masterdata.csv

id,checkpoint,description,lecturer,videourl,objective,Question,Answer,position,mediafire,tags,lesson,topic,seab,subject
1,Economics: The Big Fuzzy Monster,Welcome to Economics! This checkpoint will get you started on the fundamentals of Economics.,openlectures,http://youtu.be/CcLwXK5kj24,Understand the objectives of economics as a social science,Economics concerns...,"How and why we use resources! And that is in turn because resources are limited. If there was an unlimited supply of cookies in the world, why would we care about buying cookies or producing it? We can just summon cookies. Same for everything else that we study in economics!",1,http://www.mediafire.com/?vsq2zmxmc3m5tr1,,Scarcity and Choice,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
2,What Scarcity?,Scarcity arises because there are limited resources but unlimited wants.,openlectures,http://youtu.be/gpMAYjw7sKU,Define scarcity and understand that scarcity arises from limited resources and unlimited wants,What is scarcity and why is there scarcity?,Wants and resources.,2,http://www.mediafire.com/?9ns9ee19nd62t99,,Scarcity and Choice,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
3,Tough Choices,So what if there are limited resources but unlimited wants? Well that makes choices necessary.,openlectures,http://youtu.be/T1yx-UYz1yE,Understand the need for choices due to scarcity,Why do we need to make choices?,Want and needs,3,http://www.mediafire.com/?550jp5iqpq0w3qq,,Scarcity and Choice,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
4,Introducing Opportunity Cost,"Opportunity cost is defined as the cost of any activity, measured in terms of the next best opportunity forgone.",openlectures,http://youtu.be/Q9JWiijex2s,Define opportunity cost and understand that making different choices will create opportunity cost,What is opportunity cost?,Think in terms of what you forgo when you make a choice.,1,http://www.mediafire.com/?4009wk946y8q5hd,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
5,Quantifying Opportunity Cost,Opportunity cost can be expressed numerically. Let's see how.,openlectures,http://youtu.be/TprZHAdP7vE,Quantify opportunity cost,"If you can grow either 100 tomatoes or 50 apples, what is the opportunity cost of growing 50 apples?",100 tomatoes because that is what you forgo! Sad you if you like tomatoes. I personally like apples more.,2,http://www.mediafire.com/?c2904kba41nxs0k,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
6,Thin Red Line,A Production Possibility Curve can be created from the possible production combinations of two goods.,openlectures,http://youtu.be/5OQe7IgZKwA,Understand how a PPC is created from a table of production possibilities.,What is a Production Possibility Curve,Relate two different items in a graph,3,http://www.mediafire.com/?cem401854f47gue,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
7,Understanding The PPC,"Now that we have the curve, let's use it to express the ideas of efficiency.",openlectures,http://youtu.be/KS6YpzsGO0I,Understand the meaning of the points and the line on the PPC and the significance of the PPC,What is the significance of a PPC?,Think about using resources efficiently.,4,http://www.mediafire.com/?0lgbqxjf80osku5,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
8,Why Not A Straight Line?,The outward bowing curve describes the phenomenon of increasing opportunity cost.,openlectures,http://youtu.be/c9QCWOHth3g,Understand that the PPC usually exists as a curve not a straight line,What does the outward bowing curve of the PPC indicate.,Increasing opportunity cost.,5,http://www.mediafire.com/?8c046wt8bspwmmy,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
9,Shifting The PPC,"The factors of production directly impact the PPC, and can cause it to expand or contract.",openlectures,http://youtu.be/bsSfepFIzFU,Understand how the PPC can expand or contract.,The movement of the PPC is related to what?,Think about what contributes to the PPC in the first place.,6,http://www.mediafire.com/?22lkd531lh5v3k0,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
10,Efficiency,In economics we always try to be as efficient as possible to maximise the use of our resources and save cost.,openlectures,http://youtu.be/6VHtrUg7bgM,Understand the importance of efficiency and its relevance to a PPC.,Why is it important to be efficient.,To maximise and save resources.,7,http://www.mediafire.com/?eu7js28wdnwbg7x,,Opportunity Cost,Introduction to Economics and Scarcity,"Scarcity, Choice and Opportunity Cost",Economics
11,Visualising Demand,"Let's not start from the abstract. Instead, let's use a simple example to illustrate the origins of the demand curve.",openlectures,http://youtu.be/UfyfagcPLkU,Understand the demand curve as a locus of points describing the relationship between price and quantity for the consumer,The demand curve relates two values. What are those?,Price on the y-axis and Quantity on the x-axis,1,http://www.mediafire.com/?dlkw4srngk8r4x8,,You Demand,Demand and Supply,Resource Allocation in Competitive Markets,Economics
12,Connecting The Dots,"Now that we can relate price and quantity using a series of dots, what if we connect those dots?",openlectures,http://youtu.be/mU3UBHjK914,Understand the demand curve as infinitely many dots relating price and quantity for the consumer,How is the demand curve formed?,"When we plot the relationship (using dots) between price and quantity for many different quantities, we get a curve!",2,http://www.mediafire.com/?4st6zdqlre26x9y,,You Demand,Demand and Supply,Resource Allocation in Competitive Markets,Economics
13,Consumer Surplus,"Now that we know what the demand curve is, let's talk about welfare in economics.",openlectures,http://youtu.be/nWy5zHbskos,Define consumer surplus using the demand curve,What is consumer surplus?,It is the welfare that the consumer gets. It is represented by the area below the demand curve and above the price,3,http://www.mediafire.com/?nxzplqfl3c6v4tg,,You Demand,Demand and Supply,Resource Allocation in Competitive Markets,Economics
14,Demand Vs Quantity Demanded,There's a huge difference between a shift along the demand curve and the entire curve shifting. Let's learn more about that.,openlectures,http://youtu.be/hAgDPIlIV_w,Understand the difference between demand and quantity demanded,What causes a shift along the demand curve and what causes a shift of the demand curve?,Price causes a shift along the demand curve. Non price factors causes a shift of the demand curve.,4,http://www.mediafire.com/?vk0tnheqn87qzga,,You Demand,Demand and Supply,Resource Allocation in Competitive Markets,Economics
15,Visualising Supply,"With demand comes supply. You will find the supply curve very similar to the demand curve, except that it is from a producer's perspective",openlectures,http://youtu.be/DsEKMoPwqfA,Understand the supply curve as a locus of points describing the relationship between price and quantity,The supply curve shows the relationship between two values as well. What are these two values?,"Like the demand curve, price on the y-axis and quantity on the x-axis as well.",1,http://www.mediafire.com/?a281o5cwouvruvv,,I Supply,Demand and Supply,Resource Allocation in Competitive Markets,Economics
16,Connecting The Dots (Again),"Again, we connect the dots and find that it forms a curve!",openlectures,http://youtu.be/VfTd2xLaxfw,Understand the supply curve as a locus of points describing the relationship between price and quantity for the producer,How is the supply curve formed?,"In the same way as the demand curve! When we connect the many dots together! This, in mathematics-speak, is called a loci.",2,http://www.mediafire.com/?66aj6ceryo2ocwp,,I Supply,Demand and Supply,Resource Allocation in Competitive Markets,Economics
17,Producer Surplus,"In the previous lesson, we learnt about consumer surplus. Does the same apply for the producers (and hence the supply curve) as well?",openlectures,http://youtu.be/lHwwcdYCYfc,Define producer's surplus using the supply curve,What is a producer's surplus?,"It is the welfare of the producer! It is represented by the area above the supply curve (not below, as in the case of the demand curve) and below the price.",3,http://www.mediafire.com/?yoqo45b4kjlaz9r,,I Supply,Demand and Supply,Resource Allocation in Competitive Markets,Economics
18,Supply Vs Quantity Supplied,Remember the previous lesson about demand and quantity demanded? Same here!,openlectures,http://youtu.be/ws0Vf8MxeS4,Differentiate between supply and quantity supplied,What are the different causes for changes in supply and changes in quantity supplied?,Price factors cause shifts along the supply curve. Non price factors cause shifts of the entire supply curve.,4,http://www.mediafire.com/?c95e8eolero9ewm,,I Supply,Demand and Supply,Resource Allocation in Competitive Markets,Economics
19,Attaining Zen (or Equilibrium),"So we find the final price and quantity where demand meets supply right? Well, yes, but things are not always that simple. We need a proper logical explanation of why that intersection gives the equilibrium!",openlectures,http://youtu.be/bX38BnoHo7A,Understand how equilibrium is achieved through the interaction of demand and supply,How is equilibrium attained?,"At a price higher than the equilibrium price, quantity supplied is higher than quantity demanded. There is a surplus. Producers will lower their price to reduce extra stock. In response to the lower price, consumers purchase more, eventually reaching the equilibrium price and quantity when price is no longer lowered and quantity demanded no longer increases. At a price lower than the equilibrium price, quantity demanded is more than quantity supplied. There is a shortage. Consumers bid up the price, increasing prices. In response to the increased prices, producers produce more, and this goes on until the price and quantity reaches the equilibrium price, where quantity demand and quantity supplied equates.",1,http://www.mediafire.com/?pujrhjdgpyzy1yh,,The Markets,Demand and Supply,Resource Allocation in Competitive Markets,Economics
20,The Efficient Equilibrium,So what's so special about this equilibrium that we have found? Is it good? Well it is kind of awesome. Let's find out why.,openlectures,http://youtu.be/FdtfEhh0v4Q,Understand how the equilibrium gives the most efficient outcome for both consumers and producers,How is the equilibrium price and quantity the most efficient outcome?,"At any quantity or price more or less than the equilibrium, consumer and producer surpluses will be less than what we can obtain if we stuck to the equilibrium!",2,http://www.mediafire.com/?0rc8u6kt9evbrei,,The Markets,Demand and Supply,Resource Allocation in Competitive Markets,Economics
21,The Invisible Hand,"If demand and supply tends towards an equilibrium, are there any larger social implications? Turns out there is, and it's probably the most important lesson you'll learn in economics. It is about achieving a lot by doing nothing.",openlectures,http://youtu.be/b6AjsoLO_vk,Understand what is meant by the invisible hand and how it allocates goods and services in an economy.,What is the driving force behind the invisible hand?,The price mechanism!,3,http://www.mediafire.com/?2exvpyzxu9yynon,,The Markets,Demand and Supply,Resource Allocation in Competitive Markets,Economics
22,Demand Moves,"In real life, the curves don't stay where they are. Let's see what happens when the demand curve moves.",openlectures,http://youtu.be/Tl4YxG3_LRs,Understand what happens when the demand curve moves,What happens when the demand curve shifts?,"At the original price, quantity demanded is higher than quantity supplied. There is a shortage. Consumers bid up prices, causing prices to increase and producers produce more. This goes on until prices hit the equilibrium price where quantity demanded is matched by quantity supplied.",1,http://www.mediafire.com/?2x3mcc7bcpxhka1,,Shifts,Demand and Supply,Resource Allocation in Competitive Markets,Economics
23,Supply Moves,"Now that we know what happens when the demand curve moves, what about supply?",openlectures,http://youtu.be/1VC8q3_5tXg,Understand what happens when the supply curve moves,What happens when the supply curve shifts?,"The same happens! At the original price, quantity supplied is higher than quantity demanded. There is a surplus. So prices goes down as suppliers try to reduce stock. Consumers consume more due to low prices. This goes on until prices hit the equilibrium price where quantity demanded is matched by quantity supplied.",2,http://www.mediafire.com/?8gz2koo0rm0b48c,,Shifts,Demand and Supply,Resource Allocation in Competitive Markets,Economics
24,Demand Moves More,"However, curves rarely move alone. In fact, they move together! Now let's see what happens.",openlectures,http://youtu.be/GysWEKHnEAM,Understand what happens when both curves move. Viewers will be taught to evaluate which curve moves more.,What happens when both curves move?,"The eventual price and quantity depends on the EXTENT of movement of the two curves. In this case, since the demand curve increases more, the equilibrium quantity is higher and the equilibrium price is higher than the original!",3,http://www.mediafire.com/?xrxve6l8vy6caqt,,Shifts,Demand and Supply,Resource Allocation in Competitive Markets,Economics
25,Supply Moves More,So we understand what happens when the demand curve moves more than the supply curve. But what if the supply curve moves more?,openlectures,http://youtu.be/PFx5qIh4kSM,Understand what happens when the supply curve moves more,What happens when the supply curve increases more than the demand curve?,"Equilibrium quantity is higher, and equilibrium price is lower than the original!",4,http://www.mediafire.com/?poqxafb5ouyx6qd,,Shifts,Demand and Supply,Resource Allocation in Competitive Markets,Economics
26,Twist And Turn,"Now you might be wondering - if the demand curve is steeper, does that impact the final price? Let's see now.",openlectures,http://youtu.be/LaZEevOGntc,Understand that the shape of the curves matter when judging movement,Does the steepness of the curve matter?,Of course yes! We will explore this in the next topic.,5,http://www.mediafire.com/?266y9bubxw3quhj,,Shifts,Demand and Supply,Resource Allocation in Competitive Markets,Economics
27,What Is Elasticity?,"When I say Price Elasticity of Demand, what exactly do I mean? This checkpoint explains that to you.",openlectures,http://youtu.be/w2mrDOfAGhI,Introduce the concept of price elasticity,So what does PRICE elasticity of DEMAND mean?,"It simply asks the question, ""To what extent does QUANTITY DEMANDED change when PRICE changes?""",1,http://www.mediafire.com/?sk23os37n9m1tst,,Concept of Elasticity,Elasticities,Resource Allocation in Competitive Markets,Economics
28,Elasticity = Gradient?,"Is the elasticity the same as the gradient of a curve? Well, not quite! And don't worry. We are not going to go extremely mathy here.",openlectures,http://youtu.be/FYPzKsSdnNk,Understand the elasticity is not the same as the gradient of the curve.,When is Price Elasticity of Demand the gradient?,Only when it passes through the origin!,2,http://www.mediafire.com/?6ydq66qpwkd6773,,Concept of Elasticity,Elasticities,Resource Allocation in Competitive Markets,Economics
29,Elastic Framework,"Now that you know what elasticity is, we introduce a systematic way to approach elasticities in general.",openlectures,http://youtu.be/0I_6c0GjV1Y,Explain the elasticity concepts in an organised manner,What framework do we adopt?,Sign and Value. Sign and Value. Sign and Value. Remember this!,3,http://www.mediafire.com/?l8h222t7fz0bo8m,,Concept of Elasticity,Elasticities,Resource Allocation in Competitive Markets,Economics
30,Price Elasticity Of Demand (PED),"With the framework in mind, let's start on the PED. First, we define the PED.",openlectures,http://youtu.be/6E5YjIp-6Tg,Define Price Elasticity of Demand,What is the definition of PED?,"The responsiveness of quantity demanded to a change in price, ceteris paribus.",1,http://www.mediafire.com/?l54v3j668a73l35,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
31,Different Values Of PED,"Now that we can define the PED, let's explore the different values of the PED. The sign of the PED is always negative, and is only written as positive as a convention.",openlectures,http://youtu.be/VjU74kV1Mfo,Understand what different values of PED Means,What is the value for the PED of a good that is price inelastic?,"Since its demand is price inelastic, quantity demanded changes less than proportionately when price changes. This means that the extent of change is less than 1. Hence, the values will be between 0 and 1.",2,http://www.mediafire.com/?qfpvnszspx0gxs5,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
32,Determinants Of PED,What are the underlying factors that result in the various PED values? Here we list some of the more important ones.,openlectures,http://youtu.be/amoe1EUJu3A,Understand the underlying factors that determine PED values,What are the determinants of the PED?,"Number of substitutes, proportion of income spent on the good, time period.",3,http://www.mediafire.com/?t8yjbmbv45qn9vu,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
33,Consumer Expenditure,"So after learning about PED, how can we apply it? Here's the first use of the PED - determining the amount of consumer expenditure.",openlectures,http://youtu.be/k5_rTTAamtc,Use the PED to determine consumer expenditures.,"For a good with a price inelastic demand, when the price increases, what happens to the quantity demanded? What then happens to revenue?","Quantity demanded decreases (remember PED is negative?) less than proportionately (because demand is price inelastic). Since quantity demanded decreases to a smaller extent than price increases, revenue increases!",4,http://www.mediafire.com/?02xac3h8k8rptks,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
34,The Taxman,What else is the PED useful for? We can use it to analyse taxation as well!,openlectures,http://youtu.be/9q5k6-0ufH0,Use the PED to understand how taxation affects different people,"Cigarettes are price inelastic. When the tax amount is raised on cigarettes, what can be expected to happen?",Quantity demanded will decrease less than proportionately. Hence tax revenue will increase!,5,http://www.mediafire.com/?jcmj9y2w7hacghj,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
35,Funny Shapes,Now let's investigate two special cases of the PED when the demand curve looks a little funny - When PED is 0 and when it is infinite.,openlectures,http://youtu.be/bVApQCDob7I,Analyse a special case of PED (infinites and zeros),What PED does a good have when the demand curve is perfectly horizontal?,"In this case, if the price changes, the quantity demanded will change by an infinite proportion. Hence the PED is infinite.",6,http://www.mediafire.com/?hy3a4rqxi34823o,,Price Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
36,Cross Elasticity Of Demand (XED),"We are done with our first elasticity concept! Now let's move on to Cross Elasticity of Demand. First, let's define it!",openlectures,http://youtu.be/87zyO2VtsiM,Define XED,What is the definition of the XED?,"Responsiveness of demand of good A (not quantity demanded!) to a change in the price of good B, ceteris paribus.",1,http://www.mediafire.com/?jd49kta2yd2llhd,,Cross Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
37,Different Values Of XED,So what do the different values of XED mean? Different values may indicate that the good is a substitute or a complement.,openlectures,http://youtu.be/1Xvx9JV6Lmc,Understand what the different values of the XED mean,What is the XED of a strong substitute?,"If Good A and B are strong substitutes, then when the price of Good B increases, the quantity demanded of Good B decreases. As a substitute, Good A's demand will increase! (Always remember to use this chain of reasoning!)",2,http://www.mediafire.com/?1fqrvlb1b1ppja1,,Cross Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
38,Determinants And Usefulness Of XED,So what determines the XED and how is it used? Turns out that it is fairly simple!,openlectures,http://youtu.be/kn2KDHheLwA,Understand the underlying determinants and usefulness of XED.,Who will find the XED useful?,"Any business person or marketing person in charge of pricing policies! Or perhaps in a case study, a CEO!",3,http://www.mediafire.com/?mkzdsx7jky5icvf,,Cross Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
39,Income Elasticity Of Demand (YED),Now let's move on to the third elasticity concept - Income Elasticity of Demand! First let's define it.,openlectures,http://youtu.be/Qp4QXSyGYRk,Define YED,What is the definition of YED?,"Responsiveness of demand to a change in income, ceteris paribus.",1,http://www.mediafire.com/?7c6irukhpicgpx7,,Income Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
40,Different Values Of YED,"So what do the different values of the YED mean? Well it can make the difference between a normal good, luxury good, and a inferior good!",openlectures,http://youtu.be/fE9M0XzIvEM,Understand the different values of the YED,What is the YED of an inferior good?,"The demand of the inferior good should decrease when income increases. Hence, the YED is negative!",2,http://www.mediafire.com/?gdmuj4jlpjh0xwi,,Income Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
41,Determinants And Usefulness Of YED,"So what is the YED good for? Again, like the XED, it is very useful for firms!",openlectures,http://youtu.be/5D-nG9_bGe8,Understand the underlying determinants and the usefulness of YED,How is the YED useful for firms?,"If a firm wants to consider the effects of a recession (or the opposite - an economic boom) on the sales of its goods, it should consider the YED!",3,http://www.mediafire.com/?dkuxd1ja6q0jq1r,,Income Elasticity of Demand,Elasticities,Resource Allocation in Competitive Markets,Economics
42,Price Elasticity Of Supply (PES),Time for the last elasticity concept we will introduce! First let's define Price Elasticity of Supply.,openlectures,http://youtu.be/TnrbipT3KVA,Define the PES,What is the definition of the PES?,"Responsiveness of quantity supplied to a change in price, ceteris paribus.",1,http://www.mediafire.com/?eruatd41opo1n34,,Price Elasticity of Supply,Elasticities,Resource Allocation in Competitive Markets,Economics
43,Different Values Of PES,"Now that we are done with the definition of PES, what do different values of the PES indicate?",openlectures,http://youtu.be/s1ei8qIV8zQ,Understand the different values of the PES,A high tech machinery has a very inelastic price elasticity of supply. Give an approximate value!,"If it has a price inelastic supply, its quantity supplied should increase only very little when its price increases. Hence, its PES is between 0 and 1, probably very close to 0.",2,http://www.mediafire.com/?2nkpcj9un07epph,,Price Elasticity of Supply,Elasticities,Resource Allocation in Competitive Markets,Economics
44,Determinants Of PES,"Now that we understand the formal definition of PES, what are the determinants of PES?",openlectures,http://youtu.be/Il8O3cGMcfA,Understand the underlying determinants of the PES,List two of the determinants of the PES,Supply capabilities and time period.,3,http://www.mediafire.com/?u7r71h9ydgd9tq1,,Price Elasticity of Supply,Elasticities,Resource Allocation in Competitive Markets,Economics
45,Fixed Factors And Variable Factors,"You require both a factory and workers to produce something, say laptops. A worker seems different from a factory right? No shit! In economics, they are called fixed factors and variable factors.",openlectures,http://youtu.be/7X7vuOSkpmQ,Differentiate between fixed and variable factors,"If you want to increase production in the short run, which factor do you increase?","The variable factor! The fixed factor is well, fixed in the short run.",1,http://www.mediafire.com/?66zj66mtej6ecfm,,Factors of Production and Time,Theory of the Firm,Firms and How They Operate,Economics
46,Short Run And Long Run (Not Skirt And Jackets),"Short run and long run are seemingly ambiguous terms. In economics, they mean something rather precise.",openlectures,http://youtu.be/_Pz7nXkhozE,Differentiate between the short and long run,"In the long run, all factors (including what used to be fixed factors in the short run) are variable. True or false?","True. In the long run, a firm will be able to vary all its factors of production including those considered fixed in the short run.",2,http://www.mediafire.com/?qtb2888n481587f,,Factors of Production and Time,Theory of the Firm,Firms and How They Operate,Economics
47,Law Of Diminishing Returns,Now we're at production in the short run. First we explore a concept that is fundamental to our understanding of production - the law of diminishing returns.,openlectures,http://youtu.be/bqW3iWt8G_I,Define the Law of Diminishing Returns,What is the Law of Diminishing Returns?,"When one of more factors are held fixed, in this case the size of your factory, there will come a point beyond which the extra output from additional units of the variable factor, in this case labour, will diminish.",1,http://www.mediafire.com/?qe5b1cndbde1v9q,,Production in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
48,Total Cookies,"Let's look at the output first. Then we'll derive costs from output. In other words, for now, we look at the number of goods produced by a firm given a certain input. Total product is simply the total amount of goods you produce.",openlectures,http://youtu.be/Zm0cOLiz7ns,Define Total Product,"What concept does the ""n"" shape of the total product curve represent?",The Law of Diminishing Returns,2,http://www.mediafire.com/?cif4r12di9hzwcr,,Production in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
49,Average Cookies And Marginal Cookies,Now let's look at the next two numbers we deal with frequently - average product and marginal product. The average product is the number of goods produced per worker. The marginal product is the additional revenue brought on by one additional unit.,openlectures,http://youtu.be/esF7XsQtZow,Define Average Product and Marginal Product and understand their relationship,How do you define the marginal product?,It is the product contributed by one additional unit of input (for example labour).,3,http://www.mediafire.com/?45a53qkjok4c2hq,,Production in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
50,Classroom Of Average And Marginals,The relationship between averages and marginals can be generalised. Let's use an example to illustrate this.,openlectures,http://youtu.be/eLulvLDtTHk,Understand a general relationship between average values and marginal values,"If the average product is 10 and the marginal product of one worker is 8, will the average product decrease or increase?","The average product will decrease since the additional worker fetches less than the average. The additional product hence ""pulls"" the average down.",4,http://www.mediafire.com/?hw94wdecwlqztnn,,Production in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
