2. Policies to Change to Market Systems |
| | 17.5.3. Comparative Economic Performance
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