COMM 171

Queen's

Course Overview

Lessons & Practice

I. Welcome

1. Economic Concepts

34min

1.1.1. Definitions8 min

1.1.2. Practice: Definitions51 sec

1.2.1. Production Possibilities Frontier: Concave PPF8 min

1.2.2. Production Possibilities Frontier: Linear PPF3 min

1.2.3. Example: PPF and Opportunity Cost1 min

1.2.4. Example: PPF and Efficiency2 min

1.2.5. Practice: PPF2 min

1.2.6. Practice: Opportunity Cost2 min

1.3.1. Economic Costs and Profit3 min

1.3.2. Practice: Economic Cost and Profit2 min

1.4.1. Positive vs Normative Economics1 min

1.4.2. Practice: Positive and Normative Statements1 min

2. Gains from Trade

46min

2.1.1. Absolute and Comparative Advantage11 min

2.1.2. Example: Absolute and Comparative Advantage7 min

2.1.3. Practice: Absolute and Comparative Advantage3 min

2.2.1. Gains from Trade8 min

2.2.2. Example: Gains from Trade4 min

2.2.3. Example: Consumption (Trading) Possibility Curve7 min

2.2.4. Practice: Gains from Trade5 min

3. Demand and Supply

43min

3.1.1. Demand9 min

3.1.2. Example: Demand1 min

3.1.3. Practice: Demand2 min

3.2.1. Supply7 min

3.2.2. Practice: Supply1 min

3.3.1. Market Equilibrium5 min

3.3.2. Example: Equilibrium with a Table4 min

3.3.3. Example: Drawing Graphs4 min

3.3.4. Practice: Drawing Graphs3 min

3.3.5. Practice: Graphs with One Good2 min

3.3.6. Practice: Graphs with Two Different Goods3 min

3.3.7. Practice: Equilibrium with Equations2 min

4. Efficiency

1.7hr

4.1.1. Consumer Surplus7 min

4.1.2. Example: Consumer Surplus2 min

4.1.3. Practice: Consumer Surplus3 min

4.2.1. Producer Surplus4 min

4.2.2. Example: Producer Surplus2 min

4.3.1. Total Surplus3 min

4.3.2. Example: Total Surplus4 min

4.4.1. Marginal Benefit and Marginal Cost5 min

4.4.2. Practice: Marginal Benefit and Cost3 min

4.5.1. Tax and Welfare9 min

4.5.2. Example: Tax and Elasticity7 min

4.5.3. Practice: CS and PS with Taxes3 min

4.5.4. Laffer Curve3 min

4.6.1. CS and PS with Price Ceilings7 min

4.6.2. Example: CS, PS, DWL with Price Ceiling7 min

4.6.3. Practice: CS, PS, DWL with Price Ceiling1 min

4.7.1. CS and PS with Price Floors5 min

4.7.2. Example: CS, PS, DWL with Price Floors6 min

4.8.1. CS and PS with Quotas4 min

4.8.2. Example: CS, PS, DWL with Quotas5 min

4.9.1. CS and PS with Subsidies

4.9.2. Practice: CS, PS, DWL with Subsidy5 min

5. Government Interventions in Markets

1.2hr

5.1.1. Price Ceiling5 min

5.1.2. Example: Price Ceiling2 min

5.1.3. Example: Rent Control and Elasticity4 min

5.2.1. Price Floor5 min

5.2.2. Example: Price Floor3 min

5.2.3. Practice: Price Floor6 min

5.3.1. Tax9 min

5.3.2. Practice: Tax

5.4.1. Tax Incidence / Tax Burden8 min

5.4.2. Tax Incidence / Tax Burden with Perfectly Elastic and Inelastic Curves6 min

5.4.3. Example: Tax Incidence / Tax Burden1 min

5.4.4. Practice: Tax Incidence / Tax Burden2 min

5.5.1. Subsidies

5.5.2. Example: Subsidies4 min

5.5.3. Practice: Subsidies3 min

5.6.1. Quota3 min

5.6.2. Example: Quota2 min

5.6.3. Practice: Quota2 min

6. Production and Costs

60min

