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Podcasts for my Year 12 IB Economics class.
In this episode we define subsidies and describe how to construct a model of subsidies that includes world trade. We also discuss some of th...
In this episode, we define quota and describe how to construct a model showing a quota. We also highlight some of the problems attached to q...
In this episode, we define what a tariff is and construct a simple model to demonstrate the effects of the tariff on domestic and world mark...
In this episode we discuss the theory of comparative advantage and work through a numerical example. We also look at some of the limitations...
This is a special podcast specifically for my Year 13 students returning from Sun Island. This episode will be rerecorded in regular format...
In this podcast, we discuss the thinking behind the Laffer Curve and the importance of transfer payments in redistributing income. We also l...
In this podcast, we look at the features of a good tax system. We define progresive, regressive and proportional taxation and give examples...
In this episode, we describe the Phillips Curve relationship between inflation and unemployment. In doing so, we differentiate between the s...
In this podcast we differentiate between three main causes of inflation and discuss some of the costs of inflation and deflation.
In this podcast, we differentiate between inflation, disinflation and deflation and consider how inflation is measured using a price index.
In this podcast, we talk about some of the approaches governments may take in trying to fix unemployment. Note, discussion on the advantages...
In this podcast, we define unemployment in a general sense before breaking unemployment into five main types.
In this episode, we discuss how the multiplier and accelerator effects can make a small change in aggregate demand result in a much larger i...
In this podcast, we discuss some examples of supply side policies, their aims and there advantages and disadvantages.
In this episode we look at monetary policy, with an emphasis on interest rates, as a tool of government demand management.
In this episode we look at Fiscal Policy as a demand management tool of government and discuss some of its advantages and disadvantages.
In this episode we define inflationary and deflationary gaps and highlight how to find them on a neo-Classical AD/AS model. We also place th...
In this podcast, we differentiate between the Keynesian and neo-Classical aggregate supply curves and how this impacts upon possible long ru...
In this podcast we examine the components of aggregate demand and the factors that shift each component.
In this podcast, we outline the different methods of measuring national income and differentiate between GDP, GNP and NNP. We also discuss t...
In this podcast, we develop the circular flow of income model as the basis for understanding macroeconomic equilibrium. Leakages and injecti...
In this podcast, we examine some of the ways in which governments can help to correct market failures.
In this podcast, we define market failure and examine some of the key reasons for the occurence of market failure.
In this podcast, we examine three types of price discrimination and the conditions necessary for price discrimination to occur. We also cons...
In this podcast we give a brief run down on the oligopoly market structure, highlighting the importance of the interdependence among firms....
In this podcast we describe the monopolistically competitive market, focussing on it's efficiency aspects and product differentiation. We al...
In this podcast we continue to look at monopolies, paying particular attention to their sources of monopoly power, efficiency aspect and som...
In this podcast, we set up the monopoly market structure by describing the assumptions behind the model and how they impact the shape of the...
In this podcast, we develop the model of the perfectly competitive market and explain why it is regarded as a very desirable market structur...
In this episode, we discuss how to calculate profit and determine the profit maximisation point for a firm. We also discuss a number of poss...
In this podcast, we differentiate between total, marginal and average revenue for the firm and re-visit the importance of elasticity in dete...
In this podcast, we examine the long run in more detail. We explain five possible sources of economies of scale and how to derive the long r...
In this podcast, we examine the law of diminishing marginal returns and use it to explain the shapes of the total, average and marginal prod...
In this podcast, we examine the concepts of fixed and variable costs and use them to determine the short run and long run of a business. We...
In this podcast, we examine how elasticity can affect the function of indirect taxation and guide government policy making.
In this podcast, we examine how elasticity changes along a straight line demand curve and explain how to identify elastic,inelastic and unit...
In this podcast, we examine the impact of Price Elasticity of Demand on Total Revenue. We look at two situations...if the price of an inelas...
In this podcast, we define price elasticity of supply and explain the formula for calculating PES values. We also explain how to interpret P...
In this podcast, we define income elasticity of demand and explain how to calculate and interpret the income elasticity of demand values.
In this podcast, we define cross price elasticity and explain how to use the concept to determine whether goods are substitutes or complemen...
In this podcast, we define price elasticity of demand and explain how to calculate and interpret price elasticity of demand values. We also...
In this podcast, we examine an example of price support common in local and international markets, the buffer stock scheme. We examine how t...
In this podcast we examine when price floors and ceilings will be effective and some of the economic costs attached to their imposition.
In this podcast, we examine what happens to market price and output when there is a change in either demand or supply. There are also some h...
In this podcast, we put demand and supply together to describe the equilibrium. We also describe the price mechanism to describe why the equ...
In this podcast, we briefly examine three possible exceptions to the Law of Demand...the Giffen Good, the Veblen Good and the role of expect...
In this podcast we examine the differences between supply and quantity supplied and discuss some of the factors that influence the level of...
In this episode, we differentiate between demand and quantity demanded and explain the reasons behind the law of demand
In this podcast, we define the term market and give local, national and international examples. We also give a brief introduction to differe...
This podcast outlines the basic economic questions that have to be answered by any economic system. It also outlines the different types of...