51,Revisiting Opportunities,"Now that you've learnt how the output of a firm behaves when you vary the input (in labour or in other variable factors), let's move on to costs. First, let's learn what opportunity cost is.",openlectures,http://youtu.be/uqOl0fUo5-I,Define opportunity cost,"If I earn $100 dollars a day when I work, what is my opportunity cost when I take a day of unpaid leave?",The opportunity cost is $100 because you are missing out on the $100 you could have got if you went to work!,1,http://www.mediafire.com/?0gbs6mrr22qpxcr,,Costs in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
52,Total Cost,"Let's look at our first number for costs - total costs. Cost is inversely related to total product. If one worker costs $100 per month and he can produce 5 goods, the cost per product is $20. If he can produce more goods, cost per unit goes lower. Total costs then goes lower. Hence, the Law of Diminishing Returns causes costs to increase as production increases.",openlectures,http://youtu.be/3ioAX95xVQ8,Understand how products relate to cost.,"If each worker can produce more goods and their salary stays the same, what happens to the cost per unit of good?","The cost decreases since each worker's salary stays the same, but now he produces more goods! The cost per unit of good decreases.",2,http://www.mediafire.com/?vbmg933as3jrhb9,,Costs in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
53,Average And Marginal Costs,"Now let's look at another application of the average and marginals concept, this time for costs. The same rules apply here.",openlectures,http://youtu.be/19jhUzoSM3o,Define average and marginal costs.,The marginal cost curve cuts the average cost curve at the bottom point of the average cost curve. True or false?,True! Average cost only increases when marginal cost is higher than average cost. ,3,http://www.mediafire.com/?kbh2m3zjkuvjd8q,,Costs in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
54,The Math Of Averages And Marginals,"The relationship between average cost and marginal cost can be expressed elegantly using simple mathematics. With a bit of calculus, we proceed!",openlectures,http://youtu.be/LK6GtIDah9Q,Understand average and marginal cost using differentiation.,What is the conclusion of this mathematical exercise?,"Again, that the marginal cost curve cuts the average cost curve at the bottom of the average cost curve.",4,http://www.mediafire.com/?8zvwi7qh91b8x5j,,Costs in the Short Run,Theory of the Firm,Firms and How They Operate,Economics
55,Thinking Big,"In the long run, we can vary every single factor of production. Even what used to be fixed factors of production become variable in the long run. Then we can see what happens to output when we vary all the factors of production.",openlectures,http://youtu.be/J5gVBJGG2_0,"Define increasing, constant, and decreasing returns to scale.","If I increase my factory size and labour force by 2 times, and my output increases by 3 times, am I facing increasing or decreasing returns to scale?","Increasing, simply because your output increases more than proportionately.",1,http://www.mediafire.com/?8kzdn8n3x5m9azf,,Long Run Theory of Production,Theory of the Firm,Firms and How They Operate,Economics
56,When I Grow Up I Wanna Have Economies Of Scale,"But what is the reason for increasing returns to scale? Well as firms grow larger, they tend to accumulate cost savings. Let's learn what those savings are.",openlectures,http://youtu.be/3yFcGx5qoas,List different types of economies of scale.,What are two reasons for economies of scale occuring?,There are many of them listed in the video! Indivisibilities and specialisation are just two of them.,2,http://www.mediafire.com/?7848hu7hkm1cpf8,,Long Run Theory of Production,Theory of the Firm,Firms and How They Operate,Economics
57,Too Big?,"However, when a firm gets too big, it faces increasing costs, hence decreasing returns to scale. Let's see what those are.",openlectures,http://youtu.be/BlJWthCzhcA,List different types of diseconomies of scale.,What is one reason for diseconomies of scale?,A large and bureaucratic hierarchy can slow down a company!,3,http://www.mediafire.com/?71pn5z4n7z1doh7,,Long Run Theory of Production,Theory of the Firm,Firms and How They Operate,Economics
58,External Economies Of Scale,"Economies of scale not only applies to one single firm. When there are many similar firms congregating together, there are external economies of scale.",openlectures,http://youtu.be/7aH_8IAQ-4g,Define external economies of scale.,What does external economies of scale provide to firms?,They share knowledge and infrastructure.,4,http://www.mediafire.com/?tzn2qs21d48082h,,Long Run Theory of Production,Theory of the Firm,Firms and How They Operate,Economics
59,Size Matters,"If there are so many good things about growing big, why are there still small firms? Well turns out there are plenty of reasons for them to be around.",openlectures,http://youtu.be/rgk_-jsFhlA,Explain the existence of small firms.,Why do small firms exist?,"They may provide boutique, luxury goods. They may also be limited by a factor of production such that they cannot grow big. Also, their diseconomies of scale may set in very early.",5,http://www.mediafire.com/?0rj6s16gxuoqcee,,Long Run Theory of Production,Theory of the Firm,Firms and How They Operate,Economics
60,Long Run Average Costs,"We have related production and costs in the short run. Since we have just learnt long run production, let's relate that to long run costs.",openlectures,http://youtu.be/pYsV8ZIDi3I,Understand the shape of the long run average cost curve.,"Why does the long run average cost curve decrease, stay constant, then increase?","It simply reflects increasing, constant, then decreasing returns to scale. When a firm experiences increasing returns to scale, it is able to produce more output. Divided over input, the cost per output decreases, hence the LRAC decreases. When the product per input stays constant at the constant returns to scale section, the line remains flat. When product per input decreases, cost per product increases! Hence the U shape.",1,http://www.mediafire.com/?h5dpy1fi05k7fav,,Costs in the Long Run,Theory of the Firm,Firms and How They Operate,Economics
61,Relationship Between The LRAC And The SRAC,LRAC and SRAC sound like evil tongue twisters. Is there a relationship between these two values? Turns out there is!,openlectures,http://youtu.be/6FkFFvOIn8A,Understand the relationship between the LRAC and the SRAC,The LRAC envelopes many different SRACs (which are the many different scenarios that the firm may have). True or false?,True! In fact that is how you derive the LRAC.,2,http://www.mediafire.com/?kpmjjf34i43u464,,Costs in the Long Run,Theory of the Firm,Firms and How They Operate,Economics
62,Minimum Efficient Scale,"In economics, there is always something special about the minimum point of a curve. So is there something special about the bottom point of the LRAC?",openlectures,http://youtu.be/EhfhYJW1HGo,Define the Minimum Efficient Scale,Where does the MES occur?,At the bottom point of the LRAC.,3,http://www.mediafire.com/?9x2f4bfd6kg3ohy,,Costs in the Long Run,Theory of the Firm,Firms and How They Operate,Economics
63,Total Revenue,"Congratulations! You have just finished the ""costs"" half of Theory of the Firm. Let's move on to Revenue!",openlectures,http://youtu.be/gHftcaeZyoc,Define Total Revenue,What is is total revenue?,It is simply the total amount that a firm earns.,1,http://www.mediafire.com/?ip5t65y3wb10j1r,,Revenue,Theory of the Firm,Firms and How They Operate,Economics
64,Average Revenue,"Now that you have learnt what total revenue is, average revenue should be intuitive. It is simply total revenue divided by the number of goods you sell. It is also the price of your good.",openlectures,http://youtu.be/tPbrfoBmG4U,Define Average Revenue,Is the average revenue always equal to price?,"Yes! Because P*Q=TR=AR*Q, hence average revenue is always equal to price.",2,http://www.mediafire.com/?pdwxk6em3i520m1,,Revenue,Theory of the Firm,Firms and How They Operate,Economics
65,Marginal Revenue,I'm sure you guessed what's coming up. Marginal revenue is the revenue earned by one additional good.,openlectures,http://youtu.be/zypEYUNaNMQ,Define Marginal Revenue,What is marginal revenue?,It is the revenue contributed by one additional good sold.,3,http://www.mediafire.com/?3r5xab3rondw9b2,,Revenue,Theory of the Firm,Firms and How They Operate,Economics
66,Bling Bling,"Now that we are done with both costs and revenue, let's look at profits! It is simply the difference between the two.",openlectures,http://youtu.be/hEXWalwJ_P4,"Define Profit and understand Supernormal, Normal, and Subnormal Profits",What is the term we use when revenue equals cost?,Normal profit.,1,http://www.mediafire.com/?tkt3yytjuadp5mt,,Profit Maximisation,Theory of the Firm,Firms and How They Operate,Economics
67,Using Total Curves,Producers are always interested in finding the quantity where profit is maximised. One way of finding that is by finding the quantity where the largest difference between total revenue and total cost occurs.,openlectures,http://youtu.be/Hol0JKYp-J0,Find Profit Maximising Quantity using Total Curves,Where can you find the profit maximising quantity?,It is the quantity where the difference between the total revenue and total cost is the largest (hence largest profit). ,2,http://www.mediafire.com/?eevnuyngo58xzm3,,Profit Maximisation,Theory of the Firm,Firms and How They Operate,Economics
68,Using Marginal Cost And Marginal Revenue,Another way of finding the profit maximising quantity is to use Marginal Costs and Marginal Revenue. The profit maximising quantity happens when MC = MR.,openlectures,http://youtu.be/ae1GjKuBxqg,Find Profit Maximising Quantity using Marginal Cost and Marginal Revenue,How can we be sure that MC=MR gives the profit maximising quantity?,"Any quantity before MC = MR, MR > MC, hence the firm can earn more if it produces an additional quantity. Any quantity after MC = MR, MC > MR, hence the firm earns more if it cuts production. Only at MC = MR is profit maximised.",3,http://www.mediafire.com/?hz4f64uh6n7leyw,,Profit Maximisation,Theory of the Firm,Firms and How They Operate,Economics
69,Profiting From Calculus,Curious about why exactly MC = MR gives the profit maximising quantity? We can use a little bit of simple math to derive that.,openlectures,http://youtu.be/YWZEpfJ7LxQ,Find Profit Maximising Quantity by Maximising Total Profit using Differentiation,What is the conclusion of this mathematical exercise?,Profit is maximised at MC = MR.,4,http://www.mediafire.com/?4qlyzyy647f75fl,,Profit Maximisation,Theory of the Firm,Firms and How They Operate,Economics
70,Marginalist Principle,The Marginal Cost = Marginal Revenue relationship can be generalised to our daily lives! Let's see how.,openlectures,http://youtu.be/590boD53wig,Understand the Marginalist Principle,What matters when we make a benefit maximising choice? Total cost or marginal cost?,The marginal cost!,5,http://www.mediafire.com/?pm1cxuwruxapmp2,,Profit Maximisation,Theory of the Firm,Firms and How They Operate,Economics
71,Maximising Profit?,"In the previous topic you learnt the traditional theory of the firm. However, many of those assumptions, including the one we make about firms always maximising profits, can be questioned.",openlectures,http://youtu.be/z4q3icQvwHE,Understand that firms may not always maximise profit.,Do firms always maximise profits?,"No they don't! They may simply not have enough information, or they may have alternative aims.",1,http://www.mediafire.com/?dpjw3gi1f1rwckd,,Problems with Traditional Theory,Alternative Theories of the Firm,Firms and How They Operate,Economics
72,I Don't Want Profits. I Want...,Firms may have alternative aims other than profit. Why do they have those?,openlectures,http://youtu.be/RyjSAyjHSiA,Understand the alternative aims that a firm may take.,What are some structures that firms may adopt?,From a single firm operated by the owner to the U form to the M form to the H form.,2,http://www.mediafire.com/?r42befu21w58tw3,,Problems with Traditional Theory,Alternative Theories of the Firm,Firms and How They Operate,Economics
73,Principal Agent Problem,"When firms are just operated by one single owner, it is pretty simple to maximise profits. However, when ownership and control are separated, problems emerge. We call those the principle agent problem. ",openlectures,http://youtu.be/NfigWaPhAqo,Understand the Principle Agent Problem,What causes the principle agent problem?,Two things: separation of ownership and control of a firm and the different amount of information that the two possesses.,3,http://www.mediafire.com/?1vl22joi0802j5r,,Problems with Traditional Theory,Alternative Theories of the Firm,Firms and How They Operate,Economics
74,Attitudes Towards Risk,Different firms have different appetite for risk. We can characterise them systematically.,openlectures,http://youtu.be/SXb8hyZS8Rg,"Define different risk attitudes by using the terms risk averse, risk neutral, and risk loving","If an investor is risk averse, will he invest in a project that has a 10‰Ûä% chance of success, but will bring back 10 times the original amount in returns?",He won't. He will require a much higher return to justify the risk.,4,http://www.mediafire.com/?sbroeaobusdybha,,Problems with Traditional Theory,Alternative Theories of the Firm,Firms and How They Operate,Economics
75,Long Run Profit Maximisation,"Let's explore the various alternative aims that a firm can adopt. First, a firm can go for a long term profit maximisation strategy that involves making losses in the short run.",openlectures,http://youtu.be/8QKYtTbWmDc,Understand Long Run Profit Maximisation as an alternative to Profit Maximisation,Why is Long Run Profit Maximisation not a robust theory?,"Managers of firms can just claim that ""I'm going to earn profits in the long run."" and use that to justify any losses they make. This is due to the ambiguous nature of the term ""long run"".",1,http://www.mediafire.com/?wqbs80o22zhos9y,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
76,Managerial Utility Maximisation,"Second, managers can also seek to maximise their own utility (remember managers are usually different from owners?)",openlectures,http://youtu.be/vPsypFkY4hc,Understand Managerial Utility Maximisation as an alternative to Profit Maximisation,What may managers want to maximise?,"Their own utility which can be expressed in salary, job security, excellence, and dominance.",2,http://www.mediafire.com/?k1271nb3m0bc5cc,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
77,Sales Revenue Maximisation,"Third, firms may maximise sales or revenue instead of profit. Let's see why.",openlectures,http://youtu.be/cnRd72R1XiU,Understand Sales and Revenue Maximisation as an alternative to Profit Maximisation,What happens when firms maximise revenue instead of profits?,They tend to overproduce and hence lower their profits.,3,http://www.mediafire.com/?yv4hmal3reawsbs,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
78,Growth Maximisation,"Fourth, a firm may want to prioritise growth before profits. In the subsequent checkpoints we explore how a firm can grow.",openlectures,http://youtu.be/MBmTffoAboY,Understand Growth Maximisation as an alternative to Profit Maximisation,Why do firms want to maximise growth instead of profits?,It may appear better for the managers (think principal agent) or the firm may simply seek to expand aggressively.,4,http://www.mediafire.com/?1s2b7i2ul0r4j24,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
79,Growth By Merger,A firm may grow by merging with other firms. Let's see how these mergers can occur.,openlectures,http://youtu.be/s_CHYru3FPs,Understand merger as one growth method,"If an offshore oil extraction firm purchases another oil extraction firm to grow, what kind of merger is this?",Horizontal merger because the two firms are in the same industry.,5,http://www.mediafire.com/?1j1g9504v4a5wbl,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
80,Growth Through Strategic Alliances,Growth can also occur through strategic alliances. Let's see what they are.,openlectures,http://youtu.be/TgXngkQ8AQY,Understand strategic alliances as one growth method,What are some forms of strategic alliances?,Joint ventures and franchises are but two examples.,6,http://www.mediafire.com/?97umlze49tb2z6x,,Alternative Maximising Theories,Alternative Theories of the Firm,Firms and How They Operate,Economics
81,Key Performance Indicators,So how do firms balance those multiple aims in one single company? That depends on the key performance indicators that a company sets.,openlectures,http://youtu.be/_2FoNBH9SIc,Understand the role of Key Performance Indicators in a firm,What are some KPIs you can think of?,"Revenue, growth, profit figures can all be used as KPIs.",1,http://www.mediafire.com/?gcz09q1dv18tnf6,,Multiple Aims in a Firm,Alternative Theories of the Firm,Firms and How They Operate,Economics
82,Slacking Off,Does merely setting targets ensure the most efficient outcome for a firm? Often there will still be organisational slack.,openlectures,http://youtu.be/AhNuLpy3xv4,Understand how organisaitonal slack can occur in a firm,In what way does organisational slack harm a firm?,It simply adds on to a firm's costs!,2,http://www.mediafire.com/?8n8709z4h1d5twe,,Multiple Aims in a Firm,Alternative Theories of the Firm,Firms and How They Operate,Economics
83,Cost Based Pricing,"We always assume that firms price where profit is maximised. However, is that really how firms set their prices?",openlectures,http://youtu.be/xP81rX2ATLI,Understand Cost Based Pricing as an alternative to Profit Maximisation Pricing,How does cost based pricing work?,"You simply take the cost of a product, add a certain percentage to that number and set it as the price",1,http://www.mediafire.com/?y39mpw4maq37w9m,,In the Real World,Alternative Theories of the Firm,Firms and How They Operate,Economics
84,After Taking The Red Pill,"In 1995, the Bank of England conducted a survey asking businesses how they set their prices. Let's see how that proves what we have learnt so far.",openlectures,http://youtu.be/4zdNly6Q2d8,Provide evidence for non-profit maximising behaviour in pricing,What does the survey show?,Firms may not set prices with maximum profits in mind!,2,http://www.mediafire.com/?8hrpcvbqki6fxh4,,In the Real World,Alternative Theories of the Firm,Firms and How They Operate,Economics
85,Structure Conduct Performance,"To analyse market structures, we use the Structure Conduct Performance framework. This is an overarching concept, so make sure you keep this in mind!",openlectures,http://youtu.be/BAICCDs1Pjo,Use the Structure Conduct Performance for analysing Market Structures,Name the 4 market structures.,"Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly.",1,http://www.mediafire.com/?y5l4a3pu4w86u8s,,Features of the Market Structures,Market Structure,Firms and How They Operate,Economics
86,Number Of Firms And Measurements,First we quantify the structure of a market by looking at the number of firms in the market.,openlectures,http://youtu.be/F_pCD3ipqYw,Determine the structure of a market by looking at the number of firms in the market,A market with 4 or 5 firms taking up 90‰Ûä% of the market is typically a...,Oligopoly!,2,http://www.mediafire.com/?h54849wwjpaaue2,,Features of the Market Structures,Market Structure,Firms and How They Operate,Economics
87,Freedom Of Entry,"Second, for structure of the market, we look at the freedom of entry for firms in a market. ",openlectures,http://youtu.be/oecZVEjaUeQ,Determine the structure of a market using the freedom of entry of the market,How would one describe the freedom of entry in a perfectly competitive market?,Completely free (and hence zero barriers to entry).,3,http://www.mediafire.com/?x6lxlwu1bpjd67j,,Features of the Market Structures,Market Structure,Firms and How They Operate,Economics
88,Nature Of Product,"Finally, we look at the nature of the product in the market.",openlectures,http://youtu.be/s1d6yfm6t9Q,Determine the structure of a market by looking at the nature of the product,"Perfectly competitive sell only one good, true or false?",True! The products are completely homogenous.,4,http://www.mediafire.com/?9bb17za62hvdnbr,,Features of the Market Structures,Market Structure,Firms and How They Operate,Economics
89,Market Power,"Now that we have equipped you with the necessary tools to look at the structure of a market, we translate those structural characteristics into market power.",openlectures,http://youtu.be/Fmwc7wkIc4Q,Determine the market power of firms in a market by looking at the structure of the market,"If a firm is perfectly competitive, how much market power does it have?",It has zero market power!,5,http://www.mediafire.com/?p7u2dc3pun1m0o3,,Features of the Market Structures,Market Structure,Firms and How They Operate,Economics
90,What Is Perfectly Competitive?,"Now that you know how to analyse the structure of a market, let's move on to the first kind of market you'll learn - perfect competition.",openlectures,http://youtu.be/5dQas_3hVVQ,Identify a perfectly competitive firm and understand how it has no market power because of its structure,Why does the perfectly competitive firm face a horizontal demand curve?,"If the firm sells at any price higher than the market price, no one will buy from him (because they will just buy from all his competitors since they all sell the same product). The firm won't want to sell at any price below the market price (why earn less?). So he will sell at only one price, and that gives him a horizontal demand curve which is equal to the market price.",1,http://www.mediafire.com/?jhy2hyhfnr338d8,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
91,Flintstones And Futurama,Let's take a short break to review the concept of short run versus long run. Here we go!,openlectures,http://youtu.be/53i_n-go5y0,Distinguish between the short run and the long run.,Are firms allowed to enter and exit the perfectly competitive market in the long run?,Yes! Especially because the barrier to entry is zero in a perfectly competitive market.,2,http://www.mediafire.com/?6g7vcf6jci3s8b4,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
92,Short Run Equilibrium Of The Firm,"In the short run, the perfectly competitive firm may have one of these three equilibriums: supernormal, normal or subnormal profit. Let's see how we get there.",openlectures,http://youtu.be/OrKCM-gL0bA,Describe the short run equilibrium of the perfectly competitive firm,"In the short run, the perfectly competitive firm can earn supernormal, normal, and subnormal profits. True or false?","True! Depending on the position of the firm's AR and AC, any of the three scenarios may happen.",3,http://www.mediafire.com/?7uxzf78kg8gumfu,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
93,Long Run Equilibrium Of The Firm,"In the long run, the perfectly competitive firm behaves a little differently. It will only be able to earn normal profits due to the freedom of entry.",openlectures,http://youtu.be/DKmhqc-tiqw,Describe the long run equilibrium of the perfectly competitive firm,What is the only type of profit that perfectly competitive firms can achieve in the long run?,"Normal profits. Supernormal profits will be eroded by new entrants, and subnormal profits will be restored to normal profits after the exit of unprofitable firms.",4,http://www.mediafire.com/?4mc8xgayya2b9cb,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
94,Behaviour Of Perfectly Competitive Firms,These structural characteristics cause the perfectly competitive firm to have no market power.,openlectures,http://youtu.be/sZtRBiey1to,Describe the conduct of perfectly competitive firms,What is the characteristic conduct of perfectly competitive firms?,They are price takers. They take whatever price the market gives them.,5,http://www.mediafire.com/?x0omfgwi6pvbxw2,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
95,Perfect Is The Best?,"Does ""perfect"" then imply the best kind of market structure available? Unfortunately that isn't so. The term simply describes ""absolute"" competition. It is not a judgement on the performance of the firm.",openlectures,http://youtu.be/BALi9xJPnAc,"Understand that the term ""perfect"" in perfect competition is not a judgement of the market's performance.",So is perfect competition perfect and always desirable?,"Not necessarily! We will discuss how so later on in the topic ""Efficiency of Different Market tructures"".",6,http://www.mediafire.com/?26r4ggs58ijk5j9,,Perfect Competition,Market Structure,Firms and How They Operate,Economics
96,What Is A Monopoly?,Let's move on to the next market structure - monopolies. First let's define what a monopoly is based on its structural characteristics.,openlectures,http://youtu.be/9KJJDBngfBM,Identify a monopoly and understand how it has market power because of its structure.,"If a firm is a monopoly, how much market power does it have?",It has significant market power! Hence it can set price or quantity.,1,http://www.mediafire.com/?ysdymtwd6ad8fe7,,Monopoly,Market Structure,Firms and How They Operate,Economics
97,The Great Wall Of Monopolies,We said that monopolies are able to maintain market power due to their barriers to entry. Let's look at these animals in close detail.,openlectures,http://youtu.be/_1fqH5_KwWo,Classify types of barriers to entry,What are the two types of barriers to entry?,Real and artificial,2,http://www.mediafire.com/?jyx6iea74uylooc,,Monopoly,Market Structure,Firms and How They Operate,Economics
98,Equilibrium Price And Output,Now let's look at how equilibrium price and output is determined in a monopoly. It is significantly different from that of the perfectly competitive firm so listen up!,openlectures,http://youtu.be/bdUAOthcLEk,Derive equilibrium price and output for a monopoly,Does the monopoly price where its MR is?,"No! The profit maximising quantity is determined where MC = MR, but the actual price is based on the AR where the profit maximising quantity occurs.",3,http://www.mediafire.com/?raf9hluys4bx89z,,Monopoly,Market Structure,Firms and How They Operate,Economics
99,Behaviour Of Monopolies,"Now that we are done with the structure of monopolies, let's see how those structural characteristics translate into conduct.",openlectures,http://youtu.be/1c5KW02Hhys,Describe the conduct of monopolies,What is the characteristic conduct of monopolies?,They can set prices. This means that they can set either price or quantity (but not both at the same time. They still have to obey the market demand AR),4,http://www.mediafire.com/?2f2sa1rk4yhwdsj,,Monopoly,Market Structure,Firms and How They Operate,Economics
