William Rainey Harper College ECO 211 Microeconomics: An Introduction to Economic Efficiency VIDEOS ~/~ Home ~/~ Syllabus ~/~ Schedule ~/~ Lecture Outlines ~/~ Assignments ~/~ Textbook Website ~/~ Online Lectures ~/~ Blackboard ~/~

VIDEO SOURCES:

• KA Khan Academy: https://www.khanacademy.org/
• EC EconClssroom http://www.econclassroom.com/
• MJ YouTube - mjmfoodie https://www.youtube.com/playlist?list=PLF2A3693D8481F442

UNIT 1 - INTRODUCTION TO ECONOMICS AND GLOBALIZATION

1a Syllabus, Math Quiz,

• OPTIONAL:
  • Khan Academy Exercise: Graphing Points
  • Khan Academy Exercise: Graphing Points 2

     

• OPTIONAL: SIMPLE MATH, ALGEBRA, AND GEOMETRY FOR ECONOMICS STUDENTS
  • How to Multiply and Divide Fractions in Algebra for Dummies (YouTube fordummies 1:50)
  • Simple Equations (Khan Academy 11:06)
  • Solving One-Step Equations (Khan Academy 1:54)
  • Solving One-Step Equations 2 (Khan Academy 2:23)
  • Practice (Khan Academy )
  • Solving Ax + B = C (Khan Academy 8:41)
  • Area and Perimeter (Khan Academy 12:20)

1b 5Es

• READ: http://www.harpercollege.edu/mhealy/eco211f/5es/5e.htm
• KA Introduction to economics (from S and D unit)

1c What is Economics, Models, BCA, Budget Lines

• MJM 2 Scarcity and Choice
• MJM 3 Resources
• MJM 4 Micro vs. Macro
• MJM 5A Models and Theories
• MJM 6 Graph Review
• KA Budget Lines

   

1d PPC

• EC Scarcity, Op Cost, and the PPC
• EC Law of Increasing Cost and the PPC
• MJM 7 Individual PPC
• MJM 8 Oportunity Cost
• MJM 9 Society's PPC
• MJM 10 PPC and Resource Changes
• MAKING CHOICES: THE ECONOMIC WAY OF THINKING -- BENEFIT-COST ANALYSIS (also called Marginal Analysis or Cost-Benefit Analysis)
  • Thinking at the Margin (YouTube LearnLiberty 4:32)
  • Incentives and Marginal Analysis (YouTube MrHurdleHistory 8:54)

  KA Scarcity, Possibilities, Preferences, and Opportunity Cost (14 videos)

  • Opportunity cost
  • Increasing opportunity cost
  • Allocative efficiency and marginal benefit
  • Economic growth through investment

2a Structural Adjustment

• EC Circ Flow Model of a Market Economy
• KA Globalization I - The upside
• KA Globalization II - good or bad?
• ECONOMIC SYSTEMS
  • An Overview of Economic Systems ($1.98 at http://mindbites.com)
  • Power of the Market (YouTube LibertyPen 1:14)
  • Comparative Economic Performance ($1.98 at: http://www.mindbites.com)

3a Demand

• MJM 11 Demand
• MJM 12 Changes in Demand vs. Changes in Quantity Demanded
• EC The Law of Demand – HD
• EC The Determinants of Demand
• EC Linear Demand Equations Part 1 with exercises (econclassroom.com 6:41)
• EC Linear Demand Equations -- Shifts in Demand (econclassroom.com 14:16)
• KA Supply, Demand, and Market Equilibrium (15 videos)
  • Introduction to economics
  • Law of demand
  • Change in expected future prices and demand
  • Price of related products and demand
  • Changes in income, population, or preferences
  • Normal and inferior goods
  • Inferior goods clarification
  • Law of supply
  • Factors affecting supply
  • Long term supply curve
  • Market equilibrium
  • Changes in market equilibrium
  • Breakdown of gas prices
  • Short-run oil prices

   

3b Supply

• MJM 13 Supply
• EC Linear Supply Equations
• EC Deriving demand and supply equations from a set of data

   

3c Market Equilibrium

• MJM 14 Market Equilibrium
• MJM 15 Price Floors and Price Ceilings
• EC Finding equilibrium price and quantity using demand and supply equations
• EC A supply and demand paradox – Why is the Chevy Volt twice the price of the Chevy Cruze?
• EC Supply, Demand and Equilibrium Test – Worked Solutions
• EC Consumer and Producer Surplus in the Linear Demand and Supply Model (econclassroom.com 10:01)
• EC Efficiency and Equilibrium in Competitive Markets (econclassroom.com 11:48)
• EC Determining the Effects of Price Ceilings and Price Floors (econclassroom.com 12:04)

   

20a Why we Trade: Comparative Advantage

• MJM 34 Comparative Advantage and Trade
• EC Determining Comparative Advantage using PPCs – Worked solutions to AP Free Response Questions
• EC Determining Comparative Advantage using PPCs – Worked solutions to AP Free Response Questions
• KA Comparative advantage specialization and gains from trade
• KA Comparative advantage and absolute advantage

   

