Microeconomics
Welcome to Principles of Microeconomics, the scientific study of the choices made by individuals and societies in regard to the allocation of scarce resources. This course delves into the core principles of economic analysis, exploring how these principles apply to everyday decisions made by consumers, firms, and governments. You will learn about the intricate dynamics of supply and demand, market equilibrium, and how various economic factors such as prices, taxes, and government regulations affect both consumer behavior and market outcomes. Through a blend of theoretical models and real-world applications, you will gain a profound understanding of how microeconomic concepts shape the world around us.
Chapter 1: Introduction to Economics
- Why is Parkour (extreme sports) so popular despite their high risk of injury?
- Why is studying in a group usually better?
- Why didn’t Lebron James go to college?
- Why is a first date often better than the second?
Chapter 2: Production, Economic Growth, and Trade
- Who hasn’t stood in a long and slow moving airport security line and wondered why do i have to do this this?
- Why are tablets designed in the U.S.and assembled in China?
- Would You Pay $200 for a Pair of “Made in USA” Sneakers?
- How to Make a $1500 Sandwich in Only 6 Months?
- Who makes our clothes and chocolate?
- How Guatemala’s Govt Was Overthrown for Bananas?
Chapter 3: Supply and Demand
- What happened to the American farmer?
- Why Are There So Many Different Prices for Soda?
- Why are “cash-for-gold” stores sprouting up all over the country?
- Why do home prices vary so much between different cities?
- Will People Drink $2-a-Bottle Wine?
- Why did the video game market crashed during 80s?
- Tokyo Disneyland: Is THAT the Line for Space Mountain?! 200 mins ☹.
Chapter 4: Markets and Government
- Do we need those silly products?
- 40 Weirdest Things on Amazon That People Actually Love to Buy
- Why is it so hard to find a taxi cab during rush hour?
- Why Adam Smith “Love” Uber?
- Snowstorm: Uber vs Taxi
- Surge Price under emergencies or extreme weather?
Chapter 5: Elasticity
- Why do companies develop many variations to ordinary foods?
- How stores decide which discounted items to highlight in their store fronts?
Chapter 6: Consumer Choice and Demand
- Why do so many gift cards go unused?
- Why do many stores offer loyalty cards?
Chapter 7: Production and Costs
- What is the best way to allocate one’s study time?
- Why are car companies investing so much to produce electric cars?
Chapter 8: Perfect Competition
- Why do hotels charge regular room rates late at night even when rooms will likely end up unoccupied?
- How have personal computers become so powerful and inexpensive over a relatively short period of time?
Chapter 9: Monopoly
- Why have tickets to major college sporting events become so expensive?
- Why do airlines charge different prices for the same seats?
Chapter 10: Monopolistic Competition, Oligopoly, and Game Theory
- Why do stores match prices of its competitors?
- Why are there so many brands of coffee?
Chapter 11: The Labor Market
- How have living standards increased by so much?
- You vs Your Grandpa/Granma
Chapter 12: Land, Capital Markets, and Innovation
- Making economic decisions over time
- Lotteries prize collection: Today vs Annual Payments?
Chapter 13: Externalities and Public Goods
- Should society strive to eliminate all pollution?
- Why are police and fire protection services provided by the government?
Chapter 14: Network Goods
- Whenever you make a call on your phone, do you ever wonder what would happen if your carrier, such as AT&T, refused to connect your call with a friend who uses another network, like Verizon?
Chapter 15: Income Inequality and Poverty
- Why do cities exhibit such vast differences in income?
Macroeconomics
Welcome to Principles of Macroeconomics! In this course, you’ll explore the fundamentals of economics and how they apply to the big picture. From everyday choices like what to buy and how to spend your time to major decisions made by governments and leaders that impact entire nations, economics is all around us.
You’ll dive into real-world examples, such as how the COVID-19 pandemic reshaped our lives and forced businesses to adapt. Why study economics? Because it’s not just about understanding the economy; it’s about making smarter decisions in a world with limited resources.
Throughout this course, you’ll gain insights into economic concepts that will change the way you view the world. Whether it’s choosing what to purchase or where to live, economics will empower you to make more informed decisions. Get ready to explore the fascinating world of economics and see how it enriches your understanding of the world and enhances your decision-making skills.
Chapter 5 – Introduction to Macroeconomics
- How do we identify the beginnings and endings of recessions?
- Why do some high-output countries have a significant number of poor citizens?
Chapter 6 – Measuring Inflation and Unemployment:
- Why doesn’t an increase in employment always correspond with a decrease in the unemployment rate?
- How can a raise in wages not guarantee an improved standard of living?
- Can a 1% difference in annual growth rates significantly influence a country’s wealth status?
- What were the key factors behind South Korea’s rapid economic growth?
Chapter 8 – Aggregate Expenditures:
- Is it possible for an economy to suffer from too much saving?
- What are the economic motivations behind cities wanting to host costly events like the Olympic Games?
Chapter 9 – Aggregate Demand and Supply:
- How do natural disasters impact economies and citizens beyond the immediate affected areas?
Chapter 10 – Fiscal Policy and Debt:
- How can government taxation and spending change without legislative approval?
- Is the concern about the national debt being out of control justified?
Chapter 11 – Saving, Investment, and the Financial System:
- Why is a $100 trillion Zimbabwean bill practically worthless?
- What factors cause the bond and stock markets to move in opposite directions?
Chapter 12 – Money, Banking, and the Federal Reserve:
- How does the banking system generate more money than the amount of coins deposited in a jar?
- What crucial information does the Federal Reserve announce approximately every six weeks that affects global markets and economies?
- How are dollarization and the introduction of cryptocurrencies like Bitcoin affecting economies, using El Salvador as an example?
- Why might changing interest rates be a more effective economic tool than increasing government spending or reducing taxes?
Chapter 14 – Macroeconomic Policy: Challenges in a Global Economy:
- How can governments and central banks use macroeconomic tools during financial crises without triggering long-term negative effects like inflation?
- Is the Phillips Curve a relevant model in today’s economy, especially considering historical anomalies like stagflation?
- How do rational expectations influence the effectiveness of monetary policy?
- What strategies can governments employ to manage rising national debts, particularly in a scenario of increasing interest rates?
- How should nations navigate the complexities of globalization while protecting their domestic industries?
- What policies should be implemented to prepare for an economy increasingly driven by automation?
- What are effective strategies for countries to invest in innovation and human capital for sustainable economic growth?
Chapter 15 – International Trade:
- Why are duty-free shops advantageous for consumers but potentially disadvantageous for some producers?
Chapter 16 – Open-Economy Macroeconomics:
- What strategies and motivations drive the Chinese government’s efforts to keep the U.S. dollar strong?