100,Natural Monopolies,Now let's look a special case of monopolies - natural monopolies. These monopolies exist for a special reason.,openlectures,http://youtu.be/ln6KqwmGRGk,Define natural monopolies,Why are some industries only able to support one firm and hence create natural monopolies?,"The firm requires a very large size to reap economies of scale. Hence, the industry can only accomodate one player.",5,http://www.mediafire.com/?533nl4joosny57d,,Monopoly,Market Structure,Firms and How They Operate,Economics
101,What Is Monopolistic Competition?,"Let's move on to the third market structure - monopolistic competition. First, let's define it.",openlectures,http://youtu.be/ORdgQK2pkEs,Identify a monopolistic competitive firm,Give an example of a monopolistic competitive firm,"Restaurants are great examples of that. They are usually small, have minor variations from each other, and there are many of them.",1,http://www.mediafire.com/?d55ghep5cmhfhcp,,Monopolistic Competition,Market Structure,Firms and How They Operate,Economics
102,Short Run Equilibrium Of The Firm,The monopolistic competitive (MPC) firm has a short run and long run equilibrium like the PC firm. Let's look at that.,openlectures,http://youtu.be/8_lUeB_VSkQ,Describe the short run equilibrium of the monopolistic competitive firm,"In the short run, the MPC firm can earn supernormal, normal, and subnormal profits. True or false?","True! Depending on the position of the firm's AR and AC, any of the three scenarios may happen.",2,http://www.mediafire.com/?qa2dkrnoeu2e4by,,Monopolistic Competition,Market Structure,Firms and How They Operate,Economics
103,Long Run Equilibrium Of The Firm,The MPC firm's long run equilibrium is quite similar to the PC firm's. Let's look that.,openlectures,http://youtu.be/DizI7dAl9Zg,Describe the long run equilibrium of the monopolistic competitive firm,"In the long run, the MPC can only earn what type of profit?","Normal profits. Supernormal profits will be eroded by new entrants, and subnormal profits will be restored to normal profits after the exit of unprofitable firms.",3,http://www.mediafire.com/?qakwhp5ocal86at,,Monopolistic Competition,Market Structure,Firms and How They Operate,Economics
104,Behaviour Of The Firm - Non Price Competition,The structure of the MPC firm gives it certain conducts. They engage in non-price competition and minor product differentiation.,openlectures,http://youtu.be/5LldhCon_pI,Describe the conduct of monopolistic competitive firms,What are the conducts of MPC firms?,They engage in non-price competition (for example advertising) and minor product differentiation.,4,http://www.mediafire.com/?8394pjcwhr8f01x,,Monopolistic Competition,Market Structure,Firms and How They Operate,Economics
105,What Is Oligopoly?,Let's move on to the last market structure - oligopoly. ,openlectures,http://youtu.be/9rwsytMEHMA,Identify an oligopoly,How will you describe the structure of an oligopoly?,"Few firms, high barriers to entry. The product may be either identical or differentiated depending on the market.",1,http://www.mediafire.com/?kbj2574e4aquapr,,Oligopoly,Market Structure,Firms and How They Operate,Economics
106,Competition Vs Collusion,"There are only a few firms in an oligopolistic market. Hence the firms are wary of each other's strategies. This causes them to be interdependent. In that case, they either compete or collude.",openlectures,http://youtu.be/jQHar6RzEdc,Describe the conduct of oligopolies using interdependence and understanding that they either compete or collude.,Why do oligopolies compete or collude?,"Because they are interdependent. If they can act independent of each other (like in a PC or MPC market) then there's no need to take note of other firms' actions, and act accordingly. Then they wouldn't need to decide between competing or colluding.",2,http://www.mediafire.com/?kskw8ss56wal8km,,Oligopoly,Market Structure,Firms and How They Operate,Economics
107,Equilibrium Under Collusive Oligopoly,First let's look at collusive oligopolies. They simply behave like one big monopoly.,openlectures,http://youtu.be/1_EU64iSINM,Describe the equilibrium of a collusive oligopoly,What do collusive oligopolies behave like?,They behave like one single monopoly and we analyse them the same way.,3,http://www.mediafire.com/?yaho664sq84u44s,,Oligopoly,Market Structure,Firms and How They Operate,Economics
108,Hush Hush,Why do some oligopolistic markets end up being collusive? These factors promote the formation of collusions.,openlectures,http://youtu.be/q5Xc9PND9M0,List factors that favour collusion,What factors favour collusion?,"Very few firms, firms being familiar with each other, similar production processes, significant barriers to entry. The opposite applies for conditions that favour competition.",4,http://www.mediafire.com/?wm4iecvl1nk5cbf,,Oligopoly,Market Structure,Firms and How They Operate,Economics
109,Fight Fight Fight,Collusion do break down! How does that happen?,openlectures,http://youtu.be/-z9l_jYswzE,Understand that collusions are prone to breaking down,Why do collusions break down?,"Temptation of profit. Individual firms may undercut prices or oversell their quota, causing retaliation, price wars and the eventual breakdown of a collusion.",5,http://www.mediafire.com/?gxc3eyfu8yf3ooe,,Oligopoly,Market Structure,Firms and How They Operate,Economics
110,Competitive Oligopoly - Game Theory,"Oligopolies often compete as well. When they do so, we use game theory to analyse these scenarios.",openlectures,http://youtu.be/axQbogFcuLk,Understand that game theory can be used to describe the behaviour of oligopolists,What is game theory?,Game theory is the study of alternative strategies that players in the game may choose to adopt based on their assumption about other rivals‰Ûª behaviours.,6,http://www.mediafire.com/?e0t816ccuwrxi23,,Oligopoly,Market Structure,Firms and How They Operate,Economics
111,Dominant Strategies,First let's look at how game theory scenarios can be resolved and the implications of that the behaviour of oligopolies.,openlectures,http://youtu.be/s--pN4p-_vI,Understand how game theory can be used to analyse how firms respond to each other,"In game theory, firms make decisions based on the decision of other firms. True or false?",True! In fact that is why we used game theory in the first place - so that we can analyse what one firm will do given the action of another firm.,7,http://www.mediafire.com/?btd4qn1nm3bvci6,,Oligopoly,Market Structure,Firms and How They Operate,Economics
112,Prisoner's Dilemma,"The dominant strategy may not always be optimal. In fact, in the case of oligopolies, they lose more than they gain by competing. However, they usually end up competing.",openlectures,http://youtu.be/vd_D96Je3xo,Understand how prisoner's dilemma can arise between competing firms,Prisoner's dilemma causes firms to settle at a suboptimal option. True or false?,"True! Firms end up earning less individually. However, they both end up there after considering the action of their competitors.",8,http://www.mediafire.com/?430g9vyg1wfi911,,Oligopoly,Market Structure,Firms and How They Operate,Economics
113,Are You Game?,"More complex scenarios exist (the previous one is very simplified). However, this scenario is sufficient to illustrate the usefulness of game theory in explaining the interdependent behaviour of oligopolists. What about the disadvantages of game theory?",openlectures,http://youtu.be/QzwTvFxhg6I,Understand intuitively more complex ideas in game theory and the limitations of game theory.,What is one major limitation of game theory?,The fact that you need to quantify every possible scenario based on all the possible moves of your competitors.,9,http://www.mediafire.com/?jfkkyeyjbbfj51f,,Oligopoly,Market Structure,Firms and How They Operate,Economics
114,Spotting The Price Discrimination ,Here you will find out what price discrimination really means and how you can spot it.,openlectures,http://youtu.be/0hPGoFUykrE,Define price discrimination precisely,Is it price-discrimination when oranges from Fairprice Finest @ Somerset costs more than those from your neighbourhood Fairprice?,"It all depends on whether there is a difference in the production costs. In this case, downtown rental rates are a lot more expensive and may account for the price difference observed.",1,http://www.mediafire.com/?r4hj62m96j0g9v4,,Introduction to Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
115,Necessary Conditions ,"Firms aren‰Ûªt always able to engage in price-discrimination (thankfully?). For firms to be able to price-discriminate, these are the market conditions that must be met.",openlectures,http://youtu.be/PNdo0oYfSCU,State market conditions necessary for firms to be able to price-discriminate,Is price discrimination possible under perfect competition?,No.,2,http://www.mediafire.com/?7pe73l0ae28vkqg,,Introduction to Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
116,To Each His Own Price ,This is the first kind of price discrimination you will learn. It takes discrimination to a whole new level‰Û_,openlectures,http://youtu.be/SVkHyCi9S8s,Describe and define 1st degree price discrimination,"In 1st degree price discrimination, a firm charges each consumer for each unit the maximum/minimum price which
that consumer is willing to pay?",Think of what the stall keeper is trying to make buyers reveal when haggling over prices!,1,http://www.mediafire.com/?j9cjjaifp7yqzx8,,First Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
117,In The Real World ,"Now that you know what 1st degree price discrimination is in theory, find out how it happens in real life.",openlectures,http://youtu.be/9j5uOlnrh1s,Understand how 1st degree price discrimination is like in the real world,Give an example of a firm that practises 1st degree price discrimination.,"Auctions, online auction sites.",2,http://www.mediafire.com/?w7fcsyw8b2s3f7n,,First Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
118,Block Pricing ,"Here you will learn what is 2nd degree price discrimination, also known as block pricing.",openlectures,http://youtu.be/11dxQR577KE,Describe and define 2nd degree price discrimination,"In 2nd degree price discrimination, what determines the price a consumer pays?",The quantity he/she buys (usually).,1,http://www.mediafire.com/?2tunatjt0g8wvzw,,Second Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
119,How It Actually Happens ,"Now that you know what 2nd degree price discrimination is in theory, find out how it happens in real life.",openlectures,http://youtu.be/oC8TkIqfvwc,Understand how 2nd degree price discrimination is like in the real world,Give an example of a firm that practises 2nd degree price discrimination.,"Electricity and utilities providers, among others.",2,http://www.mediafire.com/?2w8993ejrc11wi6,,Second Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
120,It's All About Elasticity ,This is the last type of price discrimination that you will learn about.,openlectures,http://youtu.be/VGtgsNh41hA,Describe and define 3rd degree price discrimination,"In 3rd degree price discrimination, why does each submarket pay a different price?",Each submarket has a different price elasticity of demand.,1,http://www.mediafire.com/?bg25w6y931b64ox,,Third Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
121,Graph Drawing How To Distribute Output ,Here‰Ûªs some fun and interesting graph drawing! You will also find out how firms maximise their profits through 3rd degree price discrimination.,openlectures,http://youtu.be/AL35f2MgX1I,Demonstrate how output is distributed between markets to maximise profits,How do we distribute output to each submarket?,Such last unit sold in each market must give the same marginal revenue.,2,http://www.mediafire.com/?gslbndbbxf3ibpt,,Third Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
122,In The Real World ,"Now that you know what 3rd degree price discrimination is in theory, find out how it happens in real life.",openlectures,http://youtu.be/zmMPZfZLY2o,Understand how 3rd degree price discrimination is like in the real world,Give an example of a firm that practises 3rd degree price discrimination.,"SMRT in Singapore, MacDonald‰Ûªs when it gives student discounts and many more!",3,http://www.mediafire.com/?4lbqqsyxgdh73zo,,Third Degree Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
123,Costs ,Price discrimination may have negative effects on consumers and on society.,openlectures,http://youtu.be/GKQR2brSduo,Analyse the costs of price discrimination,What is the cost of price discrimination to society?,Recall that price discrimination does not cause any additional deadweight loss to society because all consumer surplus lost is transferred to the producer. The main cost to society is where firms turn complacent and become x-inefficient.,1,http://www.mediafire.com/?4a11oacd584iivj,,Applications of Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
124,Benefits ,Price discrimination does not just benefit the firms; it can also benefit society.,openlectures,http://youtu.be/MRocUa77KPw,Analyse the benefits of price discrimination,"Other than increased research and development, what is another possible benefit of price discrimination?","Supplying to certain segments of the market that it was previously unprofitable to supply, hence increasing consumer choice.",2,http://www.mediafire.com/?yk15a9xsme4z5cu,,Applications of Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
125,"Coffee, Price Discrimination And Fair Trade ","Are you still with me? If you are, great! If you are not, it‰Ûªs time for some coffee‰Û_",openlectures,http://youtu.be/V88XPEMQGjQ,Understand price discrimination through coffee pricing in cafes,Did you like this series on price discrimination? OK here‰Ûªs the real question. What assumption did Starbucks make in order to price-discriminate profitably?,That those people who care about fair trade are willing to pay more for their coffee.,3,http://www.mediafire.com/?iscvsqx8p5iq93e,,Applications of Price Discrimination,Price Discrimination,Firms and How They Operate,Economics
126,Review: Summary Of Efficiency,"In this topic we analyse the performance of different market structures. Before we do that, let's review efficiency (because we are going to use efficiency concepts very extensively in this topic).",openlectures,http://youtu.be/JTjPMmBtfAc,List the different types of efficiencies,What are the two main types of efficiency that we are concerned with?,Allocative and Productive Efficiency,1,http://www.mediafire.com/?o5gq1hzzgpm2fz0,,Recap on Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
127,Pareto Efficiency?,Is pareto efficiency the same as allocative efficiency? Well not really.,openlectures,http://youtu.be/gpcmnR7CtZM,Differentiate between Allocative and Pareto Efficiency,Are pareto efficient outcomes necessarily allocatively efficient?,"Not really! For the reasoning, watch the video.",2,http://www.mediafire.com/?9m3h3jqwr2nx669,,Recap on Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
128,Allocative Efficiency On A PPC,"Let's look at the different ways we can represent allocative efficiency. First, we can represent this form of efficiency on the PPC.",openlectures,http://youtu.be/42nqQjlV1Dc,Represent Allocative Efficiency on a PPC,What are the two conditions for allocative efficiency on the PPC?,It must lie on the PPC (to make sure that the maximum amount of the two goods are produced) and it must be the right combination (so that the right type of goods are produced).,1,http://www.mediafire.com/?rk1ivhwe8bgscfe,,Allocative Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
129,Allocative Efficiency Through Maximising Surplus,We can also represent allocative efficiency by maximising consumer and producer surplus. This is done through the equilbrium of demand and supply.,openlectures,http://youtu.be/nMqqbdjgeGM,Represent Allocative Efficiency using Demand and Supply,Why is the intersection of demand and supply allocatively efficient?,Both consumer and producer surplus are maximised at that quantity.,2,http://www.mediafire.com/?dhq5h22q8aynzqn,,Allocative Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
130,Allocative Efficiency Through P=MC,Allocative efficiency also happens when market price P equals to Marginal Cost MC. Let's see why that happens.,openlectures,http://youtu.be/hk7TlA_7Z9k,Represent Allocative Efficiency using P=MC,Why is P=MC allocatively efficient?,"Any amount less than that, P>MC, so society values the last unit more than what it takes to produce it. So society can benefit if an additional unit is produced. Any amount less than that, Pmised when P=MC. ",3,http://www.mediafire.com/?nb81i5m6eiojk96,,Allocative Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
131,Allocative Efficiency Through Cost Benefit Analysis,"Finally, Cost Benefit Analysis (CBA) also allows us to determine allocatively efficiency.",openlectures,http://youtu.be/WfINmTw7Bo8,Represent Allocative Efficiency through Cost Benefit Analysis,What is the condition for allocaive efficiency under Cost Benefit Analysis,When Marginal Social Benefit = Marginal Social Cost,4,http://www.mediafire.com/?ddzacma6tgo5jq2,,Allocative Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
132,Conditions For Allocative Efficiency,Let's summarise the conditions for allocative efficiency. Can you recall all 4?,openlectures,http://youtu.be/Kcwo0r-arL8,List the different tests for Allocative Efficiency,What are the tests we use to determine allocative efficiency?,"PPC, Demand and Supply, P=MC and Cost Benefit Analysis",5,http://www.mediafire.com/?6rcdo6kt50ssdf1,,Allocative Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
133,Productive Efficiency On A PPC,Now let's look at productive efficiency. Productive efficiency can be represented on a PPC as well.,openlectures,http://youtu.be/gQkLuFKKaxU,Represent Productive Efficiency using the PPC,What is the condition for productive efficiency using the PPC?,The point of production must be on the PPC itself.,1,http://www.mediafire.com/?spxkvh7kyx5g73i,,Productive Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
134,Productive Efficiency Using AC,Productive efficiency can be represented by Average Costs too. Let's look at how that is done.,openlectures,http://youtu.be/zAVo1Tdq0Ww,Represent Productive Efficiency using the SRAC and the LRAC,What are the two conditions for productive efficiency?,Being at the bottom point of the SRAC and the LRAC,2,http://www.mediafire.com/?2nqo733l74aklg4,,Productive Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
135,Recalling The Slacker,Is X-Efficiency simply productive efficiency? Actually not really!,openlectures,http://youtu.be/Sa77lxEmtbQ,Define X-Efficiency,What is X-Efficiency?,X-Efficiency is the effectiveness with which a given set of inputs are used to produce outputs.,3,http://www.mediafire.com/?272xqyo755rfajb,,Productive Efficiency,Efficiency of Different Market Structures,Firms and How They Operate,Economics
136,Structure Conduct Performance,Now let's get back to market structures. Remember our structure conduct performance framework?,openlectures,http://youtu.be/2XKKQZ9d7LA,Summarise the structure and conduct of the 4 market structures.,What are the conducts of the 4 market structures?,PC firms have zero market power and are price takers. Monopolies have significant market power and are price setters. MPC firms engage in non-price competition and minor product differentiation. They are independent of one another. Oligopolists are interdependent.,1,http://www.mediafire.com/?69dwbum16hyczw2,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
137,Efficiency,"Let's move on to the performance of each of these 4 markets. First, let's evaluate them in terms of efficiency.",openlectures,http://youtu.be/JTjPMmBtfAc,Evaluate the efficiency of the 4 market structures,Is the PC firm allocatively and productively efficiency? What about the monopoly?,The PC firm is allocatively and productively efficient. The monopoly is allocatively inefficiency. The monopoly has no incentive to be productively efficient and hence is usually productively efficient. It is only productively efficient by sheer coincidence.,2,http://www.mediafire.com/?s4d4n7aa53m9phk,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
138,Equity,"Now that we have evaluated the market structures by efficiency, let's analyse them in terms of equity.",openlectures,http://youtu.be/hEaMwHVbEmc,Evaluate the level of equity in the 4 market structures,Is the PC firm equitable?,Yes it is. Every firm only earns normal profits and no one is earning excess profits.,3,http://www.mediafire.com/?pctl743oigwb05g,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
139,Spoilt For Choice,"Third, let's analyse the amount of consumer choice in each of those market structures.",openlectures,http://youtu.be/hEaMwHVbEmc,Evaluate the level of consumer choice in the 4 market structures.,Is there consumer choice in a MPC market?,"Yes there is! In fact, that is why MPC firms are slightly allocatively inefficient (remember the trade off between variety and absolute allocative efficiency?)",4,http://www.mediafire.com/?29y7ra6dvvjqnxj,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
140,Innovation,"Last, let's see if each of the market structures promote innovation.",openlectures,http://youtu.be/ErQMaxDsppo,Evaluate the level of innovation in the 4 market structures,Is there innovation in an oligopolistic market?,"The individual firms are large enough to have capital for innovation. However, they have no incentive to innovate so long as barriers to entry are significant enough to prevent entrants. They can continue earning profits without innovation!",5,http://www.mediafire.com/?eqx4mny4yuz447e,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
141,Contestable Markets,That was the standard vanilla analysis of market structures. Let's add something special now. The theory of contestable markets modify our view of the oligopoly significantly.,openlectures,http://youtu.be/8PL1IYBDueg,Understand the implications of the theory of contestable markets on oligopolies,What happens when markets are contestable?,"The sheer threat of having new entrants prevent firms from charging supernormal profits. Also, firms innovate in the market. Hence even though the market is oligopolistic, it will have innovation and be closer to allocative and productive efficiency.",6,http://www.mediafire.com/?eqx4mny4yuz447e,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
142,Natural Monopolies,"By now, our conclusion is that monopolies are bad. However, that is not always the case! A natural monopoly is one such example.",openlectures,http://youtu.be/wRcC1SR0PDw,Understand how keeping natural monopolies as monopolies may be beneficial to society.,What are natural monopolies?,By allowing the firm to exist (due to its high economies of scale) and preventing duplication of services.,7,http://www.mediafire.com/?u44wi8tmq5g2b67,,Evaluating Market Structures,Efficiency of Different Market Structures,Firms and How They Operate,Economics
143,The Crippled Invisible Hand,Markets aren't all that close to the idea we have of them in the Free Market. They're pretty much different actually. Have you questioned why some phenomenas such as dominant producers and government regulation occur? That's where Market Failure steps in,openlectures,http://youtu.be/X6qwghiALdo,Define Market Failure,What are some of the variations between Free Market concepts and the real world that you have noticed?,"There are many of these examples. While we have provided a few, look out for more in your daily life!",1,http://www.mediafire.com/?s9sqa7b7aiyj29z,,What is Market Failure,Market Failure,Market Failure,Economics
144,Before The Arm Snapped,"Before me move on, we need to identify the concepts we're going to be using. The lesson on Free Markets taught us about allocative and productive efficiency - this is a recap on those topics.",openlectures,http://youtu.be/qsVs8NKfGRw,"Understand that without market failure, the free market produces efficient outcomes",What are the two main kinds of efficiency we study in market theory?,Allocative and Productive Efficiency,2,http://www.mediafire.com/?yj19vlc47gqsc5w,,What is Market Failure,Market Failure,Market Failure,Economics
145,Types Of Market Failure,Market failure can be divided into a few sub-topics. They can occur concurrently or exclusively- but an appreciation of all of them allows us to have a better grasp on real-world issues.,openlectures,http://youtu.be/jo2NM90jE0Y,Identify the types of market failure to be discussed,List the types of market failure arguments you can use in a debate.,There are six main kinds,3,,,What is Market Failure,Market Failure,Market Failure,Economics
146,Sounds Like Externalities,Externalities are pretty prevalent in our world. How do we define an externality and what are some of the cases we can directly relate to?,openlectures,http://youtu.be/_NDoXTs9Dqc,Define externalities,What is the definition of an externality?,Think about the effects an externality has on the consumer and on society,1,http://www.mediafire.com/?jdf6ynj1v5v5cjk,,Externalities,Market Failure,Market Failure,Economics
147,Social Cost And Benefits,Externalities make use of important concepts of SOCIAL costs and benefits. Here we'll take a look at what they mean.,openlectures,http://youtu.be/ijtU8rTf5Rc,Define social cost and benefits,What is the main effect on social costs and benefits on market diagrams?,Market diagrams mainly deal with individual behaviour - how do social costs and benefits fit in then?,2,http://www.mediafire.com/?as4fm34zp3s2ehh,,Externalities,Market Failure,Market Failure,Economics
148,Classifying Externalities,Externalities can be classified in some ways. These are the conditions which we classify them under,openlectures,http://youtu.be/9rRvs1ZagK4,List the types of externalities,What are the classification of externalities?,Think about how we want to classify them in arguments and discussions,3,http://www.mediafire.com/?5y09grff1agczn3,,Externalities,Market Failure,Market Failure,Economics
149,Negative Externalities (NE),Negative externalities deal with costs borne on societies that individuals do not consider- here are some examples,openlectures,http://youtu.be/MAoQ3ioSlfs,Define negative externalities,What are some other examples of negative externalities that you can think of?,Anything that causes external costs to others (or society at large) can be considered negative externalities.,4,http://www.mediafire.com/?kh4n1g2g2oajbfy,,Externalities,Market Failure,Market Failure,Economics
150,Marginal External Cost (MEC),Marginal external costs help explain the effect on society from negative externalities. Here's how.,openlectures,http://youtu.be/uh_jRxqA13A,Understand how marginal external cost is calculated and used in analysis,What's a simple method of calculating marginal external cost?,Remember the two main groups we're dealing with here - society and individuals.,5,http://www.mediafire.com/?h9fc760lyi94su5,,Externalities,Market Failure,Market Failure,Economics
