Production Possibilities
Production Possibilities Curves Explained: https://www.youtube.com/watch?v=O6XL__2CDPU
Shifting of Production Possibilities Curves Explained: https://www.youtube.com/watch?v=FwPiWz1a1Tw
Shifting of Production Possibilities Curves Explained: https://www.youtube.com/watch?v=FwPiWz1a1Tw
Supply and Demand
Demand Explained: https://www.youtube.com/watch?v=LwLh6ax0zTE
1. State the law of demand.
2. What are the three reasons that the demand curve is downward-sloping?
3. Explain the five determinants of demand?
4. Explain the difference between a change in the quantity demanded and a change in the demand?
Supply Explained: https://www.youtube.com/watch?v=ewPNugIqCUM
1. State the law of supply.
2. The supply curve is ____________ sloping and shows a __________ relationship.
3. Explain the five determinants of supply.
4. Explain the difference between a change in the quantity supplied and a change in the supply?
Change in Demand vs. Change in Quantity Demanded Explained: https://www.youtube.com/watch?v=W7FCZ4i-JgI
1. The law of demand and downward sloping demand curve tell us that there is a _____ relationship between price and quantity demanded.
2. What causes a change in quantity demanded?
3. An increase in demand is shown on a graph by what?
Shifting Demand & Supply Explained: https://www.youtube.com/watch?v=V0tIOqU7m-c
1. Fill in the blanks:
a. A decrease in demand leads to a _____________________ in the demand curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
b. A decrease in supply leads to _____________________ in the supply curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
c. An increase in demand leads to a _____________________ in the demand curve to the _____________________ and causes price to go ____________________ and quantity to go _____________________.
d. An increase in supply leads to a _____________________ in the supply curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
2. List the factors that shift the demand curve and the factors that shift the supply curve.
3. When demand goes up, what happens to price and quantity?
A. P goes up and Q goes down
B. P goes down and Q goes up
C. P and Q go down
D. P and Q go up
E. One change in P or Q will be indeterminate
4. When supply goes up, what happens to price and quantity?
A. P goes up and Q goes up
B. P goes down and Q goes down
C. The change is the same
D. Neither P nor Q change
E. One change in P or Q will be indeterminate
Double Shifts in Supply & Demand Explained: https://www.youtube.com/watch?v=YuLWX9vcQBo
and https://www.youtube.com/watch?v=K0AQ9rK8MN4&list=PLD5BC727C84E254E5&index=18
1. What is one of the major goals of economic analysis?
2. When there are “double shifts” of supply and demand going in opposite directions, what is bound to happen?
Price Ceilings and Floors Explained: https://www.youtube.com/watch?v=1EzY4Vl460U
Create three or four sentences about price floors and price ceilings that are true using the words given to you below:
- price ceiling
- surplus
- equilibrium
- shortage
- price floor
- government
- minimum wage
- rent control
1. State the law of demand.
2. What are the three reasons that the demand curve is downward-sloping?
3. Explain the five determinants of demand?
4. Explain the difference between a change in the quantity demanded and a change in the demand?
Supply Explained: https://www.youtube.com/watch?v=ewPNugIqCUM
1. State the law of supply.
2. The supply curve is ____________ sloping and shows a __________ relationship.
3. Explain the five determinants of supply.
4. Explain the difference between a change in the quantity supplied and a change in the supply?
Change in Demand vs. Change in Quantity Demanded Explained: https://www.youtube.com/watch?v=W7FCZ4i-JgI
1. The law of demand and downward sloping demand curve tell us that there is a _____ relationship between price and quantity demanded.
2. What causes a change in quantity demanded?
3. An increase in demand is shown on a graph by what?
Shifting Demand & Supply Explained: https://www.youtube.com/watch?v=V0tIOqU7m-c
1. Fill in the blanks:
a. A decrease in demand leads to a _____________________ in the demand curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
b. A decrease in supply leads to _____________________ in the supply curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
c. An increase in demand leads to a _____________________ in the demand curve to the _____________________ and causes price to go ____________________ and quantity to go _____________________.
d. An increase in supply leads to a _____________________ in the supply curve to the _____________________ and causes price to go _____________________ and quantity to go _____________________.
