An explanation of the definition of economics, discussing the importance of markets, and examining the potential roles of government in addressing market failures.
A description of microeconomics, including explanations of marginal analysis and opportunity costs.
An explanation of how consumers and producers make decisions through marginal analysis when facing diminishing marginal utility of consumption and diminishing marginal productivity.
An explanation of how nations face tradeoffs along their production possibility frontier curve, given fixed resources and specialized factors of production.
An explanation of absolute advantage, comparative advantage, and how nations can become better off through trade.
A discussion of macroeconomics, including macroeconomic variables, business cycles, and long-run economic growth.
An explanation of markets, my supply and demand tattoos, and assumptions of perfect competition.
An explanation of market demand, movements along the demand curve, and shifts in the demand curve.
An explanation of market supply, movements along the supply curve, and shifts in the supply curve.
An explanation of market equilibrium, shortages, surpluses, and the interaction of supply and demand curves.
An explanation of elasticity, focusing on price elasticity of demand, and the factors that make a demand curve elastic.
A demonstration of calculating the price elasticity of demand coefficient and an explanation of the coefficient’s meaning with the resulting variety of demand curves.
An explanation of the relationship between the price elasticity of demand and total revenue, including how elasticity changes along a constantly sloped demand curve.
AA demonstration of calculating cross-price and income elasticity of demand and an explanation of their meanings.
An explanation of the price elasticity of supply and why it typically changes along a supply curve.
An explanation of price ceilings, including shortages with rent control in the short run and long run.
An explanation of price floors, including the effects of a minimum wage in the short run and long run.
An explanation of tax incidence in both the goods and the labor market.
An explanation of welfare economics, including consumer and producer surplus.
An explanation of total surplus, including the role of the benevolent social, and a discussion of my favorite types of pies.
An explanation of the relationship between taxes and economic welfare, including the role of elasticity and the size of the tax.
An explanation of the relationship between trade and economic welfare, including the effects of tariffs.
A discussion of arguments for and against free trade.
An explanation of positive and negative externalities
An explanation of pollution as a negative externality of production, and a discussion of corrective taxes and permitting systems to deal with it.
An explanation of subsidies and tax rebates as policies to deal with positive externalities, as well as an explanation of the Coase Theorem and private solutions.
An explanation of excludable and rival in consumption as characteristics of goods, as well as a discussion of private and club goods.
A discussion of public goods and common resources, including appropriate polices for each.
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