151,Socially Optimal Production,"If negative externalities cost the level of production to be allocatively inefficient, then how do we deduce the socially optimal level production. This is how.",openlectures,http://youtu.be/GG6oqTdoFtM,Deduce socially optimal production amount using social cost and benefits,What's the difference between the socially optimal level of production and the actual level of production?,Remember the difference between cost on society and cost on the individual,6,http://www.mediafire.com/?0jm1a7j124ygjga,,Externalities,Market Failure,Market Failure,Economics
152,Inconsiderate Neighbours,Here we see how some of the effects of negative externalities on our society.,openlectures,http://youtu.be/0LDtdZ9ngHw,Understand some of the effects of negative externalities,Think about the effects on other parties such as the government and firms.,These are usually negative effects on society.,7,http://www.mediafire.com/?951vasvu5pbefsv,,Externalities,Market Failure,Market Failure,Economics
153,Positive Externalities (PE),Positive externalities deal with benefits borne on societies that individuals do not consider- here are some examples,openlectures,http://youtu.be/l8JGhClqq9Y,Define positive externalities,What are some other examples of positive externalities that you can think of?,Open education anyone?,8,http://www.mediafire.com/?xszhcduxzetx27q,,Externalities,Market Failure,Market Failure,Economics
154,Marginal External Benefit (MEB),Marginal external benefits help explain the effect on society from positive externalities. Here's how.,openlectures,http://youtu.be/K656p1dV8ko,Understand how marginal external benefit is calculated and used in analysis,What's a simple method of calculating marginal external benefit?,Remember the two main groups we're dealing with here - society and individuals.,9,http://www.mediafire.com/?at46vesmr7gaob9,,Externalities,Market Failure,Market Failure,Economics
155,Effects Of PE,Here we see how some of the effects of positive externalities on our society.,openlectures,http://youtu.be/ww8eGOArezc,Understand some of the effects of positive externalities,Think about the effects on other parties such as the government and firms,Or even on the environment!,10,http://www.mediafire.com/?1f7joe8u90fckk4,,Externalities,Market Failure,Market Failure,Economics
156,The Government Thinks That...,What's difference between externalities and merit/demerit goods? Here we identify the clear definitions and classifications of each.,openlectures,http://youtu.be/3ZTdwDGl-z8,Define demerit and merit goods,What's the main difference between a good that produces negative externality and a demerit good?,Think about on whom the main effect of each good is acting on,1,http://www.mediafire.com/?toyjrvxpapqme2b,,Merit and Demerit Goods,Market Failure,Market Failure,Economics
157,This Is Bad For You,Demerit goods have certain implications and effects on the market - here we take a look at them.,openlectures,http://youtu.be/_SHq6CyOeFU,Understand the effects and implications of demerit goods,What is the main factor that causes a demerit good to be overconsumed or a merit good to be underconsumed?,Individuals need certain inputs in order to make decisions. Are any of them missing ?,2,http://www.mediafire.com/?ufd43j7e8hafzta,,Merit and Demerit Goods,Market Failure,Market Failure,Economics
158,This Is Good For You,Merit goods too affect the market in a similar way - yet in a different direction. ,openlectures,http://youtu.be/eqoBczHrWRA,Understand the effects and implications of merit goods,What are some merit goods you can think of?,What about seat belts?,3,http://www.mediafire.com/?rgd2cjcq33jsdai,,Merit and Demerit Goods,Market Failure,Market Failure,Economics
159,Public Goods,Here we define what a public good is and how we can identify it in the market,openlectures,http://youtu.be/FbsLB5lhlpc,Define public goods and provide examples of public goods,How do we define a public good?,Think about the conditions necessary fora good to be considered a public good? A public good is a good that is primarily non-rivalrous and also non-excludable,1,http://www.mediafire.com/?ix8omyvbm1fh9z7,,Public Goods,Market Failure,Market Failure,Economics
160,Non-Rivalry,Non-rivalry is one of the strict conditions that guide the identfication of public goods as well as explanation of why markets don't provide them- here we see how it's defined,openlectures,http://youtu.be/_chu0nLTlcw,Define non-rivalry,Think of some goods that are non-rivalrous - list out a few examples.,Non-rivalrous means that the good does not diminish in supply with one additional consumer. These goods are actually much more common than you think. What about knowledge? Or software for example. Or perhaps what openlectures is doing with education.,2,http://www.mediafire.com/?w97rwkm9c4uwlgp,,Public Goods,Market Failure,Market Failure,Economics
161,Non-Excludability,Non-excludability is the second condition that affects how public goods are troublesome for firms to produce. Here we see how to explain the concept,openlectures,http://youtu.be/cIprJokXwgE,Define non-excludability,Think of some goods that are non-excludable - list out a few examples,Non-excludable means that a consumer cannot be stopped from consuming the good. Think about free-to-air TV shows! Anyone tuning in to the show can enjoy it for free.,3,http://www.mediafire.com/?rj74kxr709dhid0,,Public Goods,Market Failure,Market Failure,Economics
162,Weighing In A Failed Market,Public goods is a complex issue. There are innovative solutions to the problem as well as alternative understandings of the issue. ,openlectures,http://youtu.be/84wMhrNec-c,Understand solutions and alternatives to public goods,Go read up more on public goods and the solutions that people have for them.,"For starters, try Googling ""Coase Theorem""",4,http://www.mediafire.com/?2ligchsd6z6esls,,Public Goods,Market Failure,Market Failure,Economics
163,Big Bullies,We've touched on imperfect competition before. Here we delve deeper into how it affects markets and affects efficiency.,openlectures,http://youtu.be/CxtPmynkdfg,Understand how imperfect competition leads to market failure,What are the main causes of imperfect competition?,"Barriers to Entry, Number fo Firms, Imperfect Information, Immobility of Factors of Production, Unfair Advantages etc.",1,http://www.mediafire.com/?6q6bvcc1tp7ut3e,,Imperfect Competition,Market Failure,Market Failure,Economics
164,Effect On Allocative Efficiency,The first effect is allocative inefficiency - imperfect competition distorts the market and can cause less goods to be produced than society deems necessary,openlectures,http://youtu.be/_QAetQDI-WA,Understand how imperfect competition causes allocative inefficiency,Why is allocative inefficiency a problem / market failure?,The amount of goods excahanged is less than society desires. Consumers struggle with usually higher prices and governments have to consider using subsidies/taxes which will cause more policy discussions and possible costs on government.,2,http://www.mediafire.com/?u76ec9140vd6v94,,Imperfect Competition,Market Failure,Market Failure,Economics
165,Effect On Productive Efficiency,Productive ineffiency is another effect caused by imperfect competition - firms don't produce at the MES ,openlectures,http://youtu.be/gR8eYgup3aU,Understand how imperfect competition causes productive inefficiency,Why is productive inefficiency a problem / market failure?,"Not all factors of production are being used to their maxium potential, causing wastage and possible higher costs to society. Firms lose out on technlogically advanced processes that could improve production levels and lower costs, consumers may be exposed to higher prices derived out of higher costs.",3,http://www.mediafire.com/?85a6yrdyjibjor2,,Imperfect Competition,Market Failure,Market Failure,Economics
166,Big Friendly Giant?,Is imperfect competition really a market failure? Or is it a failure of ours to truly understand the market? These are some of the discussions to ponder on,openlectures,http://youtu.be/cHBHX3KksJs,Understand that imperfect competition is not universally bad,So do you think that imperfect competition is still as much of an evil as we initially made it out to be?,"Opponents of anti-trust laws often state that a monopoly exists precisely because it has been well managed. In that case, its size is just a reward for its good strategies. Busting monopolies creates disincentive for proper management of firms. Then it is counter productive.",4,http://www.mediafire.com/?1h60285qzm126p4,,Imperfect Competition,Market Failure,Market Failure,Economics
167,Oiling The Gears,Most of us forget about the oil between the gears of the market - information and mobility of factors of production. Here we take a look at how they affect it.,openlectures,http://youtu.be/WUPv6XKDCGI,Understand the importance of information and mobility in the market,Can you think of one scenario where lack of information has caused difficulties for you?,Hint: not remembering how to define market failure during an exam is not due to lack of information on the market.,1,,,Information and Mobility,Market Failure,Market Failure,Economics
168,Imperfect Information,"Imperfect information involves barriers to complete information, restriction from sharing and other blockades to a wholesome understanding of the market. These can affect allocation of resources and production ability - affecting the market. ",openlectures,http://youtu.be/V_coo4DzF3A,Understand the effect of imperfect information on the market,What are some of the ways imperfect information can affect markets?,Individuals with imperfect information don't make decisions based on complete costs and benefits - under-consumption or over-consumption occur. Firms with imperfect information don't use best practices that could lower costs.,2,,,Information and Mobility,Market Failure,Market Failure,Economics
169,Immobile Factors Of Production,Factors of production need to be used where they are maximised and suit society's need for goods. When they don't - that's another form of market failure,openlectures,http://youtu.be/0Sa8SO950DA,Understand the effect of immobile factors of production on the market,What are the two main kinds of immobility?,Geographically and Occupationally Immobile,3,,,Information and Mobility,Market Failure,Market Failure,Economics
170,Wide Coverage,Now let's summarise what we have learnt in this lesson.,openlectures,http://youtu.be/Bk95O617c_w,List all the forms of market failure,What are the forms of market failure again?,"They are Externalities, Merit and Demerit Goods, Public Goods, Imperfect Competition and Information and Mobility",4,,,Information and Mobility,Market Failure,Market Failure,Economics
171,Final Note,"Market failure is a non-exhaustive topic- there's so may spin-off questions and further analysis to be done. Is market failure really ""market"" failure? Are they really problems or opportunities for innovative solutions? These are the questions that we should ask and that's the exciting part of economics - understanding the market for what it is and appreciating the solutions we can provide.",openlectures,http://youtu.be/tOiBtmf1UfY,Discuss possible spin-off topics and deeper analysis of market failure,What is one conclusion we can make after learning market failure?,The invisible hand is not always perfect!,1,,,Summary and Looking Forward,Market Failure,Market Failure,Economics
172,G.I. Joe,Governments intervene when there is market failure,openlectures,http://youtu.be/PABkTFShR_Q,Understand why governments intervene in the market,What can governments do when there are market failures?,They can intervene to correct the inefficiencies of the free market!,1,http://www.mediafire.com/?fwju7egg4kj4kj0,,Who's Your Daddy,Government Intervention,Government Intervention in The Market,Economics
173,Framework Of Government Intervention,Governments use cost-benefit analysis to decide whether to intervene and how much to intervene,openlectures,http://youtu.be/B78RdgKro5U,Understand how government assess the need for intervention and the extent,What framework do we use to decide when or how much to intervene?,We conduct cost benefit analysis by identifying all the costs and benefits of a particular course of action and weighing them.,2,http://www.mediafire.com/?vp916maeql31dji,,Who's Your Daddy,Government Intervention,Government Intervention in The Market,Economics
174,Tax To Reduce Monopoly Profits,Lump-sum tax is used to reduce supernormal profits,openlectures,http://youtu.be/p1PyrN6mpl8,Understand the role of taxes in reducing supernormal profits,How does the lump sum tax affect the AC?,It shifts the AC in a parallel manner because it increases the cost by a fixed amount at every production quantity.,1,http://www.mediafire.com/?66ca6t5ulc5uvz4,,Taxes and Subsidies,Government Intervention,Government Intervention in The Market,Economics
175,Tax For Negative Externalities,Taxes reduce consumption back to socially optimum level,openlectures,http://youtu.be/DHYUtg4TVts,Understand the role of taxes in reducing negative externalities,"When we impose a tax to push up the MPC such that (MPC + tax) equals MSC at the socially optimal amount, what happens to the externality?",The externality is internalised by the tax increase. This terminology is a keyword in the A Levels.,2,http://www.mediafire.com/?pksjjr5wsa162gr,,Taxes and Subsidies,Government Intervention,Government Intervention in The Market,Economics
176,Subsidies For Positive Externalities,Subsidies provide incentives for more consumption,openlectures,http://youtu.be/yZ-AMvGeBLY,Understand that subsidies can correct for positive externalities and evaluate the effectiveness,Why may subsidies fail?,It is difficult to estimate the right amount of subsidy to provide. It may also strain the government budget.,3,http://www.mediafire.com/?rjpl7bmdnyaexts,,Taxes and Subsidies,Government Intervention,Government Intervention in The Market,Economics
177,Subsidies To Correct Monopoly Output,Subsidies reduces the marginal cost for firms so that they will increase output,openlectures,http://youtu.be/jhZLmTz3Fh0,Understand that subsidies can reduce allocative inefficiency of monopolies and evaluate the effectiveness,How do subsidies correct monopolies?,"It incentivises them to produce more, hence reaching the socially optimal point of production. However, it does not solve the problem of supernormal profits existing in monopolies.",4,http://www.mediafire.com/?ghr9s00kb1f46o9,,Taxes and Subsidies,Government Intervention,Government Intervention in The Market,Economics
178,Public Goods,The free market will not provide for such goods,openlectures,http://youtu.be/a3W4bWPHHeI,Explain why governments provide public goods,How can governments intervene to solve the problem of public goods?,"They usually do so via direct provision. In other words, they simply produce the public good. Take for example national defence - usually the government of a country provides for the national defence of the country.",1,http://www.mediafire.com/?9it4on0ib2rvkey,,Direct Provision,Government Intervention,Government Intervention in The Market,Economics
179,Merit Goods,Merit goods can either have significant positive externalities or are under-consumed due to imperfect information,openlectures,http://youtu.be/BvTHjeJ4DBA,Explain why governments provide merit goods,Must merit goods always have external benefits?,"Not necessarily. Some may just be things that the government thinks is good for you (ie. your own private benefit). One such example is seat belts. It doesn't actually help anyone around you, but many governments have laws requiring drivers to wear seat belts.",2,http://www.mediafire.com/?m3hpbi5gd5h391l,,Direct Provision,Government Intervention,Government Intervention in The Market,Economics
180,Licensing And Quotas,Quotas displace the price mechanism in the free market and limits output through legislation,openlectures,http://youtu.be/ppQoczcZZVA,Understand that quotas work to limit demerit goods to desirable amounts,What happens to the supply curve under quotas?,The supply becomes a vertical line at the quantity of the quota.,1,http://www.mediafire.com/?wd7j88e55d64gw7,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
181,Legislation For Merit Goods,Legislation makes it mandatory for people to consume merit goods,openlectures,http://youtu.be/mP-23Dw8iWk,Understand that legislation can be used to increase consumption of merit goods,How does legislation work in increasing the consumption of merit goods?,It is simply illegal to not consume the good (eg. helmets for construction workers).,2,http://www.mediafire.com/?0l1erg8a8ixgxh7,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
182,You Shall Do As I Say,Price regulation makes it mandatory for firms to produce at AC=AR or MC=AR,openlectures,http://youtu.be/_hY7y-wftKA,Understand that price regulation can reduce the allocative inefficiency arising from monopolies,Why is MC pricing rarely the best solution?,"Though the monopoly will produce at P=MC which is allocatively efficient, the firm will usually make losses, causing the firm to simply exit the market after a while (and leave production at zero). Consumer loses out eventually.",3,http://www.mediafire.com/?324w4vd49iz6vwx,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
183,Legislation To Regulate Monopoly Behaviour,Laws can be used to prevent anticompetitive behaviour by firms,openlectures,http://youtu.be/sqYjyVZoAtw,Understand that the undesirable characteristics of monopolies can be restricted through laws,What forms of monopolistic behaviour are usually policed by the government?,Mergers and suspected predatory pricing are usually policed.,4,http://www.mediafire.com/?duu1a3jybar379k,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
184,Maximum And Minimum Pricing,Price controls aim to reduce inequity,openlectures,http://youtu.be/kCd_sPw8-EU,Understand the purpose of price floors and ceilings,Price ceilings are above or below the equilibrium price?,"They are below (counter-intuitive isn't it? Ceiling below. Roof on top). If they are on top, the equilibrium price will prevail, not the ceiling price.",5,http://www.mediafire.com/?h5hzck3iau8x14i,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
185,Education For Merit/Demerit Goods,Education informs the public about the benefits of merit goods and the detriments of demerit goods,openlectures,http://youtu.be/0rSNQQQ65cs,Understand that education works to achieve a socially desirable level of consumption of merit/demerit goods,Why is education sometimes ineffective?,It takes a long time and is dependent on public reception,6,http://www.mediafire.com/?9pi3fci6ha32sd6,,Legislation and Regulation,Government Intervention,Government Intervention in The Market,Economics
186,The Benefits Of Nationalisation,Nationalisation is used to protect the interests of consumers from monopolies,openlectures,http://youtu.be/Eex_sObBkwU,Understand that nationalisation helps in solving market failure,What is nationalisation?,Nationalisation is where the government buys up private assets and controls the production of goods and services,1,http://www.mediafire.com/?mzkj7dz4m4896cb,,Nationalisation,Government Intervention,Government Intervention in The Market,Economics
187,Disadvantages Of Nationalisation,Nationalisation has its drawbacks as well especially in terms of inefficiency,openlectures,http://youtu.be/W0wxL1yZZEM,Evaluate nationalisation as a policy to solve market failure,What are the disadvantages of nationalisation?,Bureaucracy (and hence productive inefficiency). Crowding out effect. Lack of free market incentives.,2,http://www.mediafire.com/?r2cl33r95zg1ga0,,Nationalisation,Government Intervention,Government Intervention in The Market,Economics
188,Saving Private Ryan,Privatisation is the sale of assets to the private sector to tap on their higher business efficiency,openlectures,http://youtu.be/s3nfm8LmQRA,Define privatisation,What is privatisation?,It is the sale of public sector assets to the private sector.,1,http://www.mediafire.com/?lss6b3hiild8bc6,,Privitisation and Deregulation,Government Intervention,Government Intervention in The Market,Economics
189,Deregulation,Deregulation reduces barriers to entry and promotes competition,openlectures,http://youtu.be/Zey9rUvBO-4,Define deregulation,What is deregulation?,It is the breaking down of barriers of entry to promote competition in a market.,2,http://www.mediafire.com/?bq92ao1c70y0cke,,Privitisation and Deregulation,Government Intervention,Government Intervention in The Market,Economics
190,Benefits Of Privitisation And Deregulation,Such policies reduce inefficiency and promotes greater equity,openlectures,http://youtu.be/UHWA1cdOEmo,List the benefits of privatisation and deregulation in terms of solving market failure,What is the greatest benefit of privatisation and deregulation?,"More competition obviously! This leads to a reduction in levels of supernormal profits. Firms are also kept on their toes, so productive inefficiency is minimised. Firms also become less allocatively inefficient as competition makes their demand curve more elastic.",3,http://www.mediafire.com/?lod6d4jc84aa60t,,Privitisation and Deregulation,Government Intervention,Government Intervention in The Market,Economics
191,Limitations Of Privitisation And Deregulation,"Such policies may have limited effect or even backfire, resulting in greater market failure",openlectures,http://youtu.be/RnZZZt2c4Rc,List the drawbacks/limitations of privatisation and deregulation,What are the disadvantages of privatisation and deregulation?,"Even when you break up a monopoly, you may just get oligopolies. However, one still has to consider if that is better than a single monopoly (ie. a second best solution as the ideal of perfect competition is hard to attain).",4,http://www.mediafire.com/?qd2t3aakt2zdn30,,Privitisation and Deregulation,Government Intervention,Government Intervention in The Market,Economics
192,Minimum Wage Policy,Minimum wage policy protects the lower income group by making a mandatory minimum wage which employers have to pay their employees,openlectures,http://youtu.be/JtYQ-WXtzyU,"Define, understand, and evaluate minimum wage policies",What is a minimum wage policy?,A minimum wage policy is a mandatory wage floor that sets the lowest wage an employer can pay,1,http://www.mediafire.com/?5mzctj1671o5jv7,,Income Equality,Government Intervention,Government Intervention in The Market,Economics
193,Skills Training,Skills training improves the productivity of workers and allow them to move up the corporate ladder more easily,openlectures,http://youtu.be/KGthaj0alz4,"Define, understand, and evaluate skills training",What is the major disadvantage of training?,It takes a long time!,2,http://www.mediafire.com/?34g8ta5hjykcht9,,Income Equality,Government Intervention,Government Intervention in The Market,Economics
194,Regulation Of Foreign Worker Permits,Reducing foreign worker permits restricts the supply of labour and thus pushes up wages,openlectures,http://youtu.be/pJCOnqaAjcI,Understand and evaluate the regulation of foreign worker permits,What is one effect of introduction of foreign labour?,Wage levels (especially lower income groups) tend to be depressed.,3,http://www.mediafire.com/?1534xdeks555z4b,,Income Equality,Government Intervention,Government Intervention in The Market,Economics
195,Income Tax,Income tax is progressive and thus equalises after-tax incomes,openlectures,http://youtu.be/SJH_9ng_C84,Understand and evaluate progressive income tax as a solution for inequality,How can a progressive tax promote equality in wages?,Progressive tax means that the tax rate increase as the income level increases. This will help to reduce the difference in after-tax incomes. The revenue earned by the government can then be channelled to the poor. ,4,http://www.mediafire.com/?pbgho781psvur88,,Income Equality,Government Intervention,Government Intervention in The Market,Economics
196,Benefits System,"Benefits allow the lower income group to receive subsidies, thus improving their standard of living",openlectures,http://youtu.be/OLnZSZ8tk4A,Understand and evaluate the benefits system,What are the two kinds of benefits?,Universal benefits and benefits in kind. They are defined in the checkpoint.,5,http://www.mediafire.com/?19lf06ta236y4pp,,Income Equality,Government Intervention,Government Intervention in The Market,Economics
197,The Government Gets An F,Explain what government failure means,openlectures,http://youtu.be/sGoPWj8PayI,Define government failure,When does government failure happen?,"Government failure is when the government tries to intervene in the market but in the end, the situation is worse off in terms of even lower levels of efficiency or welfare.",1,http://www.mediafire.com/?rd6iw0oot2od9v3,,Government Failure,Government Intervention,Government Intervention in The Market,Economics
198,Reasons For Government Failure,Explain the reasons for government failure,openlectures,http://youtu.be/fKYOBM3Vx-8,Understand the reasons for government failure,Why do governments fail?,"Information, incentives, distribution and time.",2,http://www.mediafire.com/?wsweng75fllx20h,,Government Failure,Government Intervention,Government Intervention in The Market,Economics
199,What's A Key Economic Indicator?,"Ideally, one should recognise the symetries between KEIs and traditional metrics used in microeconomics",openlectures,http://youtu.be/rLpmrxYnqDY,List the different Key Economic Indicators,What are the Four Main KEIs?,"GDP, Inflation Rate, Unemployment Rate, Balance of Payments",1,http://www.mediafire.com/?m3zck7j1zc55cz7,,Inflation,Key Economic Indicators,Key Economic Indicators,Economics
200,Inflation,Let's start by defining inflation. It is the rate of growth of prices levels.,openlectures,http://youtu.be/o1G69dnBREA,Define inflation,What is the definition of inflation?,General rise in the price of level of goods and services over a period of time,2,http://www.mediafire.com/?rc4bt52i1i7g9ln,,Inflation,Key Economic Indicators,Key Economic Indicators,Economics
201,The Consumer Price Index,"One must understand that the CPI is simply of the proxies of inflation; most central banks use what we term ""core inflation"" which is usually significantly lower than headline inflation.",openlectures,http://youtu.be/ThuHvccZ0GM,Understand the construction of the CPI,What are some of the key features in the CPI?,"Price of common household products - rice, chicken etc.",3,http://www.mediafire.com/?8zd128aac3sy5gq,,Inflation,Key Economic Indicators,Key Economic Indicators,Economics
