Topic | Name | Description |
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Course Introduction | ||
1.1: Definition of Economics | Read this chapter. Think about how economists frame their analysis and the kinds of tools they use. Consider how opportunity cost and a cost-benefit analysis relate to each other. |
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Listen to this lecture. |
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1.2: Supply and Demand | Read this chapter. Think about how a change in demand or supply is different from a change in quantity demanded or supplied. |
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Listen to lectures 1 and 2. |
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1.3: Elasticity | Read this chapter. Consider how elasticity is applied by business economists and its usefulness as a practical economic tool. |
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Listen to the following episodes of this podcast: |
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1.4: Government and the Market | Read this chapter. Who wins and loses when a tax law is adjusted? How might special interest groups influence tax laws? |
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Watch this video. The associated spreadsheet for this video is the second one in this workbook. Explore the various changes caused by taxation and its effect on elasticity. |
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2.1: Trade | Read this chapter. How does the production possibilities curve relate to specialization? What is its role in calculating comparative and absolute advantage? |
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Listen to this lecture. |
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Watch this lecture. Consider the role of the production possibilities curve as a defining frontier. |
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2.2: Externalities | Read this chapter. Compare the role of individuals and society in maximization problems. When can a case be made to intervene in a market? |
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2.3: Public Goods | Read this chapter. Think about the nature of public goods and non-excludability. What is the role of geographic proximity to public good problems? |
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3.1: Costs | Read this chapter. How do constraints on a firm circumscribe its options? What is the role of shadow values as these constraints are relaxed? |
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Watch these videos and follow along as profit maximization is considered from various perspectives. |
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3.2: Dynamics | Read this chapter. Think about how costs vary with economies of scale of scope. What role does technology play? |
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3.3: Investment | Read this chapter. Ponder the 2008 financial crisis and the role of uncertainty in investment. What role does the government play in uncertainty and risk? |
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Listen to this lecture. |
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4.1: Consumer Theory | Read this chapter. What is the role of utility (the flow of happiness over time)? Do individuals truly maximize their happiness relative to a budget? |
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Watch these videos. The associated spreadsheet for this video is the fourth one in this workbook. Explore the various changes caused by the income and substitution effects. |
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4.2: Applied Consumer Theory | Read this chapter. Reflect on how environments change and how individuals adapt to evolving circumstances. How do consumers adapt as they learn new information? |
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Listen to Lecture 4. |
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4.3: Equilibrium | Read this chapter. Consider a zero-sum game. Is it always true that to make one person better off another must be made worse off? |
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5.1: Monopoly | Read this chapter. A monopoly has 100% of a market. What monopolies exist in your area? What role does regulation play in preventing monopolies? |
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Watch these videos. What is the role of deadweight loss? How does it affect society? |
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5.2: Game Theory | Read this chapter. Ponder the basic decision to cooperate or compete in a game. What broader implications does this have for business economists? |
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5.3: Imperfect Competition | Read this chapter. Oligopolies are closely related to game theory. Can you explain how the two are related in terms of their underlying theories? |
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5.4: Uncertainty and Information | Read this chapter. Think about the role of signaling in your life. How much time, money, and effort do you expend to convince others of something? |
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5.5: Auctions | Read this chapter. Think about the role of information in the auction process. How clear and transparent are most auctions? What are some imperfections in auctions? |
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