20b International Trade

• MJM 35 Why do Countires Restrict Trade?
• MJM 36 Types of Trade Restrictions
• MJM 37 GATT/WTO
• MJM 38 Trade Blocks
• MJM 33 Exchange Rates
• EC Introduction to the Foreign Exchange Market and Exchange Rate Determination
• EC The Determinants of Exchange Rates and Managed Exchange Rate Systems
• EC A Quiz on Exchange Rate Manipulation
• EC The relationship between the Current Account Balance and Exchange Rates
• KA Floating exchange resolving trade imbalance
• KA China pegs to dollar to keep trade imbalance

   

5a Role of Gov't, Gov't Finance

• KA Basics of US income tax rate schedule

5b Market Failures

• EC Introduction to Market Failure and Negative Externalities of Production (econclassroom.com 14:45)
• EC Market Failure - Positive Externalities of Consumption (econclassroom.com 10:51)
• EC The Tragedy of the Commons as a Market Failure (econoclassroom.com 14:29)

12a AD/AS 1

• MJM 23 Business Cycles
• MJM 24 AD and AS
• EC An Introduction to Aggregate Demand
• EC An Introduction to Aggregate Supply – from Short-run to Long-run
• EC The Business Cycle – Illustrating the Economy’s Booms and Busts
•  KA Aggregate Demand and Aggregate Supply (12 videos)
  • Aggregate demand
  • Shifts in aggregate demand
  • Long-run aggregate supply
  • Short run aggregate supply
  • Historical circumstances explained by AD/AS: Demand-pull inflation under Johnson
  • Historical circumstances explained by AD/AS: Real GDP driving price
  • Historical circumstances explained by AD/AS : Cost-push inflation
  • The business cycle
  • Monetary and fiscal policy
  • Tax lever of fiscal policy
  • Keynesian economics
  • Risks of Keynesian thinking

      

12b AD/AS 2

• EC How to succeed on the AP Economics FRQ – Macro Question 1
• EC Introduction to Fiscal Policy – Expansionary vs. Contractionary Policies

   

9a UE

• MJM 18 Unemployment
• MJM 19 Types of Unemployment

   

9b IN

• MJM 16 Inflation and Price Index
• MJM 17 Real Income
• KA Inflation (15 videos)
  • Introduction to inflation
  • Actual CPI-U basket of goods
  • Inflation data
  • Real and nominal return
  • Calculating real return in last year dollars
  • Relation between nominal and real returns and inflation
  • Deflation
  • Velocity of money rather than quantity driving prices
  • Deflation despite increases in money supply
  • Moderate inflation in a good economy
  • Stagflation
  • Deflationary spiral
  • Hyperinflation
  • Unemployment rate primer
  • Phillips curve 

7a GDP

• MJM 20 GDP
• MJM 21 Real GDP
• EC The Income Approach and the Expenditure Approach to Measuring the GDP of a Nation
• EC Updated: Real versus Nominal GDP and the GDP Deflator
• KA GDP (11 videos)
  • Introduction to economics
  • Circular flow of income and expenditures
  • Parsing gross domestic product
  • More on final and intermediate GDP contributions
  • Investment and consumption
  • Income and expenditure views of GDP
  • Components of GDP
  • Examples of accounting for GDP
  • Real GDP and nominal GDP
  • GDP deflator
  • Example calculating real GDP with a deflator

   

8a EG

• MJM 22 Growth

22Wa LDCs

10a Multiplier

13a FP

• MJM 26 Fiscal Policy
• MJM 27 Crouding Out and Lags
• EC Introduction to Fiscal Policy – Expansionary vs. Contractionary Policies
• EC Fiscal Policy – the Government Spending Multiplier
• EC Fiscal Policy – the Tax Multiplier
• EC Fiscal Policy – the Crowding-out Effect
• EC Fiscal Policy – another interpretation of the Crowding-out Effect
• EC How to succeed on the AP Economics FRQs – Macro Questions 2 and 3
• KA MPC and multiplier
• KA Mathy version of MPC and multiplier (optional)

   

13b Other FP and Debt

• MJM 25 Macroeconomic Viewpoints
  Does the economy self-adjust? If so, what is the role for the government if the economy is not where we'd like it to be? This video takes a brief look at two different schools of economic thought.
• MJM 28 Taxes and Budget
• KA Deficit and debt ceiling
• KA Government's financial condition

   

14a What is Money? Money Market Model, and the Fed

• MJM 29 What is Money
• MJM 31 The Fed
• EC Introduction to the Money Market
• KA The Monetary System (8 videos)
  • Overview of fractional reserve banking
  • Weaknesses of fractional reserve lending
  • Full reserve banking
  • Money supply: M0, M1, and M2
  • Simple fractional reserve accounting (part 1)
  • Simple fractional reserve accounting (part 2)
  • Interest as rent for money
  • Money supply and demand impacting interest rates

   

15a How Banks Create Money

• MJM 30 Creating Money
• EC Money Creation in a Fractional Reserve Banking System
• KA Money, Banking, and Central Banks (85 videos)
• KA Banking 4: Multiplier effect and the money supply

   

16a MP

• MJM 32 Monetary Policy
• EC The Tools of Monetary Policy
• EC Evaluating the Effectiveness of Monetary Policy During Recessions

   

16b Other Macro Issues, Models,

• EC Measuring the Macroeconomic Objectives: Economic Growth, Unemployment and Inflation
• EC The Short-run Phillips Curve
• EC The Long-run Phillips Curve
• EC Introduction to Supply-side Policies