202,High Flyer,This is usually a 2 mark question in case studies; one must be clear to note that a decreasing inflation rate does not mean there is deflation. ,openlectures,http://youtu.be/x5wBAsiZO1Q,Calculate inflation rate from CPI values given,How does one determine the inflation rate from the Consumer Price Index?,"By observing changes in a weighted index, the percentage increase in the index is equal to the inflation rate for that period",4,http://www.mediafire.com/?2eaei27dk6ddttd,,Inflation,Key Economic Indicators,Key Economic Indicators,Economics
203,Unemployment,One must realise that the concept of full employment is very subjective; there are many conflicting view points; but generally speaking full employment does not mean that everyone is employed - that is impossible; the natural rate of unemployment is defined as the sum of structural and frictional unemployment,openlectures,http://youtu.be/OIEJd39jjLI,Define and understand the 3 types of unemployment,What are the three kinds of unemployment?,"Cyclical , Structural, Frictional",1,http://www.mediafire.com/?5p8f6x641xa1a5m,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
204,Equilibrium Vs Disequilibrium Unemployment,One must realise the importance of the sticky wage argument which played a vital role in keynes' advocation of fiscal policy,openlectures,http://youtu.be/nqzDxNOl8Ls,Differentiate between equilibrium and disequilibrium unemployment,Why might wages be sticky downwards? Consider microfoundations of market structure for an answer.,"More hints? Think about what happens when a boss tries to lower someone's wages. Is it difficult to achieve that? Will the worker take that well? Consider outside of Singapore - in many of those countries, unions exist to push up wages regularly. They protest against lowering of wages!",2,http://www.mediafire.com/?p42o2j1mtq768uq,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
205,Philips Curve,The philips curve is not in the H2 syllabus; but it is rather trivial; it can be derived from AD-AS analysis,openlectures,http://youtu.be/k1Ffn1hzzUc,Identify the inverse relationship between unemployment and income,How do you derive the philips curve from AD-AS analysis?,Consider what happens to the General Price Level when AD increases (or conversely).,3,http://www.mediafire.com/?crc6pr9eqb2pc2i,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
206,Demand-deficient Unemployment,Demand deficient unemployment is one of the most common forms of unemployment one will encounter in the H2 syllabus; it is important to master this concept well.,openlectures,http://youtu.be/KM8cZR8xPIA,Define demand-deficient unemployment,Draw on a labour market diagram. What happens to the labour market when AD falls?,Your employment level falls!,4,http://www.mediafire.com/?p7ij7vrk74d75wd,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
207,Structural Unemployment,"In Singapore, the main forms of structural unemployment are workers who lack the skills to take up new jobs in high skilled manufacturing industries as low-skilled industries leave the country due to cost concerns.",openlectures,http://youtu.be/gtiwZY2GeuU,Define structural unemployment,What causes structural unemployment?,Mismatch of skills.,5,http://www.mediafire.com/?86ov7qha364v5br,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
208,Frictional Unemployment,"Frictional unemployment is generally not a strong concern in singapore given our small size as a country; but with countries such as the US or the UK, geographical constraints may widen the extent of frictional unemployment",openlectures,http://youtu.be/0TKvW-BAJtU,Define frictional unemployment,Propose 2 policies to reduce frictional unemployment in the US,Consider the causes of frictional unemployment.,6,http://www.mediafire.com/?cwz9wn8ktllfe46,,Unemployment,Key Economic Indicators,Key Economic Indicators,Economics
209,Gross Domestic Production - The Value Produced In Our Borders,"There are many ways to calculate GDP in the country but do take note of the key word in the definiton ""final"" or else double counting will occur.",openlectures,http://youtu.be/RWaSNL8qQ60,Define GDP,Define GDP,Market value of all officially recognised final goods and services produced within a country in a given period of time,1,http://www.mediafire.com/?t6fz8ivdu312v0z,,GDP,Key Economic Indicators,Key Economic Indicators,Economics
210,Gross National Production - The Value Produced By Our People,"In Singapore, the GNP is higher than the GDP due to our factor income from abroad - investments from GIC and many of our overseas companies accrue significant returns.",openlectures,http://youtu.be/8YJVu9fBCSc,Define GNP,What's the difference between GDP and GNP,"GDP looks at the value of goods produced within the boundaries of the country, while GNP looks at the value of goods produced by Singaporeans , both local and foreign.",2,http://www.mediafire.com/?t6fz8ivdu312v0z,,GDP,Key Economic Indicators,Key Economic Indicators,Economics
211,Real GDP - The Real Value Of Our Goods,Learning how to calculate real GDP when giving inflation rates and GDP growth rates is crucial.,openlectures,http://youtu.be/JnMoIr84HRo,Understand that real GDP is a more accurate measure of economic growth (and material standard of living) than (nominal) GDP,Nominal GDP grew by 10‰Ûä% this year. The inflation rate was 5‰Ûä%. Calculate the real GDP growth rate,Formulaic,3,http://www.mediafire.com/?c7fb4q1xxthp0vv,,GDP,Key Economic Indicators,Key Economic Indicators,Economics
212,Bill Please!,"While one is not required to understand exactly the individual items in each accounts, one must be able to describe in general terms components of the BOP and how each component is affected",openlectures,http://youtu.be/3Uo_UbjDtmM,Define the BOP,What are the main accounts in our BOP?,Current and Capital Account,1,http://www.mediafire.com/?pp4k6a12qqhptpn,,Balance of Payments,Key Economic Indicators,Key Economic Indicators,Economics
213,Our Current Account - An Understanding Of Our Country's Trade,"Singapore is a highly trade dependent economy; naturally, the current account will have a huge impact on our GDP.",openlectures,http://youtu.be/oLIb-n6-lfw,Understand that net trade forms the main component of the currrent account,What can cause changes in the current account?,Your trade figures largely decide your current account.,2,http://www.mediafire.com/?axz5w07zdx468sd,,Balance of Payments,Key Economic Indicators,Key Economic Indicators,Economics
214,Our Capital Account - An Understanding Of Our Country's Finances,In Singapore FDI and financial investments are the main items in the capital account due to our nature as SEA's financial hub,openlectures,http://youtu.be/RnP96R0YOJc,Understand that investment forms the main item in the capital account,What can cause changes in the capital account?,Changes in ownership of assets causes fluctuations in the capital account. This includes foreign direct investment like buildings or manufacturing plants. This also includes portfolio investment like purchases of shares and bonds. ,3,http://www.mediafire.com/?6ori56q19j9mvh2,,Balance of Payments,Key Economic Indicators,Key Economic Indicators,Economics
215,A Matter Of Definitions,"For examinations sake, just consider the financial account under the capital account; you can never go wrong",openlectures,http://youtu.be/9SWcDAWvR9U,Distinguish between different defintions of the items in the BOP,What are the two primary components of your BOP?,"Current and Capital Account. The IMF adds a third ""Financial Account"", but in convention we usually include it under Capital Account.",4,http://www.mediafire.com/?844w3y275xa099q,,Balance of Payments,Key Economic Indicators,Key Economic Indicators,Economics
216,Standard Of Living,The idea here is to understand how most questions are structured: most have some sort of preamble about GDP numbers being a proxy for SOL; the obvious thing to do is to bring in non-material factors as proxies for the anti thesis.,openlectures,http://youtu.be/kv_f516awDk,Understand that SOL can be measured in terms of material and non material well being,What are the two ways in which Standard of Living can be described by?,Material and Non-Material Standard of Living,1,http://www.mediafire.com/?4ubdso3tddxhwst,,Material and Non-Material Wellbeing,Standard of Living,Key Economic Indicators,Economics
217,Welfare Of The Materialistic Person - Material SOL,The idea here is to understand that every part of RGDP per capita is important.,openlectures,http://youtu.be/qnOVkUXgQkI,Understand that we measure material well being using real GDP per capita ,Real GDP per Capita - what is the significance of every word in this term?,"Real implies that inflation has been accounted for. If GDP increases but only nominally (ie. it is all eaten up by inflation and you can only buy the same amount of stuff as before) then you are no better off than you were. GDP implies that your SOL is closely tied to your purchasing power. Indeed, your purchasing power is a good proxy to your SOL. Your healthcare, education, and material well being is closely related to how much money you have. Per capita matters because even if you have a large GDP, having a larger population will dilute the large GDP into very small portions for each person in your country.",2,http://www.mediafire.com/?ylybkjsyk0b6r5y,,Material and Non-Material Wellbeing,Standard of Living,Key Economic Indicators,Economics
218,The Long Term View On High Real GDP,An increase in real GDP per capita can in fact lead to a decrease in the material SOL in the long run as resources are depleted.,openlectures,http://youtu.be/Q2pFlXy745o,Understand that real GDP per capita is only one of the main proxies with which we use to measure material SOL,There are many other indices we can use to measure standard of living. What are some that you can find?,We suggest you begin by looking at the Human Development Index. Google it!,3,http://www.mediafire.com/?c2ztfzd0487c0bz,,Material and Non-Material Wellbeing,Standard of Living,Key Economic Indicators,Economics
219,Looking At The Finer Things - Non-Material SOL,It is generally not the job of Economics to measure non-material SOL; but nevertheless non-material SOL can be measured using alternative and more holistic indices such as the HDI etc.,openlectures,http://youtu.be/CTLz-R-HNKY,Understand that non-material SOL also plays an important part in helping us gauge the overall SOL of a country,Suggest other indicators of non-material SOL.,Consider what non-material SOL means to you.,4,http://www.mediafire.com/?ag6s72e7yguyld7,,Material and Non-Material Wellbeing,Standard of Living,Key Economic Indicators,Economics
220,Standard Of Living Question,This question is rather labourious but rewards hardworking students who are willing to put in the effort to understand what is necessary in answering the question; there is a strict structure to the answer.,openlectures,http://youtu.be/IOHi_RSa_fc,Identifying SOL questions,Try drafting an essay outline.,Using the structure that we have provided!,1,http://www.mediafire.com/?1fnkvjv9pa21i1r,,Question Analysis,Standard of Living,Key Economic Indicators,Economics
221,This House Believes That...,One must be cognisant of the fact that what is given in the question can vary (nominal GDP etc) so one must vary one's answer according to how one thinks other factors will change and hence finally affect the real GDP per capita,openlectures,http://youtu.be/SI_h-RYdAqs,Use material SOL or (the opposite) to support the thesis.,Try drafting an essay outline.,Using the structure that we have provided!,2,http://www.mediafire.com/?45ef7pfokld409w,,Question Analysis,Standard of Living,Key Economic Indicators,Economics
222,On The Other Hand...,"Most of the the time, the question will ask you to argue for why the material SOL has decrease/increased. Following these lines of thought, the anti-thesis is then the opposite: how non-material SOL factors can lead to an opposing change in SOL.",openlectures,http://youtu.be/gzQ_Tpl1eD8,Use material SOL or (the opposite) to support the anti-thesis.,Try drafting an essay outline.,Using the structure that we have provided!,3,http://www.mediafire.com/?ymj5zjmlvby4x4a,,Question Analysis,Standard of Living,Key Economic Indicators,Economics
223,Exception,"One must realise that ultimately one cannot spot all exam questions, so a sound understanding of concepts is ultimately what is more important than simply hoping for what is one of the most common questions to come out - smart teachers can always produce iterations that can catch regurgitators unaware.",openlectures,http://youtu.be/zbxoszdvy9c,Understanding that answering the question matters for exams,Remember:,Always read the question. And read it again (because you are usually wrong the first time).,4,http://www.mediafire.com/?g2a8rbdduad0jaa,,Question Analysis,Standard of Living,Key Economic Indicators,Economics
224,Lofty Goals,"We always need barometers. In microeconomics we have efficiency. In macroeconomics we have 4 indicators: the inflation rate, the unemployment rate, economic growth, as well as the balance of payments.",openlectures,http://youtu.be/eBCBcptA5I0,List the 4 macroeconomic goals,What are the 4 macroeconomic goals?,"Sustained economic growth, low stable inflation, low unemployment, and external stability.",1,http://www.mediafire.com/?s86ws4mbmsa340g,,Varying Unemployment,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
225,How Unemployment Varies,Let's start with unemployment. What can cause unemployment to change?,openlectures,http://youtu.be/jEknI5dODa4,Understand causes of unemployment,What causes unemployment?,Demand deficient (cyclical) unemployment and structural unemployment are only two ways that cause unemployment.,2,http://www.mediafire.com/?ft7ercsx2bns7q2,,Varying Unemployment,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
226,Underutilisation Of Resources,"So what's so bad about unemployment? You can just go take a holiday right? That's if you can even afford it. But there are worse things than not getting an income during unemployment. First, let's look at resources.",openlectures,http://youtu.be/50QCUSpBNx4,Understand that unemployment is bad because resources are being underutilised.,"In turn, why is the underutilisation of resources bad?",The opportunity cost of lost production are permanent! It cannot simply be reclaimed (unless you have a time machine of course).,3,http://www.mediafire.com/?vmdw4kq61u1xjxx,,Varying Unemployment,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
227,Deskilling,"Second, when workers stop working for too long, they lose their skills and gradually exit the labour force. Their skills turn rusty as well.",openlectures,http://youtu.be/Vj8aD7sNbeY,Understand that unemployment is bad because workers tend to lose their skills,What happens to workers after prolonged periods of unemployment?,"They lose their skills, become disenchanted, and exit the labour force.",4,http://www.mediafire.com/?22bbgtyyd09h18d,,Varying Unemployment,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
228,Falling Tax Revenues,"Third, if people don't work, they don't earn income. They can't pay taxes and the government loses out on tax revenue.",openlectures,http://youtu.be/nCMpfnqajrM,Understand that unemployment is bad because it lowers tax revenue,"If workers cannot earn income, what happens to tax revenue?","It drops because without income, there'd be no income tax receipts.",5,http://www.mediafire.com/?abocra35wmhu3di,,Varying Unemployment,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
229,Rising Inflation,"Let's move on to inflation. First, let's see what causes inflation.",openlectures,http://youtu.be/7O7DGXui2T8,Understand that interaction between the AD and AS causes inflation.,"Interaction of the Aggregate Demand and Aggregate Supply (you'll learn those in a while. For now, think of them as demand and supply for the entire economy) contributes to inflation. Hence inflation can be caused by either...",AD (demand side) or AS (supply side).,1,http://www.mediafire.com/?6xxp47y26hprayu,,Bad Inflation,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
230,Loss Of Export Competitiveness,"So what's bad about inflation? First, it erodes the export competitiveness of the country that experiences high inflation.",openlectures,http://youtu.be/6LWKBru1PfM,Understand that high inflation erodes export competitiveness,How can high inflation adversely affect countries?,"When relative inflation rates in a country are higher than those of exporting partners, exports become relative more expensive and imports become relatively cheaper; this may lead to a worsening trade position, which can lead to a fall in NY.",2,http://www.mediafire.com/?326m6m2wtd9co61,,Bad Inflation,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
231,Allocative Inefficiency,"Second, erratic inflation confuses people. It confuses producers too. Let's see what that implies.",openlectures,http://youtu.be/Nw-60RKm2S0,Understand that highly erratic inflation causes allocative inefficiency.,How can fluctuating inflation adversely affect countries?,"Producers may perceive changes in price levels and changes in demand. This may lead them to over or under produce, causing allocative inefficiency.",3,http://www.mediafire.com/?6caw2k7xea5s442,,Bad Inflation,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
232,Menu Costs,"If you are a restaurant owner and inflation changes prices all the time, you have to print your menu every week! That may incur small printing costs because you only operate a sushi bar, but what if you're a large producer (like IKEA) that maintains a huge range of products? That will be a significant cost.",openlectures,http://youtu.be/tL0ooUdxUqc,Understand that highly erratic inflation causes producers to incur menu costs.,How can fluctuating inflation affect menu costs?,It increases menu costs because producers have to change their prices often.,4,http://www.mediafire.com/?q1p7qoagnpf79dv,,Bad Inflation,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
233,Grow Grow Grow,Let's move on to economic growth. We can distinguish between the two types of economic growth - actual and potential.,openlectures,http://youtu.be/EZ61iQqZSdc,Distinguish between actual and potential growth,What are the two types of economic growth?,Actual economic growth represents the fact that there is an actual increase in output; whereas potential economic growth represents an increase in the productive capacity of the economy.,1,http://www.mediafire.com/?psbo8e4abv93tia,,Actual and Potential Growth,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
234,Actual Growth,Let's look at the first type of economic growth - actual growth. Why is actual growth important?,openlectures,http://youtu.be/yUa-cdHlaHE,Understand the importance of actual economic growth,Why is actual economic growth important?,"It gives consumers more purchasing power (to buy more things. And more things are usually good!) It also allows more people to be employed, preventing all the bad things about unemployment from happening. Do you still remember what those are?",2,http://www.mediafire.com/?gl3e2tg365cbjwg,,Actual and Potential Growth,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
235,Potential Growth,Time for the second type of economic gowth - potential growth. Why is potential growth important?,openlectures,http://youtu.be/B86j4GK4nTo,Understand the importance of potential economic growth,Why is potential economic growth important?,"Imagine pouring water into a bottle. If the bottle doesn't become bigger and water keeps flowing in, eventually it will overflow. In economics, the water is actual growth. The bottle is economic potential. Inflation happens when the water overflows (trying to fit too much water in a small bottle). Potential growth makes the bottle bigger, allowing more water to flow in. In economic terms, it prevents the economy from overheating.",3,http://www.mediafire.com/?44g5fsjr25ttlaj,,Actual and Potential Growth,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
236,Healthy Numbers,We move to Balance of Payments. Two scenarios can occur for balance of payments - deficit and surplus.,openlectures,http://youtu.be/5n2r0z9Ie38,Understand that BOP surplus is usually preferable to BOP deficit,Which is preferable? BOP surplus or deficit?,Usually the surplus. Problems associated with the deficit are much more severe.,1,http://www.mediafire.com/?aqp57483e9cfg84,,BOP Deficits and Surpluses,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
237,BOP Deficit,Let's see why the balance of payment deficit can bad thing. ,openlectures,http://youtu.be/H4Pe3mnzuMo,Understand how BOP deficits can be bad for the economy,How can BOP deficits be bad for an ecoomy?,"It can cause imported inflation. Underlying a BOP deficit can be a trade problem. Finally, it will deplete one's foreign reserves. However, a BOP deficit may not always be bad, especially when a country is investing overseas, hence making a loss in the short run (and profiting in the long run).",2,http://www.mediafire.com/?0y102295w763h99,,BOP Deficits and Surpluses,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
238,BOP Surplus,Let's see why the balance of payment surplus can be a bad thing too.,openlectures,http://youtu.be/iqMPEcEa-vI,Understand how BOP surpluses can be bad for the economy,How can BOP surpluses be bad for an economy?,"It leads to the appreciation of a country's exchange rate, eroding export competitiveness by making exports more expensive. It may also represent a short term inflow of money which may indicate speculative attack.",3,http://www.mediafire.com/?ek6yhnn6m6me89q,,BOP Deficits and Surpluses,Main Macroeconomic Goals,How The Macroeconomy Works,Economics
239,The Circle Of Life (or Economics),This part will show how money moves in a simple economy consisting of households and firms,openlectures,http://youtu.be/Dpw0MCBBRzc,Explain the principles of the circular flow and how it works,How does money flow in a simplified economy?,"Money flows from households to firms in the form of payment for goods and services, and vice versa through income payments like wages. ",1,http://www.mediafire.com/?y4zdp0frq1wbep2,,The Circular Flow of Income,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
240,Components Of A 4-Sector Economy,Here you will see how money moves in a more complex economy,openlectures,http://youtu.be/5nqOtsNt32k,Define the 4-sector economy and the circular flow of income,How does the circular flow look like in a more real-world economy?,"Other sectors, like the government, financial institutions, and the external sector, are found in a more realistic representation of an economy.",2,http://www.mediafire.com/?az38y6yov88off9,,The Circular Flow of Income,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
241,Determining National Income,A brief look at how national income is determined,openlectures,http://youtu.be/tm35tW_9OMU,"Explain the various ways national income is calculated, and the fundamental identify of national income accounting",How is national income calculated?,"One way to determine Y is to add up all expenditure on final output by summing up C, G, I and (X-M), though there are many other ways. ",3,http://www.mediafire.com/?gdrjw64fkyqq5d0,,The Circular Flow of Income,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
242,From Small To Big,This part will distinguish the AD/AS model from the demand and supply model of microeconomics,openlectures,http://youtu.be/-_DU2HMkWaQ,Distinguish micro from macroeconomics by showing how AD and AS is determined and how the curves look like,What sets micro and macro econs apart?,The process of aggregation in macroeconomics allows us to look at the big picture: the economy as a whole.,1,http://www.mediafire.com/?744rdvsxz1widcl,,Aggregate Demand,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
243,Aggregate Demand - The Curve,What exactly is the AD curve and why does it look the way it does?,openlectures,http://youtu.be/TlwoVFok6Vo,Define the components of AD and understand the shape of the AD curve,What does the AD curve look like?,"The shape of the AD curve is identical to the demand curve in microeconomics, but the axes it lies on is different.",2,http://www.mediafire.com/?si1uz6019t0pq26,,Aggregate Demand,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
244,Factors That Cause A Shift In The AD Curve,This part will show what factors will lead to a movement in the AD curve,openlectures,http://youtu.be/8MywxfJ58M0,List the factors that cause a shift in the AD curve,What factors would cause the AD curve to shift?,"The main factors are changes in expectations, government policies and the external sector.",3,http://www.mediafire.com/?zem5fwerwmjv153,,Aggregate Demand,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
245,Aggregate Supply - The Curve,This part will explain why the AS curve has such a unique look.,openlectures,http://youtu.be/ngagD_iT9xk,"Define and explain the Keynesian, Classical and intermediate range of the curve.",How do you explain the shape of the AS curve.,"The AS curve is made up of three distinct ranges: the Keynesian, Classical and Intermediate range.",4,http://www.mediafire.com/?7duekh8akmd7db4,,Aggregate Supply,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
246,Movements In The AS Curve,The AS curve shifts in a more complex manner than the AD curve. ,openlectures,http://youtu.be/3-HEYyd_fdQ,Explain how upward or leftward etc shifts in the AS are caused,"How does the AS curve shift, and what factors cause such movements?","Movements up or down in the Keynesian range are caused by changes in the cost of production, whilst movements left or right in the classical range are caused by changes in productive capacity. ",5,http://www.mediafire.com/?a3n3lj544nfmapx,,Aggregate Supply,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
247,Simultaneous Movements,"In the real world, the AS and AD shift simultaneously. What are the effects then?",openlectures,http://youtu.be/CzMnxcr66us,Explain how the AS curve can shift both rightwards and downwards. ,Must up/down and left/right movements be mutually exclusive?,"No, certain changes in the economy can cause simulations outward or inward shifts in the AS. ",6,http://www.mediafire.com/?ak74ap3la5cqb1x,,Aggregate Supply,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
248,Attaining Zen (Now On A Bigger Scale),The main goal of inputting changes in AD and AS is to deduce or estimate changes in the General Price Level or Equilibirum Level of Output. This is how.,openlectures,http://youtu.be/uNBzeU6CQMU,"Explain how equilibrium national output is determined, and the adjustment process",How is equilibrium national income determined?,An automatic adjustment process determines the equilibrium national income of an economy.,1,http://www.mediafire.com/?5e1st2s8mm0ysth,,Equilibrium Level of Output and Price,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