6.1.1. Average Product and Marginal Product12 min

6.1.2. Example: Marginal and Average Product2 min

6.1.3. Practice: Marginal vs Average Product3 min

6.2.1. Fixed Costs and Variable Costs13 min

6.2.2. Example: Fixed and Variable Costs9 min

6.2.3. Practice: Fixed and Variable Costs4 min

6.3.1. Long Run Costs8 min

6.3.2. Practice: Long Run Costs50 sec

6.4.1. Cost Minimization in the Long Run4 min

6.4.2. Example: Cost Minimization in the Long Run3 min

7. Firms in Competitive Markets (Perfect Competition)

42min

7.1.1. Profit Maximization9 min

7.1.2. Example: Profit Maximization2 min

7.1.3. Practice: Profit Maximization3 min

7.2.1. Shutdown Rule and Profit9 min

7.2.2. Practice: Shutdown Point2 min

7.2.3. Practice: Break-Even Point2 min

7.2.4. Example: Shutdown Rule3 min

7.2.5. Practice: Supply Curve and Shutdown Rule1 min

7.3.1. Long Run6 min

7.3.2. Example: Long Run55 sec

7.3.3. Practice: Long Run1 min

7.3.4. Practice: Perfect Competition3 min

8. Externalities/Market Failures

32min

8.1.1. Negative Externalities12 min

8.1.2. Example: Negative Externality55 sec

8.1.3. Practice: Negative Externality1 min

8.2.1. Correcting Negative Externalities6 min

8.2.2. Practice: Correcting Negative Externalities2 min

8.3.1. Positive Externalities7 min

8.3.2. Example: Positive Externalities2 min

8.3.3. Practice: Positive Externalities1 min

9. Public Goods and Common Resources

17min

9.1.1. Different Types of Goods10 min

9.1.2. Example: Different Types of Goods1 min

9.1.3. Practice: Different Types of Goods2 min

9.1.4. Example: Free Rider Problem2 min

9.1.5. Practice: Free Rider Problem2 min

10. Economic Efficiency and Government Intervention

20min

10.1.1. Production and Allocative Efficiency9 min

10.1.2. Example: Production and Allocative Efficiency2 min

10.1.3. Example: Efficiency with Different Market Structures1 min

10.2.1. Government Intervention with Natural Monopolies7 min

10.2.2. Example: Government Intervention with Natural Monopolies49 sec

11. International Trade (Exports and Imports)

43min

11.1.1. Exports9 min

11.1.2. Practice: Exports55 sec

11.2.1. Imports with Free Trade8 min

11.2.2. Imports with Tariff9 min

11.2.3. Example: Tariff10 min

11.2.4. Practice: Tariff1 min

11.3.1. Pros and Cons of Trade5 min

11.3.2. Practice: Pros and Cons of Trade

12. Measuring a Nation's Income

55min

12.1.1. Nominal GDP, Real GDP and Deflator9 min

12.1.2. Example: Nominal GDP, Real GDP and Deflator3 min

12.1.3. Example: Deflator Calculation3 min

12.1.4. Practice: Nominal GDP, Real GDP and Deflator1 min

12.1.5. Practice: Real and Nominal GDP1 min

12.2.1. Real GDP Per Capita8 min

12.2.2. Example: Real GDP Per Capita53 sec

12.2.3. Practice: Real GDP Per Capita23 sec

12.3.1. Circular Flow Diagram3 min

12.3.2. Practice: Circular Flow Diagram Practice Question1 min

12.4.1. GDP - Expenditure Approach6 min

12.4.2. Example: GDP - Expenditure Approach55 sec

12.4.3. Practice: GDP - Expenditure Approach40 sec

12.4.4. Practice: GDP and Investment Expenditure35 sec

