What is economics all about?

economics scarcity choice rational self-interest mjmfoodie

We know that consumers will react to price changes, but how MUCH will they react? Knowing this is important to business owners and policymakers.

economics elasticity demand mjmfoodie

A brief overview of the main types of market structures, and the characteristics of each.

economics market structures monopoly oligopoly competition mjmfoodie

Characteristics and outcomes of the perfectly competitive market structure.

economics perfect competition competitive market firm firms mjmfoodie

What happens when the government interferes with the market mechanism by artificially imposing a "better" price?

economics market government price floor ceiling mjmfoodie

Characteristics and outcomes of the monopoly market structure.

economics monopoly mjmfoodie

An experiment in consumption illustrates one of the biggest concepts in economics -- diminishing returns.

economics consumer diminishing mjmfoodie

How is price determined? What might cause it to change?

economics equilibrium supply demand price mjmfoodie

In this video, I cover the last of the four major market structures: oligopoly.

oligopoly economics markets firms market_structures mjmfoodie

In this video, compare the monopolistically competitive market structure to the previously covered structures (perfect competition and monopoly), and show the short-run and long-run outcomes for the firm.

economics monopolistic_competition markets market structures firm industry mjmfoodie

What do cost curves look like? Before we can discuss maximizing profits, it's necessary to understand costs.

economics costs costcurves fixedcosts variablecosts average marginal AFC AVC ATC TC TFC TVC MC mjmfoodie

How does the government regulate a natural monopoly?

economics regulation natural monopoly mjmfoodie

Introduction to the law of demand, and what it means.

economics law demand mjmfoodie

This video takes you through all of the product and cost curves; can we start weeding them down? We can, if the information from one can be found in another.

economics graphs cost curves ATC AVC MC AFC TC TVC TFC MP AP mjmfoodie

Opportunity cost is one of the most critical concepts in economics - outside of economics, it's an often-overlooked component when costs are considered.

economics opportunity cost opportunitycost mjmfoodie

How can we tell what buying decision a consumer will make, given preferences, income, and prices? How will the consumer maximize his/her own happiness?

economics consumertheory mjmfoodie

Fundamentals of the supply side of the market.

economics supply market sellers mjmfoodie

In this video, I break down production costs into fixed and variable components, and talk about how the producer might minimize each.

economics costs fixed variable production mjmfoodie

What's the difference between Microeconomics and Macroeconomics?

economics micro macro mjmfoodie

There is a subtle but important distinction between a fundamental, underlying change in the demand, and a simple change in quantity demanded.

economics demand change quantity demanded mjmfoodie

(Same as the original Episode 5, just upped the audio a bit) What's the difference between positive analysis and normative analysis? What is the role of each?

positive normative objective subjective fact opinion economics analysis mjmfoodie

This video gives a brief overview of the Fed's three monetary policy tools: Open Market Operations, the Required Reserve Ratio, and the Discount Rate.

economics Fed monetary policy discount_rate OMO omos required_reserve_ratio required_reserves expansionary contractionary mjmfoodie

The previous videos addressed the macroeconomic goals; this video addresses the idea of fiscal policy (government spending and taxation) as a possible way to target the goals.

economics fiscal spending taxation government macroeconomics mjmfoodie

The third macroeconomic goal is 'High & Sustained Growth,' but growth of what? This video explains what GDP is, and the expenditure approach to GDP.

economics GDP nominal Expenditure C+I+G+X growth mjmfoodie

Captured by mjmfoodie

techsmith_jing mjmfoodie

Take a look at the Macroeconomic Goal of 'Price Stability.'

economics prices inflation priceindex CPI deflation mjmfoodie

Captured by mjmfoodie

techsmith_jing mjmfoodie

Before we can see how money can be used to control the economy, we need to know what money IS . . .

economics money monetary money_supply Ms mjmfoodie

Captured by mjmfoodie

techsmith_jing mjmfoodie

Just as demand & supply yield the price and quantity of a particular product, Aggregate Demand (AD) & Aggregate Supply (AS) determine the macroeconomic equilibrium - price level (telling whether we have inflation), quantity of goods and services (real GDP), and, indirectly, unemployment.

economics AD AS aggregate macroeconomic equilibrium mjmfoodie

Captured by mjmfoodie@gmail.com

techsmith_jing mjmfoodie

This is the same as the original Episode 11, but I've upped the volume a bit.

economics demand consumers micro macro microeconomics macroeconomics mjmfoodie

Just a quick overview of the history of GATT (General Agreement on Tariffs and Trade), which eventually became the WTO (World Trade Organization).

economics trade smoot-hawley GATT WTO mjmfoodie

What are economic resources? The four major categories are explained in this video.

economics resources land labor capital entrepreneur mjmfoodie

Can't talk about profits until I understand costs, and I can't understand costs until I know something about how production works!

economics productivity marginalproduct diminishing returns mjmfoodie