249,Keynesian Model Of Income Determination,"Classical theory looks at AD and AS similar to the diagrams we use for microeconomics, but Keynes identified an alternative way of determining income levels in the nation based on Aggregate Expenditure and expectations - two things unique to the marcoeconomic perspective",openlectures,http://youtu.be/TYtfxrjbqb0,State the assumptions of the AE model and axis of the graph,What is AE and how is it different from AD/AS?,"The Keynesian model looks and aggregate expenditure rather than demand, and is thus an upward sloping curve. There is also no equivalent of the AS curve in this model.",2,http://www.mediafire.com/?sws92i4luhy2cg2,,Equilibrium Level of Output and Price,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
250,Meeting The Budget,Why is there a difference between planned and actual?,openlectures,http://youtu.be/JSqhaQlvCGs,Differentiate between planned and actual AE,Why is there a difference between planned and actual?,"Not all the money one plans to spend will actually be spent. Similarly, not all the money an economy anticipates will be spent is actually spent. ",3,http://www.mediafire.com/?r6fg2q02o511hdk,,Equilibrium Level of Output and Price,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
251,The AE-Income Approach Of Income Determination,How the AE model works,openlectures,http://youtu.be/Wve59EkOHHg,Explain how AE model can be used to determine equilibrium output,How do we use the AE model to determine equilibrium national income?,"By plotting a line that represents actual expenditure, we can find the equilibrium level of national income, which is the intersection point of the two lines.",4,http://www.mediafire.com/?hqtnf3zg5lukboo,,Equilibrium Level of Output and Price,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
252,What Goes Around Comes Around,Why does my spending $1 have such a disproportionately larger impact on the economy? ,openlectures,http://youtu.be/n4EJAg3-ebQ,Define the multiplier effect precisely and explain why it happens ,Why does my spending $1 have such a disproportionately larger impact on the economy?,"This is because my spending will become another person‰Ûªs income, leading to the multiplier effect. ",1,http://www.mediafire.com/?8te64039ecic999,,The Multiplier Effect,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
253,Calculating The Multiplier Effect,How to visualise the multiplier effect numerically.,openlectures,http://youtu.be/Q3OQz8LvRDw,Calculate the multiplier K,What is the formula for the multiplier effect?,"The multiplier, K, equals 1/MPW.",2,http://www.mediafire.com/?1t2zjqul6796u5w,,The Multiplier Effect,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
254,Explaining The Multiplier Effect Using The AE Model,How to demonstrate an understanding of the multiplier effect. ,openlectures,http://youtu.be/mIuM-E9Zz44,Show the diagrammatic ‰ÛÏstep up‰Û illustration of the multiplier and how this effect should be explained,How can we use the AE model to illustrate the multiplier effect?,We can use the ‰ÛÏstep up‰Û approach to illustrate the multiplier effect. ,3,http://www.mediafire.com/?4d47d72xbdmi1ud,,The Multiplier Effect,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
255,The Multiplier In The Real World,What is the big deal with the multiplier anyway?,openlectures,http://youtu.be/gDxyzICMGjA,Understand the importance of the multiplier in the real world,What is the big deal with the multiplier anyway?,"The multiplier is the cornerstone of Keynesian economics, but it also has several limitations depending on the nature of the economy in question. ",4,http://www.mediafire.com/?1du7amnus4u4he7,,The Multiplier Effect,"National Income, Aggregate Demand and Supply, National Expenditure",How The Macroeconomy Works,Economics
256,Introduction To Fiscal Policy,Fiscal Policy is a really important policy that you will come across in Macroeconomics; master it well.,openlectures,http://youtu.be/kYXYkrOnuQw,Identify the role that Fiscal Policy plays in the entire Macroeconomic Framework,What is fiscal policy?,Fiscal policy is the deliberate manipulation of government spending and taxation to achieve the 4 main macroeconomic goals.,1,http://www.mediafire.com/?ipna1021fg7428l,,Basic Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
257,Discretionary Vs Non-Discretionary Policy,"The main treatment of Fiscal Policy usually deals with deliberate government spending, but it is important to be introduced to alternative, and often less common forms of Fiscal Policy",openlectures,http://youtu.be/j6RNw8sneS8,Distinguish between progressive and regressive tax rates as well as distinguish the two kinds of fiscal policy,A decrease in capital gains tax is introduced to stimulate investment; is it regressive or progressive? Why?,Consider the propensity for rich or poor individuals to engage in private investment (bonds etc),2,http://www.mediafire.com/?h5mehiyce5d7k64,,Basic Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
258,The Coffers,"Before one can evaluate Fiscal Policies, one must understand the composition of the government budget -- And, notably, which plays a larger part.",openlectures,http://youtu.be/yNyDAI3ivpA,Understand the composition of the government budget,What are the two components of the governemt budget?,Simple! Spending (outflow) and taxation receipts (inflow).,3,http://www.mediafire.com/?2iuarj69te6ytu4,,Basic Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
259,Autonomous Increase,"It is important to clarify any misconceptions of what are injections and what are withdrawals in the circular flow of income; Private consumption and savings are within the circular flow whereas all other variables G,T,I,(X-M) are outside the circular flow and thus contribute to injections and withdrawals",openlectures,http://youtu.be/ap465Tlzf88,Recognise that government spending and taxation are outside the circular flow of income,Does the level of income change government spending?,No! They are autonomous (ie. the level of income does not change government spending). This is unlike consumption which is dependent on income.,4,http://www.mediafire.com/?q16algaofmdz6z6,,Basic Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
260,The Multiplier Effect,While the multiplier effect is often a key argument for the implementation of fiscal policy; one must recognise that not all subscribe to the Keynesian view of Economics (see neoclassical arguments and expectations-augmented phillips curve),openlectures,http://youtu.be/v9zDldWSDao,Understand the underpinnings of Fiscal Policy and why the multiplier effect is such an important concept that is used to legitimise Fiscal Policy (from a Keynesian point of view),"In short, what is the multiplier effect?","It is the idea that one person's spending is another's income, and hence an increase in income has a more than proportionate effect on national output.",1,http://www.mediafire.com/?59vg928x48y3bbr,,The Mechanisms of Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
261,A Numerical Example,"Often, in examinations, one is expected to provide a numerical (as well as an explanation in prose) of the multiplier process. This is important to demonstrate to the reader that you have understood the material.",openlectures,http://youtu.be/VCDnXeUd4X4,Understand how to use a numerical example of the multiplier.,"The MPC in Singapore is 0.1. The government makes an autonomous increase of government spending by 10m. State the net increase in NY. Show numerical explanation, and state your assumptions.","Consider the formula of the multiplier, and note that the MPC excludes information about MPT and (X-M).",2,http://www.mediafire.com/?61wq295757fa7e5,,The Mechanisms of Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
262,Spend Or Tax?,It is important to the understand the policy implications of changes in G vs changes in T,openlectures,http://youtu.be/qy5NAvO3910,Distinguish between changes in G and T,"The MPC in Singapore is 0.1. The government makes an autonomous increase of government taxation by 10m. State the net decrease in NY. Show numerical explanation, and state your assumptions.","Consider the formula of the multiplier, and note that the MPC excludes information about MPT and (X-M).",3,http://www.mediafire.com/?0pzcwu086esm7ds,,The Mechanisms of Fiscal Policy,Fiscal Policy,How The Macroeconomy Works,Economics
263,Recession And Fiscal Policy,"One should recognise that the integrity of the sticky wage argument usually holds true in areas where the labour market does not clear; and also, that making labour markets more efficient (as in the introduction of a variable wage component) is an important policy outcome",openlectures,http://youtu.be/tXsHkdf0R-w,Understand the sticky wage argument and why Keynes argued for Fiscal Policy,Does sticky wages make unemployment worse?,"It does! Since wages do not drop in tandem with demand, there will be disequilibrium unemployment.",1,http://www.mediafire.com/?amk7r8846yklx2p,,Correcting a Recession,Fiscal Policy,How The Macroeconomy Works,Economics
264,Articulating Fiscal Policy,This portion of the lecture is mainly about how you should present your answer in the exam.,openlectures,http://youtu.be/qz-dB8KoRDI,Show how Fiscal Policy can be used in recessions using a numerical example accompanied with an explanation.,"During a recession, do we use expansionary of contractionary fiscal policy?","Expansionary. One should increase government spending or decrease taxation (or do both) to increase AD, and through the multiplier effect increase national output by a larger than proportionate amount.",2,http://www.mediafire.com/?8488047187qa1yf,,Correcting a Recession,Fiscal Policy,How The Macroeconomy Works,Economics
265,Stabilising Inflation,You have learnt that Fiscal Policy is often used in recessions; but most do not recognise its uses in achieving other Macroeconomic goals,openlectures,http://youtu.be/-4w5obBwjOo,Understand that Fiscal Policy plays a role in stabilising inflation,How can fiscal policy stabilise inflation?,"It can cool down the economy by lowering AD (through decreasing G or increasing T), hence reducing the demand for produce in the economy and pulling down the price level.",1,http://www.mediafire.com/?4cdgh9q2wvzb9aw,,Stabilising Inflation,Fiscal Policy,How The Macroeconomy Works,Economics
266,Deflation,It is important at this point to start being able to draw links between Fiscal Policy and other parts of Macroeconomics and seeing how they link together.,openlectures,http://youtu.be/giq-5CNIr7M,Demonstrate how Fiscal Policy can be used to curb deflation; and briefly establish the negative effects of deflation,Show using a diagram and explanation how Fiscal Policy can curb deflation. What policy options are available?,One can choose to adopt expansionary fiscal policy! This involves increasing G or decreasing T.,2,http://www.mediafire.com/?jzzba363g2iwb3h,,Stabilising Inflation,Fiscal Policy,How The Macroeconomy Works,Economics
267,Inflation,"Recognise that there is a paradoxical relationship between achieving low inflation and economic growth (see philips curves); recognise that supply-side policies often come into play for long run economic growth, and that fiscal policy used to curb deflation is often an extreme measure only used in desperate situations (see oil embargo crisis)",openlectures,http://youtu.be/ePMXwXWxkEE,Demonstrate how Fiscal Policy can be used to curb inflation; and briefly establish the negative effects of inflation,Show using a diagram and explanation how Fiscal Policy can curb inflation. What policy options are available?,One can choose to adopt contractionary fiscal policy! This involves decreasing G or increasing T.,3,http://www.mediafire.com/?uxvrml5nt5vrnqn,,Stabilising Inflation,Fiscal Policy,How The Macroeconomy Works,Economics
268,Balance Of Payments,You have just learnt that Fiscal Policy can help curb inflation; now draw links to inflation and a healthy BOP for yourself and think about how Fiscal Policy can come into play before watching this video.,openlectures,http://youtu.be/0ZZQ44PvGOA,Understand how Fiscal Policy can help to correct BOP deficits,A country is experiencing relatively higher inflation rates than its trading partners; Describe and explain the effect of this on the BOP. State your assumptions.,What is the compositions of the BOP? ,1,http://www.mediafire.com/?xsbex886is9hiad,,Correcting a Trade Deficit,Fiscal Policy,How The Macroeconomy Works,Economics
269,AD-AS Analysis,"Again, one must recognise the paradoxical relationship between a contractionary fiscal policy and achieving higher (X-M). The optimal trade-off is a difficult question to answer ( can be answered using indifference analysis which is beyond the scope of our discussion)",openlectures,http://youtu.be/xURrV275lVs,Use the AD/AS framework to show how Fiscal Policy can help to address relatively high inflation rates.,How is there a paradoxical relationship between contractionary fiscal policy and achieving higher (X-M)?,"In order to achieve higher net exports, we want to allow our currency to depreciate. This involves lowering inflation relative to other countries. This involves contractionary fiscal policy. However, contractionary policy causes AD to go down (in contrary to what we are trying to achieve with higher net exports). Hence there's a paradox here. Eventually it depends on which of the two (net exports or G/T) exerts a larger effect on AD.",2,http://www.mediafire.com/?bbluuxy94bd23gz,,Correcting a Trade Deficit,Fiscal Policy,How The Macroeconomy Works,Economics
270,Squeezing For Space,"So far, you have learnt how Fiscal Policy can be used in various situations; however, to demonstrate a true understanding of Fiscal Policy and to show you have thought about what you have learnt, you will need to be able to evaluate Fiscal Policy",openlectures,http://youtu.be/w9KRWUhvlFE,Recognise that the crowding out effect is an important consideration in whether to use Fiscal Policy,How does government spending crowd out investment?,"Excessive government spending forces the government to borrow money to fund its deficits. This increases the market interest rate, forcing investment down. For more information, look into monetary policy and the Marginal Efficiency of Investment.",1,http://www.mediafire.com/?wtcmczumuhbtdgm,,Evaluations,Fiscal Policy,How The Macroeconomy Works,Economics
271,Boing Boing Dead,"One must be cognisant of the fact that the size of the multiplier is contingent on geographic considerations; and hence, whether or not Fiscal Policy should be implemented (or how successful it may be) will vary from country to country ",openlectures,http://youtu.be/_sE9NL1A8jo,recognise that the size of the multiplier is an important consideration in whether to use Fiscal Policy,Consider a country with an MPM of 0.1 vs another with an MPM of 0.2. Which is more likely to implement Fiscal Policy? Why? State your assumptions.,"Consider the role that imports play in the circular flow, are they a form of injections of withdrawals? what is the implication of your answer?",2,http://www.mediafire.com/?8edmo4xkczmhkqx,,Evaluations,Fiscal Policy,How The Macroeconomy Works,Economics
272,A Quick Analogy,Let's start with interest rates. Interest rates can be thought of as one's compensation for parting with one's money.,openlectures,http://youtu.be/RzU5MO9G8A0,Define interest rate as compensation for parting with money,What is one definition of interest rate?,"If I lend you money in 2011, you will return me that sum in 2015 plus an additional amount of money as compensation because I will need to be compensated for not having the money for 5 years. What is that extra sum called?",1,http://www.mediafire.com/?d4zhl1qzynmhe7b,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
273,A More Interesting Definition Of Interest Rate,"Great! You know that interest is a lender's compensation. Now let's look at this scenario from the borrower's perspective. Then, interest, to the borrower, is the price of borrowing money.",openlectures,http://youtu.be/UAm422TL6kU,Define interest rate as the price of borrowing money.,What is another way to look at interest rates?,"If you borrow money from me and have to incur $500 dollars of interest, can that $500 be considered a price? If so, what item is the price for?",2,http://www.mediafire.com/?69po6366znbve4t,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
274,I Want Money,Now let's talk about the demand and supply of money. We will begin with the demand of money first.,openlectures,http://youtu.be/UiKuHxF1Gh8,Define the demand for money,What are the two factors that influence the demand of money?,Transaction and asset motives!,3,http://www.mediafire.com/?r5tb6d3h5ulxd60,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
275,Take My Money,"Now that we have talked about demand, let's explore the supply of money in an economy!",openlectures,http://youtu.be/x5VKHs4kyWQ,Define the supply for money,Who decides the supply of money in an economy?,The central bank.,4,http://www.mediafire.com/?373ugidx1f635ql,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
276,Short Term Interest Rate,We have demand and we have supply. Now let's put those two together to get the short term interest rate.,openlectures,http://youtu.be/RFZRUdW3FAo,Define short term interest rate,How is the short term interest rate determined?,By the intesection of the money demand and the money supply.,5,http://www.mediafire.com/?ymi53ic7ttnkmjv,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
277,Long Term Interest Rate,"Now that we know what short term interest rate is, let's explore a more fundamental concept - long term interest rate. Instead of being determined by the demand and supply of money, it is determined by economic fundamentals,",openlectures,http://youtu.be/Lma_ZtJuSuM,Define long term interest rate,How is the long term interest rate determined?,By economic fundamentals.,6,http://www.mediafire.com/?zeaa56ss5gogcp4,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
278,Difference Between Long Term And Short Term Interest Rate,Now let's try and differentiate the two concepts lest we confuse them. Short run interest rate always tends towards the long run interest rate in longer periods.,openlectures,http://youtu.be/4SxFZx0SBxc,Differentiate long term and short term interest rate,What does the short run interest rate tend to in the long run?,The long run interest rate.,7,http://www.mediafire.com/?6x3l3d6969w81ww,,Interest Rates,Monetary Policy,How The Macroeconomy Works,Economics
279,Classical Interpretation Of Money,"Now different economists interpret the increase or decrease in money supply differently. All these hinges on their interpretation of price flexibility. Let's listen to the old school first, or what we call classical economists. ",openlectures,http://youtu.be/Cm6oHOAbvJ8,Understand how Classical economists interprete money given complete flexibility in prices,What happens when prices are flexible and money supply is increased?,"When money supply increases, interest rates drop first. However, the increase in money supply cuases prices to increase since prices are flexible. The inflation causes increase in demand for money because prices are simply higher. This increase in demand offsets the initial drop in interest rates, bringing interest rates back to their original level.",1,http://www.mediafire.com/?96n3fl6ti2vb7nw,,Money Neutrality,Monetary Policy,How The Macroeconomy Works,Economics
280,Keynesian Interpretation Of Money,Economists then caught up with reality (surprise surprise). Keynesian economists realised that prices are actually sticky in the short run. This postulation has great impacts on interest rates and money supply.,openlectures,http://youtu.be/bSiPutvZ4kc,Understand how Keynesians interepete money given sticky prices.,What happens when prices are sticky and money supply is increased?,"When money supply increases, interest rates drop first. Increase in money supply does not cause prices to increase because prices are sticky in the short run. This causes a drop in short term interest rates. However, in the long run, prices are flexible again. Hence, inflation happens and demand for money increases. This offsets the original drop in interest rate, causing short term interest rates to approximate long run interest rates.",2,http://www.mediafire.com/?yy0gv6d77wb1gyv,,Money Neutrality,Monetary Policy,How The Macroeconomy Works,Economics
281,Which Interpretation?,So we have two interpretations here. Which interpretation do we adopt? Turns out the Keynesian one is a more accurate depiction of reality and that is the one we choose to stick with.,openlectures,http://youtu.be/ykuXA99Z3U4,Understand that sticky prices in the Short Run is a better reflection of the real world,Is there price stickiness in the short run? What about in the long run. Which interpretation is this?,"Price stickiness happens in the short run. However, in the long run, prices are no longer sticky. This is the Keynesian interpretation.",3,http://www.mediafire.com/?hpfu9iaahshyala,,Money Neutrality,Monetary Policy,How The Macroeconomy Works,Economics
282,Definition Of Monetary Policy,Now let's go into monetary policy proper. Monetary policy is defined as the deliberate manipulation of interest rates to achieve macroeconomic goals. The government achieves that through manipulating the money supply.,openlectures,http://youtu.be/vgXPnORQVi0,Define monetary policy,Can you arbitrarily choose both the interest rate and the money supply?,"No. When you choose one, the other is decided by the money demand.",1,http://www.mediafire.com/?3r27x22kcj77h4y,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
283,Effects On Cookies And Cars,"To understand the effects of monetary policy on economic growth, let's break down economic growth into its substituent components. First, we look at consumption.",openlectures,http://youtu.be/PXaXq4oBR9w,Understand the impact of monetary policy on domestic consumption,What type of goods are most influenced by interest rate changes?,"Durables! Because they usually take up a large proportion of your income. Then, interest rate fluctuations have significant impacts.",2,http://www.mediafire.com/?z6zrxez6wlo3sj7,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
284,Effects On Big Factories,"Now that we have dealt with consumption, we look at investment next. Loosely, investment is related to interest rate due to the profitability of projects. More formally, we define this using the Marginal Efficiency of Investment or the MEI.",openlectures,http://youtu.be/n9DQSgPQT8w,Understand the impact of monetary policy on investment,"If interest rate goes up, what happens to investment?","When interest rate goes up, the number of profitable projects that can achieve a rate of return more than or equal to the interest rate decreases. This can be shown in the MEI. when that happens, the amount of investment decreases.",3,http://www.mediafire.com/?zo5bbch0ewlyb8o,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
285,Effects On Government Spending,We have covered consumption and investment. Government spending naturally comes next. Interest rates are related to government spending through the cost of borrowing.,openlectures,http://youtu.be/TQA0r3JC_8I,Understand the impact of monetary policy on government spending,What happens to the cost of borrowing and hence government spending when interest rate goes down?,"When interest rate goes down, the cost of borrowing decreases. Governments will find it cheaper to finance a deficit. That increases the incentive of deficit spending, hence governments may spend more.",4,http://www.mediafire.com/?6menib2wyj0wmqi,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
286,Effects On Net Exports,"After consumption, investment and government spending, net exports naturally come next. The effects on net exports are due to the influence of interest rate on exchange rates. Note that only relative (not absolute) interest rates are used here.",openlectures,http://youtu.be/iMGEjMNnKcQ,Understand the impact of monetary policy on net exports,Let's say country A increased its interest rates. What happens?,"Maybe nothing! That depends on the interest rate of country A relative to its trading partners. If country A increases its interest rate, but so does country B C D and everyone else, then nothing will happen. However, if country A's interest rate happens to be higher than those of its trading partners, then there will be hot money inflow. Country A's currency will appreciate against other currencies. In that case, its net exports will decrease",5,http://www.mediafire.com/?4rmp95mz7amgd97,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
287,"Cookies, Cars, Factories And What Not","Now that we have covered all the components of Aggregate Demand, let's look at what happens to overall economic growth.",openlectures,http://youtu.be/oGHC0zNiOHs,Understand the impact of monetary policy on overall economic growth,"When I lower interest rates, what happens to economic growth?","Lowering of interest rate is expansionary monetary policy. AD increases and national income increases more than proportionately due to the multiplier. Hence, there is actual economic growth. However, potential economic growth is minimal.",6,http://www.mediafire.com/?mye3460tq36p64s,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
288,Effects On Unemployment,"Having covered economic growth, let's move on to unemployment. Unemployment changes inversely with economic growth. However, what type of unemployment is affected?",openlectures,http://youtu.be/Jwr4vqEWRPY,Understand the impact of monetary policy on unemployment levels,What type of unemployment does monetary policy solve?,Cyclical unemployment.,7,http://www.mediafire.com/?c8v36d38v5ac6r4,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
289,Effects On Inflation,We move on to the next macroeconomic goal. The effects of monetary policy on inflation depends on the region of the AS that the AD lies in.,openlectures,http://youtu.be/iWZoVmHb0B8,Understand the impact of monetary policy on price levels and inflation,"If the AD lies in the Keynesian region and expansionary monetary policy is used, will there be inflation?",No there won't be because the AS is flat in that region.,8,http://www.mediafire.com/?4rwdgacrivtvaaz,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
290,Effects On External Balance,The last macroeconomic goal is external balance. Monetary policy has effects on external balance as well because it influence the current account.,openlectures,http://youtu.be/IUYhmAaD9bU,Understand the impact of monetary policy on external balance,"Again, are we interested in the absolute or the relative interest rate here?",Relative! What matters is your interest rate level compared to those of other countries.,9,http://www.mediafire.com/?hytlgckl3zn6vr5,,Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
