Econs for the Ipod

In this episode we define subsidies and describe how to construct a model of subsidies that includes world trade. We also discuss some of the advantages and disadvantages of subsidies.

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 quotas.

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 markets. We also discuss some of the disadvantages of tariffs.

In this episode we discuss the theory of comparative advantage and work through a numerical example. We also look at some of the limitations of the theory.

This is a special podcast specifically for my Year 13 students returning from Sun Island. This episode will be rerecorded in regular format soon.

In this podcast, we discuss the thinking behind the Laffer Curve and the importance of transfer payments in redistributing income. We also look at the Lorenz Curve and Gini co-efficient as measures of income inequality.

In this podcast, we look at the features of a good tax system. We define progresive, regressive and proportional taxation and give examples of each. We also differentiate between direct and indirect taxation.

In this episode, we describe the Phillips Curve relationship between inflation and unemployment. In doing so, we differentiate between the short run and the long run and note the implication for policy makers. We also define and differentiate between full employment and the non-accelerating inflation rate of unemployment.

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 and disadvantages of each method is not included here.

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 increase in national income.

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 them into the context of the business cycle.

In this podcast, we differentiate between the Keynesian and neo-Classical aggregate supply curves and how this impacts upon possible long run equilibrium positions of an economy.

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 the importance of adjusting these figures for inflation and population.

In this podcast, we develop the circular flow of income model as the basis for understanding macroeconomic equilibrium. Leakages and injections are identified as are real and money flows.

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 consider the advantages and disadvantages of price discrimination from the perspective of consumers and producers.

In this podcast we give a brief run down on the oligopoly market structure, highlighting the importance of the interdependence among firms. We introduce the thinking behind the kinked demand curve model and show why collusion is likely to break down in the market.

In this podcast we describe the monopolistically competitive market, focussing on it's efficiency aspects and product differentiation. We also consider the long run and short run equilibrium positions of the market.

In this podcast we continue to look at monopolies, paying particular attention to their sources of monopoly power, efficiency aspect and some comparisons with perfect competition.

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 revenue and cost curves of the monopolist.

In this podcast, we develop the model of the perfectly competitive market and explain why it is regarded as a very desirable market structure from an efficiency standpoint.

In this episode, we discuss how to calculate profit and determine the profit maximisation point for a firm. We also discuss a number of possible goals that a firm may have other than profit maximisation.

In this podcast, we differentiate between total, marginal and average revenue for the firm and re-visit the importance of elasticity in determining maximum revenue for the firm.

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 run average total cost curve from the short run average total cost curves for the firm.

In this podcast, we examine the law of diminishing marginal returns and use it to explain the shapes of the total, average and marginal product curves. We then examine the relationship between the product curves and the cost curves for the firm. Finally, we explain the relationship between average total cost and marginal cost for a firm.

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 also differentiate between the accounting costs of a firm and the economic cost of a firm.

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 unitary elastic sections of the demand curve.

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 inelastic good rises and if the price of an elastic good rises...to show how price elasticity of demand is an important concept within business decision making.

In this podcast, we define price elasticity of supply and explain the formula for calculating PES values. We also explain how to interpret PES values and the main determinants of price elasticity of supply.

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 complements of each other.

In this podcast, we define price elasticity of demand and explain how to calculate and interpret price elasticity of demand values. We also examine the main determinants of price elasticity of demand.

In this podcast, we examine an example of price support common in local and international markets, the buffer stock scheme. We examine how they work and their advantages and disadvantages.

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 hints on how to incorporate the demand and supply model into your economic writing.

In this podcast, we put demand and supply together to describe the equilibrium. We also describe the price mechanism to describe why the equilibrium point is stable.

In this podcast, we briefly examine three possible exceptions to the Law of Demand...the Giffen Good, the Veblen Good and the role of expectations in creating upward sloping demand curves.

In this podcast we examine the differences between supply and quantity supplied and discuss some of the factors that influence the level of supply of a good or service.

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 different market structures and explain the primary importance of markets, the setting of prices.

This podcast outlines the basic economic questions that have to be answered by any economic system. It also outlines the different types of economic systems present in the world and the relative merits of each.

This podcast aims to explain why "there is no such thing as a free lunch" through the concept of opportunity cost.

In this podcast we will define utility and explain some key ideas of utility, mainly total utility, marginal utility and the Law of Diminishing Marginal Utility.

This is the first podcast covering the IB Economics syllabus. In this episode, I will cover the following topics:

1) What is economics?
2) The difference between micro and macroeconomics
3) Positive and Normative Economic concepts