12.4.5. Practice: GDP and Inventory1 min

12.5.1. GDP - Income Approach5 min

12.5.2. Example: GDP - Income Approach4 min

12.6.1. GDP vs GNP53 sec

12.6.2. Example: GDP vs GNP1 min

12.6.3. Practice: GDP vs GNP55 sec

13. Measuring the Cost of Living and Inflation

28min

13.1.1. CPI (Consumer Price Index)13 min

13.1.2. Example: CPI5 min

13.1.3. Practice: CPI34 sec

13.1.4. Practice: CPI Definition59 sec

13.1.5. Practice: CPI Calculation2 min

13.2.1. Real and Nominal Interest3 min

13.2.2. Example: Real and Nominal Interest2 min

13.2.3. Practice: Real Interest and CPI1 min

13.Q. Checkpoint Quiz1 Qn

14. Unemployment

29min

14.1.1. Labor Force and Unemployment5 min

14.1.2. Example: Labor Force and Unemployment6 min

14.1.3. Practice: Labor Force and Unemployment4 min

14.1.4. Practice: Labor Force2 min

14.1.5. Practice: Unemployment Rate41 sec

14.2.1. Types of Unemployment9 min

14.2.2. Example: Types of Unemployment2 min

14.2.3. Practice: Unemployment1 min

14.Q. Checkpoint Quiz1 Qn

15. Production and Growth

16min

15.1.1. Production and Growth9 min

15.1.2. Example: Production and Growth 2 min

15.1.3. Example: Catch Up Effect2 min

15.1.4. Practice: Production and Growth34 sec

15.1.5. Practice: Catch Up Effect55 sec

15.1.6. Practice: Rule of 7038 sec

15.1.7. Practice: Human Capital59 sec

16. Saving, Investment and the Financial System

43min

16.1.1. Financial System6 min

16.1.2. Example: Present Value1 min

16.1.3. Practice: Bonds2 min

16.2.1. Government Budget and National Savings8 min

16.2.2. Example: Paradox of Thrift2 min

16.2.3. Practice: Paradox of Thrift1 min

16.2.4. Practice: National Savings1 min

16.3.1. Loanable Funds12 min

16.3.2. Example: Loanable Funds3 min

16.3.3. Practice: Loanable Funds1 min

16.3.4. Practice: Supply and Demand for Loans1 min

16.3.5. Practice: Government Budget and Loans38 sec

16.3.6. Practice: Budget Deficit and Loans2 min

16.3.7. Practice: Factors That Affect Supply and Demand for Loans2 min

16.Q. Checkpoint Quiz0 Qns

17. Aggregate Demand and Supply

40min

17.1.1. Aggregate Demand11 min

17.2.1. Short Run Aggregate Supply9 min

17.2.2. Long Run Aggregate Supply4 min

17.3.1. Output Gaps (Economic Fluctuations)9 min

17.4.1. Long Run Neutrality of Money7 min

17.Q. Checkpoint Quiz4 Qns

18. Fiscal Policy

29min

18.1.1. Multiplier Effect11 min

18.2.1. Crowding Out12 min

18.3.1. Automatic Stabilizers5 min

18.Q. Checkpoint Quiz3 Qns

19. The Monetary System

26min

19.1.1. Money and Banking Definitions10 min

19.1.2. Bank Reserves10 min

19.2.1. Bank Capital and Leverage Ratio6 min

19.Q. Checkpoint Quiz6 Qns

20. Monetary Policy

37min

20.1.1. Monetary Policy Response3 min

20.2.1. Monetary Policy, Open Market Operations and Overnight Rate16 min

20.3.1. Money Supply and Demand9 min

20.4.1. Monetary Injection and AD8 min

20.Q. Checkpoint Quiz3 Qns

Mid-term exam Overview

Course Notes

Wizeprep's course notes with hundreds of easy-to-understand explanations, diagrams, and practice problems.

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