291,I Feel Good,"Now let's start evaluating the usefulness of monetary policy. First, monetary policy depends on the sentiments of consumers and investors!",openlectures,http://youtu.be/4imKVLOYcXI,Evaluate monetary policy using sentiments,"If sentiments are very depressed, what happens to the MEI?",The MEI becomes rather steep and unresponsive to interest rate changes.,1,http://www.mediafire.com/?6xz3r8odkis73kd,,Evaluation,Monetary Policy,How The Macroeconomy Works,Economics
292,Liquidity Trap,The second evaluation we can have is the liquidity trap. This is caused by the shape of the demand curve.,openlectures,http://youtu.be/qKwGgASzAJA,Evaluate monetary policy using the liquidity trap,What happens when you try to do expansionary monetary policy in a liquidity trap?,The interest rate simply does not increase and the policy will not work!,2,http://www.mediafire.com/?m21qct2f84qjejd,,Evaluation,Monetary Policy,How The Macroeconomy Works,Economics
293,Specificity,"Third, we evaluate monetary policy using the criterion of specificity. The question we are asking here is: does monetary policy actually solve the underlying problem or does it target something else entirely?",openlectures,http://youtu.be/8w6JHxJq0vk,Evaluate monetary policy using the specificity argument,Can monetary policy solve structural unemployment?,"Monetary policy is a demand side policy tool, hence it cannot deal with supply side issues like structural unemployment. Simply put, monetary policy does not impart workers with the skills required to solve structural unemployment.",3,http://www.mediafire.com/?2a1b6yi07320i79,,Evaluation,Monetary Policy,How The Macroeconomy Works,Economics
294,Sticky Price,"Finally, we evaluate how price flexibility can influence the effectiveness of monetary policy.",openlectures,http://youtu.be/ZxgkEiHRYBs,Discuss the impact of price stickiness on monetary policy,"If prices are sticky, is monetary policy effective in the short run?","Yes it is. However, in the long run, price levels are flexible and changes in interest rate will be eroded by changes in the money demand curve.",4,http://www.mediafire.com/?yrjn676zd471nvw,,Evaluation,Monetary Policy,How The Macroeconomy Works,Economics
295,Singapore And Monetary Policy,"So does Singapore employ monetary policy? Turns out that the answer is no. This is because Singapore is a small and open country, and we cannot sustain large inflow and outflow of hot money.",openlectures,http://youtu.be/rDLKMQPe3Fg,Understand why Singapore does not use monetary policy,"When large inflow and outflow of hot money happens, what happens to the exchange rate?","The exchange rate fluctuates rapidly, causing export and import prices to be unstable. This is damaging for an export and import oriented country like Singapore.",1,http://www.mediafire.com/?0wgty3dam2mokbm,,Additional Topics in Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
296,Impossible Trinity,"Can you have a fixed exchange rate policy, monetary policy, and free flow of capital at the same time? The impossible trinity helps you understand this trilemma.",openlectures,http://youtu.be/yt0m7N3bqXM,Understand the impossible trinity,What are the three policy options that you cannot have at the same time?,"A fixed exchange rate, automonous control over interest rate, and free flow of capital in and out of a country's borders.",2,http://www.mediafire.com/?dnf4d2afouj1iiy,,Additional Topics in Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
297,Controlling Money Supply,"It will be interesting to understand how money supply is controlled by the government. Here, we describe the three mechanisms through which money supply is controlled.",openlectures,http://youtu.be/ScNRI64E6So,Explain how money supply is manipulated in detail by the government,What are the three methods that a central bank uses to control money supply?,"Open market operations, reserve ratios, and printing of money.",3,http://www.mediafire.com/?beopo55lx8e5b9c,,Additional Topics in Monetary Policy,Monetary Policy,How The Macroeconomy Works,Economics
298,Definition Of The Exchange Rate,Exam definition of exchange rate and how exchange rate equilibrium is determined using a graphical illustration.,openlectures,http://youtu.be/M_XbT9Jwncs,Define the exchange rate and represent it graphically,What is the definition of exchange rate?,Exchange rate is the value of one country‰Ûªs currency in terms of another currency.,1,http://www.mediafire.com/?3e5ly6j902212x9,,The Exchange Rate,Exchange Rate Policy,How The Macroeconomy Works,Economics
299,Give Me Money (Internationally),Explains what the demand curve in the forex market represents and what factors cause it to shift.,openlectures,http://youtu.be/wGgCzQDQ8X0,Describe the factors that constitute the demand for a country‰Ûªs currency,What affects the demand for a currency?,"The demand for currency is a derived demand, and thus is determined by the factors that affect the demand for the goods and services they are used to purchase. ",2,http://www.mediafire.com/?y3hwju2ygx2364o,,The Exchange Rate,Exchange Rate Policy,How The Macroeconomy Works,Economics
300,Take My Money (Internationally),Explains what the supply curve in the forex market represents and what factors cause it to shift.,openlectures,http://youtu.be/fu-rJF7psZw,Describe the factors that affect the supply of a country‰Ûªs currency,What affects the supply of a currency?,"When you import goods and services, you sell off your domestic currency to purchase them. In doing so, you contribute to the supply of your domestic currency in the forex market.",3,http://www.mediafire.com/?0zo61ad8olqo6kc,,The Exchange Rate,Exchange Rate Policy,How The Macroeconomy Works,Economics
301,Exchange Rate Determination In The Long Run,"Describes how relative price levels of similar goods, relative rates of productivity growth and preferences for imports/exports affect exchange rate in the long run.",openlectures,http://youtu.be/hF5WKT6Xync,List the main factors that determine a country‰Ûªs exchange rate in the long term,What factors affect the relative exchange rates of different currencies in the long run?,"Ex/r determination in the long run depends mainly on the relative price levels of similar goods between countries, relative rates of productivity growth, and preferences for certain goods. ",4,http://www.mediafire.com/?q1xtz444rr8ol5y,,The Exchange Rate,Exchange Rate Policy,How The Macroeconomy Works,Economics
302,"Free, Fixed, Dirty?","Defines the various models of exchange rate systems, and their differences.",openlectures,http://youtu.be/sBMJQLt-z-Q,"Describe the difference between floating, fixed and managed float exchange rate systems",How many different systems to manage exchange rates are there?,"There are mainly three models: a fixed, managed float, and free float exchange rate systems. ",1,http://www.mediafire.com/?d6ebxf5f202dycu,,Exchange Rate Systems,Exchange Rate Policy,How The Macroeconomy Works,Economics
303,Fixing Games,"Shows adjustment process for a maintaining a fixed exchange rate, and evaluates its effectiveness. ",openlectures,http://youtu.be/kvwgNWY9eO0,"Understand how a fixed exchange rate is maintained, and its pros/cons",How is a fixed exchange rate maintained?,It is maintained through the buying or selling of the particular currency by the government to offset free market forces.,2,http://www.mediafire.com/?1iqb5p3fzo3g0kd,,Exchange Rate Systems,Exchange Rate Policy,How The Macroeconomy Works,Economics
304,Managing Games,"Describes, using Singapore as an example, how the managed float is utilised and why it is used. ",openlectures,http://youtu.be/TqPKiZpBVtU,Understand the pros/cons of a managed float system,Why does our government use a managed float system?,The main reason is that it allows for rapid adjustments in the short term whilst still allowing MAS to set long term goals. ,3,http://www.mediafire.com/?b1j3w2i4k33um64,,Exchange Rate Systems,Exchange Rate Policy,How The Macroeconomy Works,Economics
305,Devaluation Of Currency To Correct A BOP Deficit,"Assuming PED of both exports and imports are elastic, how does devaluating a currency affect import expenditure/export revenue?",openlectures,http://youtu.be/fiqH5n7Jt1Q,Explain how exchange rate policy is used to ensure balance of payments,What happens to the BOP when you devalue a currency?,"If the PED for exports and imports are both elastic, this will lead to an improvement in the BOP.",1,http://www.mediafire.com/?m2rlkosmlm27m4y,,Exchange Rate and The Balance of Payments,Exchange Rate Policy,How The Macroeconomy Works,Economics
306,Marshall-Lerner Condition,Defines M-L condition and explains how it alters the impact a fall in the external value of a currency has on a country‰Ûªs BOP,openlectures,http://youtu.be/wz0nD6zf5PA,Explain the importance of the M-L condition in assessing the impact of exchange rate policy on BOP,What if the PED for exports and imports are not both elastic? When can we use exchange rate policy to improve the BOP?,"So long as the Marshall-Lerner condition holds, a devaluation of one‰Ûªs currency will lead to an improvement in the BOP.",2,http://www.mediafire.com/?zgkh6p7gar94o1v,,Exchange Rate and The Balance of Payments,Exchange Rate Policy,How The Macroeconomy Works,Economics
307,Limitations Of Using Exchange Rate Policy For BOP,What are the problems specific to using exchange rate to correct BOP disequilibrium?,openlectures,http://youtu.be/1sGIcLzUQlQ,Understand J-curve effect and other evaluations for the effectiveness of using exchange rate policy for BOP goals,What are the problems specific to using exchange rate to correct BOP disequilibrium?,The problems are mainly the J-curve effect in the short run.,3,http://www.mediafire.com/?jd46xa38u22kant,,Exchange Rate and The Balance of Payments,Exchange Rate Policy,How The Macroeconomy Works,Economics
308,Objectives Of Exchange Rate Policy In Singapore,Describes how maintaining price stability is the main goal Singapore hopes to achieve using exchange rate policy,openlectures,http://youtu.be/YPlFclJYEvc,Understand the main goals Singapore targets through exchange rate policy,What is the main aim of the government‰Ûªs exchange rate policy? ,Exchange rate policy in Singapore is mainly used to achieve price stability.,1,http://www.mediafire.com/?iafixrfxn44e5l5,,Exchange Rate Policy in Singapore,Exchange Rate Policy,How The Macroeconomy Works,Economics
309,Exchange Rate Policy Instead Of Monetary Policy,"Explains how the nature of our economy (small & open), as well as the Open Economy Trilemma, limits us to exchange rate policy.",openlectures,http://youtu.be/JcrqTU76iAk,Understand why Singapore uses this special form of monetary policy,Why do we use exchange rate policy instead of traditional monetary policy?,This is due to the Open Economy Trilemma and other factors that make exchange rate policy more effective than traditional monetary policy.,2,http://www.mediafire.com/?hnddx2o23ck8w8q,,Exchange Rate Policy in Singapore,Exchange Rate Policy,How The Macroeconomy Works,Economics
310,S$NEER (No It's Not Money Sneering At You),What exactly is this awful sounding thing and why do we use it? ,openlectures,http://youtu.be/JgyE6eAKGwM,Describe how the MAS uses S$NEER to manage the exchange rate in Singapore,What exactly is this awful sounding thing and why do we use it?,"The value of the S$ against this trade-weighted basket of currencies, with the effects of inflation not eliminated, is known as S$NEER.",3,http://www.mediafire.com/?y17dyf7k4iwj9be,,Exchange Rate Policy in Singapore,Exchange Rate Policy,How The Macroeconomy Works,Economics
311,Role Of Exchange Rate Policy In Managing Inflation,This part explains how exactly Singapore uses exchange rate policy to achieve its main goal of low and stable inflation,openlectures,http://youtu.be/K5Kqa04Ou0Q,Describe how exchange rate affects inflation through import and export prices.,How is exchange rate used to stabilise the GPL?,Exchange rate policy affects the GPL through two mechanisms that work through import and export prices respectively. ,4,http://www.mediafire.com/?69hv10hcqunh0zy,,Exchange Rate Policy in Singapore,Exchange Rate Policy,How The Macroeconomy Works,Economics
312,Limitations Of Exchange Rate Policy,"Describes time lags, conflict with other macroeconomic goals and availability of reserves as the main limitations of exchange rate policy. Also explains how monetary policy does not work alone using the Tinbergen-Theil principle.",openlectures,http://youtu.be/9VqaC03zvSE,Understand the main limitations of exchange rate policy,Is exchange rate policy perfect?,"No, nothing is. Ex/r policy is limited by its time lag issues, the potential to conflict with other marcoeconomic goals, as well as the size of a nation‰Ûªs foreign reserves.",5,http://www.mediafire.com/?cr39spntw0axgi8,,Exchange Rate Policy in Singapore,Exchange Rate Policy,How The Macroeconomy Works,Economics
313,Another Government Policy?,To distinguish supply side policy as a separate class of government policy,openlectures,http://youtu.be/V21-nhKwZj4,Define supply side policy and describe why governments choose to implement supply side policy,Is government expenditure on infrastructure (e.g. roads) considered supply side policy?,"Government expenditure is traditionally classified as fiscal policy, although some forms of government expenditure (e.g. on infrastructure like roads) have secondary supply side effects. Do note that not all government expenditure has supply side effects",1,http://www.mediafire.com/?nmmk5rwy5al72tb,,Product Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
314,Product Markets,Policies within this category are pro-competition policies,openlectures,http://youtu.be/DpVEp3RxF8M,Describe and explain the characteristics of policies for product markets,Why is competition amongst firms desirable?,Reduces productive and allocative inefficiency,2,http://www.mediafire.com/?iw8om82a6cbbimz,,Product Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
315,Private Unlimited,Privatisation takes advantage of the profit maximising motive to reduce inefficiency,openlectures,http://youtu.be/eSv6bALz4mw,Explain what privatisation is and how it works as a supply-side policy,Why advantage does the private sector have over the public sector?,Less inefficiency,3,http://www.mediafire.com/?hgdtmpom78d7k77,,Product Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
316,Deregulation And Competition Policies,"Deregulation makes it easier for firms to set up business, while competition policies prevent firms from gaining excessive monopoly power",openlectures,http://youtu.be/DVWjFRgvS0s,Explain what deregulation and competition policies are and how they work as supply-side policies,How does deregulation and competition work?,They work by breaking down competition!,4,http://www.mediafire.com/?8e9745xl7r7j5yz,,Product Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
317,Set-up SMEs,SMEs are firms with a relatively small annual revenue and employee size,openlectures,http://youtu.be/wGkRVDa6UwA,Explain what SMEs are and how it works as a supply-side policy,Why are SMEs important?,"They drive innovation. By allowing more firms to join the economy, the potential of the economy grows.",5,http://www.mediafire.com/?rqik27evpq9lm35,,Product Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
318,Labour Markets,Policies within this category aim to keep wages reasonable and provide incentives for people to work,openlectures,http://youtu.be/CHExs71vu5E,Describe and explain the characteristics of policies for the labour market ,How will the quantity and quality of the labour force affect aggregate supply?,"Quantity increases productive capacity (i.e. more factor of production), quality reduces cost of production",1,http://www.mediafire.com/?224fuebcp8onvbb,,Labour Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
319,Reducing The Power Of Trade Unions,Trade unions represent groups within the labour force (e.g. by industry),openlectures,http://youtu.be/RKHpCMs2OYU,Explain what trade unions are and how reducing their power works as a supply-side policy,What is the motive of trade unions?,Protect the interests of workers in the union by pushing for wage increments and better working conditions,2,http://www.mediafire.com/?fah6vgbiyaiqb7c,,Labour Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
320,Income Policy,Income policy helps to keep income in line with labour productivity,openlectures,http://youtu.be/KdHYM-x91sQ,Explain what income policy is and how it works as a supply-side policy,Why is it important to keep wages affordable for employers?,To prevent excessive lay-offs of workers,3,http://www.mediafire.com/?b3fqpfpq86muryt,,Labour Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
321,Tax Reform,Tax reform policy increases the incentive for work effort,openlectures,http://youtu.be/1RF9WB_KybE,Explain what tax reform policy is and how it works as a supply-side policy,Why will lowering tax be effective in attracting firms and foreign talent?,Think why people grumble every time taxes are raised!,4,http://www.mediafire.com/?nbafdu2f3wdc2cx,,Labour Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
322,Cutting Social And Welfare Programmes,Cutting social and welfare programmes will force more people into the workforce,openlectures,http://youtu.be/lO5EtyrJ-44,Explain what social and welfare programmes are and how reducing their them works as a supply-side policy,Why will reducing welfare encourage people to work?,Think about what happened to people in welfare states in Europe!,5,http://www.mediafire.com/?h74uk4a9nt398iz,,Labour Market-Oriented Policies,Supply Side Policies,How The Macroeconomy Works,Economics
323,Difference From Market Oriented Policies,Interventionist measures are needed when market forces are unlikely to allocate resources appropriately,openlectures,http://youtu.be/K50N7b1WwNU,Distinguish between market oriented and interventionist policies,What situations would market oriented policies be less effective than interventionist measures?,When there are externalities,1,http://www.mediafire.com/?jj7hcn8c4t661k9,,Interventionist,Supply Side Policies,How The Macroeconomy Works,Economics
324,Manpower Policies,Education and skills training increases the quality of the workforce,openlectures,http://youtu.be/kDiDKOW2em8,Explain what education and skills training are and how they work as a supply-side policy,Why is the quality of the workforce important?,To make up for the low labour supply and to move up the value added production chain,2,http://www.mediafire.com/?oh65qfuyn6ma361,,Interventionist,Supply Side Policies,How The Macroeconomy Works,Economics
325,Return To The Motherland,Nationalisation provides government funding for investment in strategic industries,openlectures,http://youtu.be/4bEX3aUAK6U,Explain what nationalisation is and how it works as a supply-side policy,Which industries will nationalisation be preferred over privatisation?,Industries which require heavy investment or industries providing essential services,3,http://www.mediafire.com/?6u13n8cp83jg61d,,Interventionist,Supply Side Policies,How The Macroeconomy Works,Economics
326,More Science,R&D promotes technological advancement which improves labour productivity,openlectures,http://youtu.be/GSeTgJFdHnc,Explain what R&D is and how providing grants for it works as a supply-side policy,Why is there a need to provide grants for R&D?,R&D can be expensive with uncertain results (i.e. may not yield new technology),4,http://www.mediafire.com/?q103xs7bfhr3t02,,Interventionist,Supply Side Policies,How The Macroeconomy Works,Economics
327,Effects On Economy,Supply side policies can affect the 4 macroaims of an economy,openlectures,http://youtu.be/pr_Qy9Qw51s,Describe the effects of supply side policies on the economy,What is the main advantage of supply-side policies over demand management policies?,Conflict of macroeconomic aims,1,http://www.mediafire.com/?3tqsphx8uqad55o,,The Aftermath,Supply Side Policies,How The Macroeconomy Works,Economics
328,Limitations,"Like all government policies, there are limits as to what supply side policies can achieve",openlectures,http://youtu.be/GuoYSCXyjjw,Explain the limitations of supply side policies,Why is it impractical to use supply-side policies all the time?,Think what is needed for actual growth and also the time involved,2,http://www.mediafire.com/?1hy5b7epc79c61p,,The Aftermath,Supply Side Policies,How The Macroeconomy Works,Economics
329,It's A Small World After All,"Here you will find out what globalisation really means in economics, beyond catchphrases like ‰ÛÏThe World is Flat‰Û.",openlectures,http://youtu.be/81JAl36quQg,Define Globalisation,What are the 3 main flows across country borders that increase due to globalisation? ,"1) Trade, 2)Labour and 3) Investment (or Capital)",1,http://www.mediafire.com/?cjucr44sh8ps4m1,,Introduction to Globalisation,Globalisation,International Economics,Economics
330,Factors Leading To Globalisation,"How to account for the trend towards globalisation, as defined in the previous checkpoint? Let‰Ûªs find out.",openlectures,http://youtu.be/prykATOVXp4,Explore some of the factors that led to globalisation,What do you think are the 3 most important reasons for globalisation in the second half of the 20th century?,"They are those factors we covered in 1.2: Shift in ideology, Awareness of the gains from trade and Technological progress.",2,http://www.mediafire.com/?8zaid0xncohfl31,,Introduction to Globalisation,Globalisation,International Economics,Economics
331,Extension On Reasons,"You didn‰Ûªt seriously think that all phenomena under the umbrella called globalisation could be explained by those 3 reasons in the previous checkpoint, did you? Right, knew you were better than that.",openlectures,http://youtu.be/ckUqTh4N1co,Learn how to answer slightly different questions on the trend towards globalisation,How do you answer questions on the reasons for globalisation?,"By assessing the particular context of the question and coming up with reasonable points, supported by economic framework.",3,http://www.mediafire.com/?1g4x0pz7h1fyd50,,Introduction to Globalisation,Globalisation,International Economics,Economics
332,Big Goals,Can you explain the impact of globalisation in the systematic way? Here we examine some of the yardsticks we should use.,openlectures,http://youtu.be/L49xysM4RmQ,Assess the impact of globalisation in terms of the 4 macroeconomic aims,What kind of unemployment can globalisation cause?,"In particular, structural unemployment. (Cyclical unemployment, owing to world business cycles also plausible‰ÛÓthough not as specific to the context of globalisation)",1,http://www.mediafire.com/?4llas7i1avr5p9q,,Impact of Globalisation,Globalisation,International Economics,Economics
333,Small Goals,Globalisation has microeconomic repercussions too.,openlectures,http://youtu.be/c8fBqC8lEMc,"Assess the impact of globalisation in terms of the microeconomic aims: efficiency, equity.",Do consumers benefits from globalisation?,"Generally, the answer is yes, due to lower prices, greater variety and improved quality.",2,http://www.mediafire.com/?j5p5vnymuvb2pur,,Impact of Globalisation,Globalisation,International Economics,Economics
334,Standard Of Living,Standard of living is an important yardstick in evaluating the costs and benefits of globalisation.,openlectures,http://youtu.be/-g7-9r3pEzY,Assess the impact of globalisation in terms of material and non-material SoL.,How does globalisation cause income gap?,Wages in export sectors rise faster relative to non-export sectors. Foreign competition for low-skilled jobs drives wages down.,3,http://www.mediafire.com/?27uan6tl3daf5zp,,Impact of Globalisation,Globalisation,International Economics,Economics
335,Singapore,You have heard it many times: ‰ÛÏSingapore is a small open economy.‰Û What does it really mean in the context of globalisation? ,openlectures,http://youtu.be/pRu8cF2jiOk,Develop specific insights on globalisation from Singapore‰Ûªs point of view. ,Singapore can experience good rates of economic growth without globalisation. True or false?,"‰ÛÏFalse‰Û is the general consensus, not only among local economists but also politicians‰Û_",1,http://www.mediafire.com/?bskbufxl72q68dv,,Evaluating Different Countries,Globalisation,International Economics,Economics
336,Other Countries,Different countries experience globalisation differently depending on their economic situations and governmental policies. Let‰Ûªs gain some insight on this.,openlectures,http://youtu.be/tZFWKYEBDOo,Understand that different countries experience globalisation differently depending on their economic situations and governmental policies.,Globalisation causes developing countries with weak infrastructure to experience deflation. True or false?,False.,2,http://www.mediafire.com/?bj9lp2b12unj3fp,,Evaluating Different Countries,Globalisation,International Economics,Economics
337,Tit For Tat,What is free trade all about and how does it fit into globalisation?,Hu Fangda,http://youtu.be/UUV0dbr5lTM,Define free trade and differentiate from the broader concept of globalisation,Define free trade.,International trade happens when an utility maximising consumer in one country buys a good or a service from a profit maximising producer in another.,1,http://www.mediafire.com/?u1ayvnqdwjc1yi9,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
338,Enablers Of Trade,The factors that have both enabled and encouraged a surge in world trade,Hu Fangda,http://youtu.be/wUb2A7YvPuU,Understand and outline the vital factors that have led to a rise in world trade volume,Outline the key factors that have enabled and encouraged free trade with reference to examples,"Technological advance (e.g containerisation), rising affluence, political developments (e.g. FTAs)",2,http://www.mediafire.com/?wmff6j8ufcfpj75,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
339,Absolutely Comparative?,"A brief explanation of the sources of CA or AA, in relation to Adam Smith‰Ûªs theory of specialisation",Hu Fangda,http://youtu.be/dy59QKbJpOk,Define Absolute Advantage and Comparative Advantage and differentiate between the two,Explain the relation of AA and CA to Adam Smith‰Ûªs theory of labour specialisation,Free trade exploits Adam Smith‰Ûªs theory of specialisation - the country that can make a good cheaper makes that good and thus leads to an allocation of scarce resources that maximises the output derived - hence allocative efficiency,3,http://www.mediafire.com/?dfp53793eg2svbl,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
340,Introducing The 2 Country 2 Good Model,Assumptions of the 2C2G and its strengths and weaknesses.,Hu Fangda,http://youtu.be/fOpdjx6nV_M,Describe and understand the assumptions of the 2 Country 2 Good model,Outline the assumptions of AA and CA as illustrated with the 2C2G model,"1. There are no transport costs or any other barriers to trade
2. There are constant returns to scale
3. Equal factor endowments
4. There is perfect intranational factor mobility
5. There is perfect international factor immobility
6. The world consists of two countries making two goods only

