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Unit 1: Basic Economic Concepts

  • Scarcity, choice and opportunity cost
  • Production Possibilities Curve
  • Comparative Advantage, absolute advantage, specialization and trade
  • Economic Systems
  • Property Rights and the role of incentives
  • Marginal Analysis

    Intro powerpoint Do You Think Like an Economist

    Powerpoint for unit Basic Economic Concepts

    Unit 2 part 1: Supply and Demand, Consumer Choice and Production Costs

    Production Costs Powerpoint

    Unit Outline

  • A. Supply and demand
      1. Market equilibrium
      2. Determinants of supply and demand
      3. Price and quantity controls
      4. Elasticity
      a. Price, income, and cross-price elasticities of demand
      b. Price elasticity of supply
      5. Consumer surplus, producer surplus, and market efficiency
      6. Tax incidence and deadweight loss

  • B. Theory of consumer choice
      1. Total utility and marginal utility
      2. Utility maximization: equalizing marginal utility per dollar
      3. Individual and market demand curves
      4. Income and substitution effects

  • C. Production and costs
      1. Production functions: short and long run
      2. Marginal product and diminishing returns
      3. Short-run costs
      4. Long-run costs and economies of scale
      5. Cost minimizing input combination

    Unit 2 part 2: Firm Behavior and Market Structures

  • Pure Monopoly powerpoint
  • Monopolistic Competition Notes
  • Oligopoly Notes part 1
  • Production Costs Unit Review This has a password - apeconomics - must be typed in lower caps

    Unit Outline

  • 1. Profit:
      a. Accounting versus economic profits
      b. Normal profit
      c. Profit maximization: MR=MC rule
  • 2. Perfect competition
      a. Profit maximization
      b. Short-run supply and shutdown decision
      c. Behavior of firms and markets in the short run and in the long run
      d. Efficiency and perfect competition
  • 3. Monopoly
      a. Sources of market power
      b. Profit maximization
      c. Inefficiency of monopoly
      d. Price discrimination
      e. Natural monopoly
  • 4. Oligopoly
      a. Interdependence, collusion, and cartels
      b. Game theory and strategic behavior
  • 5. Monopolistic competition
      a. Product differentiation and role of advertising
      b. Profit maximization
      c. Short-run and long-run equilibrium
      d. Excess capacity and inefficiency

    Unit 3: Factor Markets

  • Factor Markets Powerpoint - Chapter 25
  • Factor Market notes broken down

    Unit Outline

  • A. Derived factor demand
  • B. Marginal revenue product
  • C. Labor market and firms’ hiring of labor
  • D. Market distribution of income

    Unit 4: Role of Government and Market Failures

  • Role of Government and Market failures powerpoint

    Unit Outline

  • A. Externalities
      1. Marginal social benefit and marginal social cost
      2. Positive externalities
      3. Negative externalities
      4. Remedies
  • B. Public goods
      1. Public versus private goods
      2. Provision of public goods
    C. Public policy to promote competition
      1. Antitrust policy
      2. Regulation
  • D. Income distribution
      1. Equity
      2. Sources of income inequality

    Macroeconomics


    • GDP, CPI, Unemployment rate from smartboard
    • Business Cycle and Aggregate Demand and Supply lesson
    • Monetary Policy
    • Fiscal Policy

    International Economics

    • International Economics: Trade, Absolute and Comparative Advantage

    Personal Finance

    • Personal Finance Lesson