2. List the factors that shift the demand curve and the factors that shift the supply curve.
3. When demand goes up, what happens to price and quantity?
A. P goes up and Q goes down
B. P goes down and Q goes up
C. P and Q go down
D. P and Q go up
E. One change in P or Q will be indeterminate
4. When supply goes up, what happens to price and quantity?
A. P goes up and Q goes up
B. P goes down and Q goes down
C. The change is the same
D. Neither P nor Q change
E. One change in P or Q will be indeterminate
Double Shifts in Supply & Demand Explained: https://www.youtube.com/watch?v=YuLWX9vcQBo
and https://www.youtube.com/watch?v=K0AQ9rK8MN4&list=PLD5BC727C84E254E5&index=18
1. What is one of the major goals of economic analysis?
2. When there are “double shifts” of supply and demand going in opposite directions, what is bound to happen?
Price Ceilings and Floors Explained: https://www.youtube.com/watch?v=1EzY4Vl460U
Create three or four sentences about price floors and price ceilings that are true using the words given to you below:
- price ceiling
- surplus
- equilibrium
- shortage
- price floor
- government
- minimum wage
- rent control
Comparative Advantage and Terms of Trade
Comparative Advantage Explained: https://www.youtube.com/watch?v=FpTBjRf8lGs&list=PLD5BC727C84E254E5&index=9
Comparative Advantage and Terms of Trade Explained: https://www.youtube.com/watch?v=ol4NexZ0iII
Comparative Advantage Output and Input Problems Explained: https://www.youtube.com/watch?v=z9SAzSm24qg&index=10&list=PLD5BC727C84E254E5
Comparative Advantage and Terms of Trade Explained: https://www.youtube.com/watch?v=ol4NexZ0iII
Comparative Advantage Output and Input Problems Explained: https://www.youtube.com/watch?v=z9SAzSm24qg&index=10&list=PLD5BC727C84E254E5
Unit 3
The Multiplier
Multiplier Effect, MPC, MPS: https://www.youtube.com/watch?v=Xg-0z5RWbAU&list=PLBC35DEA1D1A98034&index=13
The Multipler Effect: https://www.youtube.com/watch?v=RqWYmQQzXxs&index=14&list=PLBC35DEA1D1A98034
Calculating the Spending Multiplier: https://www.youtube.com/watch?v=JQVfkH-2G-I&list=PLBC35DEA1D1A98034&index=15
Multiplier and Spending Practice: https://www.youtube.com/watch?v=pOQWm4hS5uI&list=PLBC35DEA1D1A98034&index=16
Multiplier and Tax practice: https://www.youtube.com/watch?v=kgAgYi0nuM8&list=PLBC35DEA1D1A98034&index=17
Summary:
Unit 3 Summary: https://www.youtube.com/watch?v=k_fBAYEepco&list=PLBC35DEA1D1A98034
Multiplier Effect, MPC, MPS: https://www.youtube.com/watch?v=Xg-0z5RWbAU&list=PLBC35DEA1D1A98034&index=13
The Multipler Effect: https://www.youtube.com/watch?v=RqWYmQQzXxs&index=14&list=PLBC35DEA1D1A98034
Calculating the Spending Multiplier: https://www.youtube.com/watch?v=JQVfkH-2G-I&list=PLBC35DEA1D1A98034&index=15
Multiplier and Spending Practice: https://www.youtube.com/watch?v=pOQWm4hS5uI&list=PLBC35DEA1D1A98034&index=16
Multiplier and Tax practice: https://www.youtube.com/watch?v=kgAgYi0nuM8&list=PLBC35DEA1D1A98034&index=17
Summary:
Unit 3 Summary: https://www.youtube.com/watch?v=k_fBAYEepco&list=PLBC35DEA1D1A98034