Long Form Lectures: The Lectures Below are slightly modified versions from an online course I am teaching in 2018. I am using the Introductory book from McConnell, Brue, and Flynn (21st Edition). These are longer, full lectures (with a few shorter ones). If you want a real course in economics- buy the book and follow along! I will have a lot of handouts you can download, so that you can follow along with the notes, graphing, and calculations. Handouts Page We will cover chapters: | 1 (What is Economics) | 6 (Elasticity) | 9 (Business & Costs of Production) | | 2 (Market System/Circular Flow) | 7 (Utility Maximization) | 10 (Pure Competition: Short Run) | | 3 (Supply and Demand) | 23 (Income Inequality) | 11 (Pure Competition Long Run) | | 4 (Market Failures, Public Goods, Externalities, Consumer Surplus) | | 12 (Monopoly) |
Chapter 1
Overview of Economics
Overview Part 2
Opportunity Cost & Budget
Production Possibilities
Math Review | Economics: Introduction, Scarcity and Opportunity Costs
Micro/Macro, Scarcity, Cost/Benefit
Resources, Marginal Analysis, Opportunity Cost, Models Handout
Illustrating the idea of opportunity cost using Budget Lines and Slopes Handout
Production Possibilities Curves (Frontiers) Handout
Graphing lines, slopes, solving equations, & percentage changes Handout | Chapter 2
Markets & Specialization
Barter, Money, 5 Questions
Circular Flow Model | Markets & Circular Flow
Adam Smith Quotes, Voluntary Trade, Advantages of Markets Handout
How money is more efficient than barter, and the the "5 Fundamental Questions"
About the basic model, extensions, and a REAL model with water! | Chapter 3
Demand
Supply and Equilibrium
Shifts in Equilibrium
S&D Details, and 2 Shifts | Supply and Demand
All about demand, quantity demanded, and what can shift demand. Handout
All about Supply, and what is Equilibrium? What if we aren't in equilibrium?
Some examples of supply or demand shifting. Print some free graph paper!
WHY does demand slope downward? And when S&D both shift | Chapter 4
Surplus & DWL Intro
Public and Private Goods
Positive Externalities
Negative Externalities | Surplus, Deadweight Loss, Externalities and Public Goods
How to calculate consumer and producer surplus, variable costs, etc. Handout
Characteristics of Public and Private Goods; How to Analyze Handout
What a positive externality is, and why these things should be encouraged.
What a negative externality is, how they create deadweight loss. | Chapter 6
Intro to Elasticities
Other Elasticities
Calculating Elasticities
Linear Demand & Revenue
Elasticity Quiz | Elasticity
Introduction to the idea of elasticities, Price Elasticity of Demand Handout
Price Elasticity of Supply, and Cross-price/Income elasticities of demand
Simple version and the Midpoint Method for percentage Changes
How P.E.of Demand Changes along demand line, & the Total Revenue Test!
7 Questions: Easy through Beast Mode! Handout | Chapter 7
Intro to Utility
Marginal Utility per $
| Utility Analysis
Diminishing Marginal Utility, Diamond-Water Paradox, maximization Handout
Using marginal utility per dollar to maximize utility Handout | Chapter 23
Income Inequality
Poverty
Why Incomes Aren't Equal
Discrimination | Income Inequality, Poverty, and Discrimination
Measures of Household Income Inequality (Lorenz, Gini) Handout
How poverty is measured in the US and the world. (Continue previous handout)
A discussion of why some people make more than others, with a look at gender
A brief look at discrimination from an economist's perspective Handout
| Chapter 9
Intro to Costs
Production
Profit: Acct. vs. Economic | Costs and Intro to Business Analysis
An introduction to costs and using them in decision making. Handout
Marginal product, increasing and diminishing marginal returns, etc. Handout
Also discuss implicit & explicit costs, depreciation, and more! | Chapter 10
Introduction to Pure Comp.
Cost Table Analysis
Drawing Market Supply
| Perfect (Pure) Competition
Overview of 4 common market models, and total revenue vs. total cost. Handout
Using tables to understand pure competition decision making (see previous handout)
How a cost table for ONE firm related to market supply curve Handout | Chapter 11
Long Run Introduction
Excel Simulation
Returns to Scale, Etc.
| Pure Competition in the Long Run
Some "big ideas" that follow from Pure Competition in the long run. Handout
A dynamic spreadsheet with taxes, # firms, and more! Excel File
The difference between Returns to Scale and Decreasing Cost Industry Handout
| Chapter 12
Marginal Revenue
Details about Monopolies
Mastering Monopolies | Monopolies
What Marginal Revenue is and how to use it for PC and Monopoly Handout
Barriers to entry, MR and MC again, and basic price discrimination. Handout
Starting with Pure Competition, what if a monopoly took over? Handout
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Videos for McConnell, Brue and Flynn: 21st Edition! |
