The Concept of Scarcity-Introduction
The Power of Markets: Introduction
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Additional Readings: General Suggestions
The Concept of Scarcity-Opportunity Cost
1.1.1 Opportunity Cost: Introduction
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1.1.2 Opportunity Cost: The Cost of Education
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1.1.3 Opportunity Cost: Numeric Example 1
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1.1.4 Opportunity Cost: Numeric Example 2
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1.1.5 Opportunity Cost: Numeric Example3
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1.1.6 Opportunity Cost: Numeric Example 4
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The Concept of Scarcity-Production Possibility Frontier
1.2.1 Scarcity: Introduction
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1.2.2 Production Possibilities Frontier: Definition
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1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit
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1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit
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1.2.5 Production Possibilities Frontier: Graphical Approach
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1.2.6 Production Possibilities Frontier: Numerical Example
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1.2.7 Production Possibilities Frontier: Understanding the Slope
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The Concept of Scarcity-Production Possibilities Frontier and Growth
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth
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1.2.9 Allocative Efficiency: Graphical Approach 1
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1.2.10 Allocative Efficiency: Graphical Approach 2
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The Concept of Scarcity-Further Study
Additional Readings: Week 1
Specialization & Trade-Introduction
2.1.1 Markets and Trade: Introduction
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Specialization & Trade-Comparative Advantage
2.2.1 Comparative Advantage: Numerical Example 1 - Set up
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2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs
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2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF
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2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed
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2.3.2 Comparative Advantage: Definition
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2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization
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2.2.6 Comparative Advantage: Numerical Example 6
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2.2.7 Comparative Advantage: Numerical Example 7
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Specialization & Trade-Trade
2.3.1 Absolute Advantage: Definition
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2.4.1 Gaining from Specialization Through Trade
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2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier
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2.4.3 Gaining from Specialization: General Graphical Approach
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2.4.4 Gaining from Specialization: Imports and Exports
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Specialization & Trade-Further Study
Additional Readings: Week 2
Supply and Demand-The Demand Curve
3.1.1 Supply & Demand: Introduction
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3.1.2 The Demand Curve
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3.1.3 Shifts of Demand: Part 1
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3.1.4 Shifts of Demand: Part 2
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Supply and Demand-The Supply Curve
3.1.5 The Supply Curve
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3.1.6 Shifts of Supply: Part 1
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3.1.7 Shifts of Supply: Part 2
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Supply and Demand-Market Equilibrium
3.1.8 Market Equilibrium: Definition
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3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells
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Supply and Demand-A Change in Market Equilibrium
3.1.10 The Invisible Hand: Part 1
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3.1.11 The Invisible Hand: Part 2
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3.1.12 Changes in Demand: Effect on Market Equilibrium
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3.1.13 Changes in Supply: Effect on Market Equilibrium
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3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium
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3.1.15 Supply & Demand: Conclusion
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Supply and Demand-Review and Further Study
Additional Readings: Week 3
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity-Elasticity of Demand
4.1.1 Elasticity: Introduction
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4.1.2 Elasticity of Demand
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4.1.3 What Affects Elasticity of Demand
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4.1.4 Perfectly Inelastic and Perfectly Elastic Demand
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4.1.5 Elasticity Along a Straight Line Demand Curve
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Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity-Elasticity of Demand and Revenue
4.1.6 Elasticity and Revenue: Part 1
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4.1.7 Elasticity and Revenue: Part 2
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4.1.8 Unit Elastic Demand Curve
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4.1.9 Cross Price Elasticity: Complements vs. Substitutes
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4.1.10 Income Elasticity: Normal vs. Inferior Goods
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4.1.11 Elasticity of Supply
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4.1.12 Elasticity: Summary
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Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity-Other Elasticity Terms
4.2.1 Efficiency & Equity: Introduction
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4.2.2 Consumer Surplus
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4.2.3 Producer Surplus
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4.2.4 Maximizing Total Surplus
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Additional Readings: Week 4
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity-Consumer and Producer Surplus
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity
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4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity
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4.2.7 Efficiency & Equity: Conclusion
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4.2.8 Price Ceiling
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4.2.9 Price Floors: The Case of Minimum Wage
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4.2.10 Calculating Total Surplus: Numerical Example
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4.2.11 Price Ceilings: A Numerical Example
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When Government Intervenes-Price Intervention
5.1.1 Government Intervention: Introduction
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5.1.2 Modeling a Tax
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5.1.3 Modeling a Tax: Graphically Interpretation
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5.1.4 Consequence of a Tax on Consumer and Producer Surplus
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5.1.5 Consequence of a Tax on Total Surplus
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5.1.6 Dead Weight Loss
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When Government Intervenes-Taxes
5.1.7 Tax Incidence
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5.1.8 Tax in Extreme Cases of Demand Elasticity
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5.1.9 Tax in Extreme Cases of Elasticity of Supply
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5.1.10 Taxes: Summary
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When Government Intervenes-Subsidies
5.1.11 Modeling a Subsidy
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5.1.12 Consequence of a Subsidy on Total Surplus
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5.1.13 Subsidy: Summary
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When Government Intervenes-Government Intervention
5.1.14 Taxes: Numerical Example Part 1
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5.1.15 Taxes: Numerical Example Part 2
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When Government Intervenes-Conclusion
The Power of Markets: Conclusion
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Additional Readings: Week 5