## The Total Revenue Test of Price Elasticity of Demand

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## Using Linear Demand Equations to Determine Quantity and Calculating the P-intercept

In the second lesson on linear demand equations we’ll learn how to use the equation to find the exact quantity demanded at any price. We’ll also learn what the “price-intercept” is, its significance and how it can easily be determined using the demand equation.

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## Introduction to Dead Weight Loss (Welfare Loss)

As we’ve learned in earlier lessons, markets tend to achieve equilibrium prices and quantities that are efficient, as the marginal benefit of a product to its consumers equals the marginal cost to producers. But what makes outcomes other than equilibrium inefficient? This lesson looks at the impact of disequilibria on consumer and producer surplus, introducing the concept of “deadweight loss” or “welfare loss”, which will further help us understand what makes outcomes other than the equilibrium quantity and price inefficient.

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## Changes in Demand versus Changes in Quantity Demanded

In our second lesson on Demand we’ll distinguish between a movement along a demand curve and a shift in the demand for a good. Be sure you’ve watched the lesson on the “Law of Demand” before beginning this lesson.

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## Introduction to the Central Themes of Economics

In our final lesson of the introductory unit in the Economics course we’ll explore some of the central themes that will guide our inquiry of the subject going forward. From the tradeoff between equity and efficiency to the distinction between growth and development to the role of government in the economy, several themes will form the basis of all inquiry in our study of Economics.

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## Quantifying the Degree of Income Inequality – the Gini Coefficient and the 20/20 Ratio

Inequality of Income distribution may be one of the most talked about issues in Economics today. This lesson will outline two of the methods Economists and other social scientists use to represent the degree of inequality in income distribution within and between nations. The Gini Coefficient and the 20/20 Ratio

Part 1:

Part 2:

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## Scarcity, the Basic Economic Problem

What would you do if you showed up to class and there weren’t nearly enough chairs to go around? Well, you’re facing and economic problem that requires an economic system to solve! This lesson introduces the basic economic problem of scarcity and defines “Economics” and “Economic systems”, both key concepts for a student starting out on his or her journey to study the “dismal science”!

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## Economic Growth in the Short-run and Long-run

In this lesson we’ll have a close look at two different types of economic growth: short-run “actual” growth and long-run “potential” growth. We’ll illustrate the two types of growth in both a PPC and an AD/AS model and discuss the sources of economic growth.

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## Inflation: Causes, Consequences and Solutions – part 2 of 2

In this second lesson on inflation we’ll outline its consequences and briefly introduce some possible solutions to the two different types of inflation.

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## Inflation: Causes, Consequences and Solutions – part 1 of 2

In this lesson we’ll define inflation, show how it’s calculated, distinguish between different causes of inflation and graph it in an AD/AS model.

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## The Consequences of and Solutions to Unemployment – part 3 of 3

In our final lesson on unemployment we’ll learn about the individual, economic and social consequences of unemployment and examine some of the ways it can be reduced through government policies.

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## Illustrating Unemployment in the AD/AS Model – part 2 of 3

This lesson introduces the different types of unemployment, the measurement of unemployment, its causes and how to illustrate it in an Aggregate demand / Aggregate supply model.

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## Types of Unemployment and their Causes – part 1 of 3

This lesson introduces the different types of unemployment, the measurement of unemployment, its causes and how to illustrate it in an Aggregate demand / Aggregate supply model.

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## The Six Stages of Economic Integration (Holiday Special!)

In the first stage of integration my trading partners gave to me, access to certain products duty free! This special holiday lesson will introduce the different ways nation’s economies integrate with one another and remove trade barriers, from the lowest level of preferential trade agreements to complete economic integration! All with a little holiday cheer and some singing thrown in for good measure!

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## Visualizing the Tragedy of the Commons

When a resource is abundant, it makes sense for it to be cheap. But as the scarcity of a resource (whether it’s renewable or non-renewable) is intensified under the pressure of growing demand and diminishing supply, a market failure arises if an efficient price is note established that assures the resources is consumed at a sustainable quantity. This lesson illustrates a simple supply and demand analysis of the Tragedy of the Commons.

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