",4,http://www.mediafire.com/?sr7lecifz56rmpk,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
341,Absolute Advantage,Definition of AA with a table showing a named example using the 2C2G,Hu Fangda,http://youtu.be/Iny_2QR6zvg,Explain and define Absolute Advantage using numerical examples,Use an example to illustrate mutually beneficial trade based on AA,Refer to lecture for the table,5,http://www.mediafire.com/?aj3akjx9i45u60r,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
342,Comparative Advantage,Definition of CA with a table showing a named example using the 2C2G to illustrate mutually beneficial trade,Hu Fangda,http://youtu.be/Z5xHjGD3XtE,Explain and define Comparative Advantage using numerical examples,Use an example to illustrate and elaborate on mutually beneficial trade based on CA,Refer to lecture for the table - remember the employ only partial specialisation in your examples,6,http://www.mediafire.com/?hrv99rwka4u7c2d,"openlectures,a-level,economics,trade,globalisation",Why We Trade,International Trade,International Economics,Economics
343,The PPC And Trade,Rehash the concepts of the PPC and Consumptions Possibilities Curve with a numerical derivation of the diagram showing CPC outside PPC with trade ,Hu Fangda,http://youtu.be/SuOLsib0y7k,Show via a labelled diagram how trade enables consumption outside the PPC ,"With the aid of a diagram and figures when appropriate, illustrate, analyse and evaluate how trade enables consumption beyond the PPC and the limitations of this model","Refer to checkpoint for the diagrams and explanations. Limitations: due to the diminishing marginal rate of substitution, the PPC is like to be bowed-out rather than straight. Also transport costs and other trade barriers may prohibit some trades",1,http://www.mediafire.com/?p1jbnx4135ep890,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
344,Other Benefits Of Trade,Simple micro and macro effects of freer trade,Hu Fangda,http://youtu.be/mmCmnM1o62E,Outline and evaluate the other economic benefits of free trade at both the macro and micro levels with a link to efficiency concepts in economics,Explain and evaluate the benefits of trade at both the macroeconomic and microeconomic levels ‰ÛÒ taking care to touch on the microeconomic goal of equity,"Cheaper raw materials and dampens cost-push inflation, exposes domestic monopolies to competiton to reduce economic inefficiency (e.g. of the UK motorbike market), export-led booms for LDCs who export and greater intranational and international equity of both wealth and income via the factor prize equalisation theorem ",2,http://www.mediafire.com/?6hb0ijb02yhusro,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
345,Terms Of Trade,Formula for TOT and how various factors can either raise of lower it ‰ÛÒ and what these changes mean for states,Hu Fangda,http://youtu.be/NZLw7yN1mU0,Define and derive the TOT while evaluating what these figures mean in differing contexts,State the formula for the derivation of the Terms of Trade,Terms of Trade= (Export Price Index)/(Import Price Index) ÌÑ100,3,http://www.mediafire.com/?ccg3ll6dtp3sxq1,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
346,Introduction To Protectionism,Various forms of protection (tariff and non-tariff) with a diagram showing the deadweight welfare losses of a tariff or quota,Hu Fangda,http://youtu.be/opi-92dtI5A,Define protectionism in it various forms and show on a diagram the welfare losses of a simple tariff or quota,"With the aid of any appropriate diagrams, illustrate the welfare effects of a simple tariff barrier, taking care to comment on the effects on all of the following: tariff revenue, producer and consumer surplus.","Use the diagram to show the gain in producer surplus (benefits accuring to domestic, protected firms) at the expense of a loss of consumer surplus (diffuse costs accuring to consumers who pay higher prices for a limited variety of inferior goods)",4,http://www.mediafire.com/?rapldqdww05g5g1,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
347,Why Protect? (Part I),Outlines of common arguments and counter-arguments for protectionism,Hu Fangda,http://youtu.be/lG9Sm0jV5OU,Evaluate the common justifications for protectionism,"With references to the assumptions that CA theory is based upon, explain and critically evaluate the justifications for protectionism in any form using economic theory","Explain and evaluate the following: Senile industry argument and structural unemployment, infant industry arguments, economies of scale, strategic trade policy, inequity of trade gains and worsening TOT for LDCs, emergency measure during recessions, human rights and negative externalities",5,http://www.mediafire.com/?2eidjfkc3y93auo,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
348,Why Protect? (Part II),Outlines of common arguments and counter-arguments for protectionism,Hu Fangda,http://youtu.be/gY2VE6IZdPo,Evaluate the common justifications for protectionism,"With references to the assumptions that CA theory is based upon, explain and critically evaluate the justifications for protectionism in any form using economic theory","Explain and evaluate the following: Senile industry argument and structural unemployment, infant industry arguments, economies of scale, strategic trade policy, inequity of trade gains and worsening TOT for LDCs, emergency measure during recessions, human rights and negative externalities",6,,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
349,Game Theory And Protection,A Prisoner‰Ûªs Dilemma Matrix to show why countries still protect in spite of the crystal clear benefits of a world with free trade,Hu Fangda,http://youtu.be/Vj-3Wt0sFOs,Use Game Theory to illustrate protectionism,"Using an appropriate payoff matrix, show and explain how the dominant strategy exists for countries to protect in spite of clear welfare gains of free trade",Refer to lecture for the Prisoner's Dilemma matrix. Both the minimax and the maximax strategy is to protect,7,http://www.mediafire.com/?0gsdjprgtp1y6to,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
350,Closing Thoughts On Protectionism,Critical analysis and evaluation of the effects and desirability of protection,Hu Fangda,http://youtu.be/lDp64gJEi98,Summarise and evaluate the general effects of protection,"Sum up and weigh, on balance, the merits of the common justifications for protection

",Protectionism is a second-best solution with concentrated gains and diffuse costs - a fallacy of aggregation and a second-best solution. ,8,http://www.mediafire.com/?22eooqwnfm5on8m,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
351,The Iowa Car Crop Model,An alternative view ‰ÛÒ the Iowa Car Crop model ‰ÛÒ that draws an analogy between trade and technology,Hu Fangda,http://youtu.be/u45IawdnbZc,Use technological advance as an analogy to explain the risks and benefits of free trade,How is technology like trade?,"The benefits of free trade ‰ÛÒ cheaper, better and more varied goods ‰ÛÒ can be brought about by technology as well. Similarly, like free trade, technology can destroy jobs: ",9,http://www.mediafire.com/?mort1zf0mfk061b,"openlectures,a-level,economics,trade,globalisation",The Winners and Losers,International Trade,International Economics,Economics
352,Introduction To New Trade Theory,Basic outline of the shortfalls of Ricardian theory and the fields of study for NTT,Hu Fangda,http://youtu.be/_emFB9psmf8,Explain how NTT differs from Ricardian theory,What is the main implication of the New Trade Theory?,NTT attempts to better explain abnormalities in new empirical data - like IIT through theories that counter and target the rigid assumptions of Ricardian theory,1,http://www.mediafire.com/?z5k7ns46l8azeus,"openlectures,a-level,economics,trade,globalisation",Post-Ricardian Trade Theories,International Trade,International Economics,Economics
353,Intra-industry Trade,Paul Krugman‰Ûªs work on how scale economies and differing consumer tastes leads to much IIT,Hu Fangda,http://youtu.be/D-PBeIipuWI,Explain the origins of IIT,Why would Intra-Industry Trade occur?,Differing tastes and preferences of consumers with Krugman's ‰ÛÏaccidents of history‰Û and economies of scale,2,http://www.mediafire.com/?rfkn8tvacq9jasx,"openlectures,a-level,economics,trade,globalisation",Post-Ricardian Trade Theories,International Trade,International Economics,Economics
354,Gravity Model ,The Gravity Model formula and its implications,Hu Fangda,http://youtu.be/c_q0SDenTko,Derive and explain the Gravity Model of trade,Outline the determinants of the gravity model of trade,The volume of trade is directly proportional to the GDPs of the trading countries and inversely proportional to their distance to one another,3,http://www.mediafire.com/?85p4trliyn30r3h,"openlectures,a-level,economics,trade,globalisation",Post-Ricardian Trade Theories,International Trade,International Economics,Economics
355,Dynamic CA,Shows how CA shifts due to due to capital flows and how it can benefit LDCs,Hu Fangda,http://youtu.be/cLapUwymNHc,Examine how kaleidoscopic CA leads to shifting CA over time,"Outline the theory and stages of Kaleidoscopic CA, while explaining its origins with references to freedom of movement of capital factors of productions across borders","New Product Stage, Maturing Product Stage and Standardised Product Stage. Such shifting CA is only possible because capital goods and knowledge are free to move across borders",4,http://www.mediafire.com/?ya0bo9elmkb9eio,"openlectures,a-level,economics,trade,globalisation",Post-Ricardian Trade Theories,International Trade,International Economics,Economics
356,Competitive Advantage,Michael Porter‰Ûªs Diamond to show different sources of CA,Hu Fangda,http://youtu.be/hwI1GLGV7z0,Outline the sources of CA other than factor endowments,"With or without the aid of a diagram and named examples, outline the determinants of competitive advantage","Factor Conditions, Firm Strategy, Structure and Rivalry, Related and Supporting Industries and Demand Conditions. Any and all of the four can be influenced either by Chance or Government",5,http://www.mediafire.com/?3cnh3vshbbe5577,"openlectures,a-level,economics,trade,globalisation",Post-Ricardian Trade Theories,International Trade,International Economics,Economics
357,Singapore‰Ûªs Trade Pattern,A series of tables showing key extrude trade statistics for Singapore in 2011,Hu Fangda,http://youtu.be/mmOVuicQDmY,Outline the components of Singapore‰Ûªs exports and imports with an understanding of the country‰Ûªs biggest trading partners and ratified FTAs,Outline the top 5 export destinations or regions of Singapore,"EU, China, USA, Hong Kong SAR, Malaysia in descending order of export receipts and based on 2011 data",1,http://www.mediafire.com/?gxusd9t85aciaut,"openlectures,a-level,economics,trade,globalisation",Trade Policy,International Trade,International Economics,Economics
358,Different Types Of Trade Zones And Agreements,"Definitions of an FTA, a CU, a CM and an EU",Hu Fangda,http://youtu.be/j0X2dLA6Ijg,"Differentiate between an FTA, a Customs Union, a Common Market, an Economic Union and a Currency union ",What's the main difference between a Free Trade Area and Common Market,"An FTA only guarantees the freedom of movement of goods and services only. In a CM, goods are free to move between states in addition to capital, labour and knowledge.",2,http://www.mediafire.com/?zikwi8wh3a7o2cc,"openlectures,a-level,economics,trade,globalisation",Trade Policy,International Trade,International Economics,Economics
359,Economic Effects Of An FTA,Diagrams to show the concept of trade creation/expansion vs. trade diversion,Hu Fangda,http://youtu.be/dummyvar10,Explain and evaluate the net welfare effects of FTAs,"Using diagrams when appropriate, evaluate on balance the net welfare effects of an FTA with reference to the concepts of trade creation, trade expansion and trade diversion while outlining the possible reasons for trade diversion to exceed trade creation or vice versa","Diagrams in lecture. Trade creation is new trade generated by the removal of tariff barriers and consumers switching to lower cost producers within the FTA. Trade expansion is the welfare gains resulting for an increase in quantity demanded of the good brought about due to the lowered price. Trade diversion happens when trade shifts from a non-FTA member, lowest-cost producer to an FTA member that is not the lowest-cost producer. When the FTA price significantly deviates from the cheapest price, we expect trade diversion to exceed creation and thus a net welfare loss. ",3,,,Trade Policy,International Trade,International Economics,Economics
360,Kinematics,Kinematics describes motion of a body when a force is applied to it. Learn more about Kinematics in this lesson.,openlectures,http://youtu.be/zL3Z0ceKp1Y,Know what is kinematics and what entails in this topic.,What is kinematics?,Note the relationship between force and motion.,1,http://www.mediafire.com/?zikwi8wh3a7o2cc,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
361,Displacement,"In Kinematics, we often talk about an object moving from one place or another. The distance in a specified direction from a reference point is known as displacement, which will be covered in this checkpoint.",openlectures,http://youtu.be/S-A9w5O0n4Y,"Understand the definition of displacement, and the difference between it and distance.",How is displacement different from distance?,Recall their definitions.,2,http://www.mediafire.com/?865d3zjsvjp8d4z,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
362,Velocity,"We often study the change of displacement over time. This change is called velocity, as we will discuss in this checkpoint.",openlectures,http://youtu.be/dzPfn1nqm9A,"Understand the definition of velocity, its relation with displacement, and difference between it and speed",What is velocity? ,"In velocity, what are we looking at that changes with time? ",3,http://www.mediafire.com/?vajppfnek2h4fd1,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
363,Acceleration,"Similarly, we also look at the change of velocity over time. This is called acceleration; find out more in this checkpoint.",openlectures,http://youtu.be/4okCfTOE0jI,Understand the definition of acceleration and its relation with velocity,What is acceleration? ,"In acceleration, what are we looking at that changes with time? ",4,http://www.mediafire.com/?q9648dia5m7w0rw,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
364,"Relationship between s, v, a, and t","Now that we have covered the three main terms in kinematics, how are they related to each other? Start drawing the graphs and find out in this checkpoint.",openlectures,http://youtu.be/Q_9qr1eqch4,"Recognize the relationships between s, v, a and t based on the respective graphs",What can I find the values of s and a from a v-t graph? ,Recall the definition of v and a. ,5,http://www.mediafire.com/?3lda4m7nrqc45oa,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
365,The Bouncing Ball,"Now that we have understood the relationships, let's use these concepts to study the curious case of the bouncing ball!",openlectures,http://youtu.be/yNSDXj03pVA,"Understand the relationship between s, v, a and t using the example of a bouncing ball","What do the s/t, v/t, and a/t graphs look like for a bouncing ball?",Find a ball near you and bounce it while you ponder the mysteries of the universe!,6,http://www.mediafire.com/?5umq4h85h8azebf,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
366,The Free-falling Ball,"(Requires basic knowledge of forces and free-body diagrams) While a freefalling ball falls with an acceleration of g, its velocity will remain constant after a certain distance and time. Find out how and why this ball reaches terminal velocity!",openlectures,http://youtu.be/moKm9chX_CE,Apply the concepts of kinematics to understand how a freefalling ball reaches terminal velocity,"How does the s, v and a of a freefalling change before it reaches terminal velocity? ","In the case of a freefalling ball, what are the forces acting on it and how do they change with time? ",7,http://www.mediafire.com/?6wwvq2jxoij45gp,,"Displacement, Velocity and Acceleration",Kinematics,Kinematics,Physics
367,4 Kinematics Equations,The 4 kinematics equations are fundamental to solving all kinematics problems. Learn how to derive all of them from a simple v-t graph!,openlectures,http://youtu.be/T1q6NDtsNyA,Learn how to derive the 4 basic kinematics equations from the v-t graph,What are the 4 kinematics equations?,s=0.5(u+v)t; s=ut+0.5at^2; v=u+at; v^2=u^2+2as,1,http://www.mediafire.com/?1nb4mxhs58eex8w,,Kinematic Equations,Kinematics,Kinematics,Physics
368,1-D Motion,So how exactly should we attempt a kinematics question on linear motion? Find out the stepsåÊwe need in this checkpoint.,openlectures,http://youtu.be/3ZgnO6kOVbQ,Learn how to attempt a kinematics question (1-D motion) using the 4 equations,What are the steps to solve a 1-D kinematics question?,1. Write down the given info; 2. Indicate the positive direction; 3. Apply the correct kinematics equation to solve for the unknown,2,http://www.mediafire.com/?7l1le8szwcfqc2y,,Kinematic Equations,Kinematics,Kinematics,Physics
369,Braking a Car,"Now thatåÊwe are familiar with the 4 equations and know how to tackle kinematics question on linear motion, let's attempt this question on the case of a braking car!åÊ",openlectures,http://youtu.be/6BdYSdAlBV4,Apply concepts learnt to understand how a car brakes,"When a braking force is applied to a car which is travelling at an initial velocity of 10m/s, its braking distance is 10m. If the same braking force is applied to the car, which is now travelling at at an initial velocity of 30m/s, what would be its braking distance?","Braking force is proportional to acceleration (or decceleration, in this case). Hence, we need to find 1. the value of a and 2. the new displacement, s'.",3,http://www.mediafire.com/?xcxk61d6nwdd6r3,,Kinematic Equations,Kinematics,Kinematics,Physics
370,2-D Motion,"What happens if motion is now in a plane? In this checkpoint,åÊwe shall discover how the kinematics equations can be applied to 2-D motion. ",openlectures,http://youtu.be/GpEpzPU8tQA,Learn how the kinematics equations can be applied to 2-D motion,What is the additional step required to solve a 2-D kinematics question?,Split the quantities into its individual x and y components before handling them in the same way as solving 1-D motion.,4,http://www.mediafire.com/?7p9yglhdyojww2k,,Kinematic Equations,Kinematics,Kinematics,Physics
371,Projectile Motion,Projectile motion is an application of 2-D motion. Let us explore how the trajectory of a projectile looks like in and without the presence of air resistance.,openlectures,http://youtu.be/Toy4OjwXF04,Appreciate how air resistance affects projectile motion,How do I determineåÊthe horizontal and vertical velocity at each point of the projectile trajectory?,"Do the separate velocities change with time? If yes, which kinematics equation is most appropriate? ",5,http://www.mediafire.com/?ngahj7a493ldjg2,,Kinematic Equations,Kinematics,Kinematics,Physics
372,Kick The Ball,"We have just mastered the concepts on motionåÊin a plane. Now,åÊlet's challenge ourselvesåÊby attempting the following questionåÊinvolving a ball being kicked off a tower!åÊåÊ",openlectures,http://youtu.be/WpG56H4ZMCQ,Apply concepts learnt to understand what happens when a ball is kicked,"A ball is kicked horizontally from a 5m tall building, and it lands 20 m away. At what speed is the ball kicked off the building? (Assume that the ball's horizontal velocity does not change)","In order to find initial velocity (in the x direction), we can use the expression s=ut (x component). However, we need to find time taken, t, before the ball falls to the ground. Hence, we consider the y direction. In this case, consider the following question: If a ball is at rest at a height of 20m, how long will the ball take before it hits the ground? (Facts: Displacement=20m, Initial Velocity=0, Acceleration=Gravitational Acceleration)",6,http://www.mediafire.com/?rbtg9k76qbljc6q,,Kinematic Equations,Kinematics,Kinematics,Physics
373,Introduction to Angles,What is an angle? How do we identify angles? This lecture gets you started on the basics of angles!,openlectures,http://youtu.be/Kh7Y7gGJiUo,To learn what is an angle,What do the angles that form a straight line add up to?,What is the value of a straight angle (angle on a straight line)?,1,http://www.mediafire.com/?rbtg9k76qbljc6q,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
374,Types of Angles,Not all angles are the same. In this lecture we'll learn to identify them by their correct names.,openlectures,http://youtu.be/UhZcanQtDOQ,Know the different types of angles and identify them when given a diagram,"How do we differentiate an acute angle, an obtuse angle and a reflex angle?",Think of it as a relation to either the right angle or the straight angle. Is it larger/smaller than a right angle or a straight angle?,2,http://www.mediafire.com/?d7fzfm0nmy68lk4,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
375,Basic Angle Sums,"You now know what's an angle. The next step is to find out what happens when you add one angle to another. Two things can happen, and we're going to take a look at both of them.",openlectures,http://youtu.be/avdScqRNZm4,"Understand the 2 basic types of angle sums, complementary and supplementary angles and are able to identify them in a question","If we have an angle which measures 30 degrees, what is its complementary angle? And what is its supplementary angle?","Recall that complementary angles add up to 90 degrees, while supplementary angles add up to 180 degrees.",3,http://www.mediafire.com/?khff5dw24jn1stg,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
376,Vertically Opposite Angles,One of the simplest angle properties is that vertically opposite angles are equal. We'll prove this with our understanding of the basic angle sums we've just learnt!,openlectures,http://youtu.be/ZSZO0UZ0VX8,Know and understand that the vertically opposite angles formed by 2 straight lines are equal,How do we identify vertically opposite angles?,The two angles are opposite each other and share the same vertex. (They are formed when two lines intersect.),4,http://www.mediafire.com/?fbc8v781eqwus89,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
377,Corresponding Angles,"What happens when you place two parallel lines across a transversal, then add a little sugar and spice?",openlectures,http://youtu.be/jT4pFyxszzk,Know what are corresponding angles and that they are equal when two lines are parallel,How do we identify corresponding angles?,"When a line intersects a pair of parallel lines, the angles that are at the same location at each intersection are known as corresponding angles. Alternatively, spot for the letter 'F'",5,http://www.mediafire.com/?tt4j8iplmj2y624,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
378,Alternate Angles,"What happens when you place two parallel lines across a transversal, then give your good old friend ""Corresponding Angles"" a ring? Look out for the magical 'Z'!",openlectures,http://youtu.be/BGYGhFOiSms,Know what are alternate angles and how to apply them to solve a question,How do we identify alternate angles?,"When a line intersects two other lines, alternate angles are the two angles that are formed on the opposite sides and on the opposite end of the first line. Alternatively, spot for the letter 'Z'. (Note that the special properties involving alternate angles only applies to a line intersecting a pair of parallel lines.)",6,http://www.mediafire.com/?8wm82zf5vls27ds,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
379,Internal Angles,We'll now use the property of corresponding angles to figure out what happens when angles opposite the street meet for a showdown.,openlectures,http://youtu.be/b-7Q8awXiwU,Know what are internal angles and how to apply them to solve a question,What is the relationship between the two internal angles?,They add up to 180 degrees.,7,http://www.mediafire.com/?25455c0uggcerfh,,Angles,"Angles, Triangles and Polygons",Vectors,Mathematics
380,Interior Angles,"Since we have learnt various angle properties that deals with lines, we will now learn more about angles in a polygon. Through learning to find the sum of the interior angles of a polygon, we will be able to learn more about angles in a regular polygon.",openlectures,http://youtu.be/i1UF2yUWgd0,Know what is an interior angle of a polygon and be able to find the sum of the interior angles of a n-sided polygon by using the formula sum of interior angle =(n-2)180 degrees,What is the sum of all interior angles of an n-sided polygon?,They are the angles inside the polygon.,1,http://www.mediafire.com/?c5trc89bj4xgvic,,Polygons,"Angles, Triangles and Polygons",Vectors,Mathematics
381,Exterior Angles,"Since we already know various properties of the interior angles of a polygon, now we are going to look at the exterior angles of a polygon. From this video, you will learn that the sum of the exterior angles in any polygon adds up to 360 degrees ",openlectures,http://youtu.be/AOjOeBsOzL0,Know what is an exterior angle of a polygon and realise that the sum of the exterior angles in any polygon adds up to 360 degrees,How do we find the exterior angle of a polygon?,Let us consider one of the points (vertices) of a polygon. Two sides of a polygon meets at a point. We take either one of the sides and extend it. The angle formed is the exterior angle of that point. Can you see the relationship between the exterior angle and interior angle at a point?,2,http://www.mediafire.com/?nc92n6r53awi81o,,Polygons,"Angles, Triangles and Polygons",Vectors,Mathematics
382,Properties of Regular Polygons,"After learning so much about angles in polygons, we are now going to look at a special type of polygon called regular polygons and learn the various properties that relates to it. ",openlectures,http://youtu.be/NlaD0AnratI," Understand that in a regular polygon, all the sides and all the interior angles are equal. ",What are the properties of a regular polygon?,All sides and all interior angles must be equal.,3,http://www.mediafire.com/?d05622zvurzym51,,Polygons,"Angles, Triangles and Polygons",Vectors,Mathematics
383,Angle Bisectors,"In this lecture, you will learn how to bisect an angle with a ruler and a compass. You can easily do this because you already know most of your angle properties.",openlectures,http://youtu.be/Pe_t2DKR3i0,Be able to construct a angle bisector of an angle given a compass and a straight edge,How do we construct an angle bisector using a compass and a straight edge?,"How many arcs do we have to draw? Where should the centre of these arcs be? How do we draw the angle bisector, using these arcs as guides?",1,http://www.mediafire.com/?f5802earpcdsw3d,,Construction,"Angles, Triangles and Polygons",Vectors,Mathematics
384,Perpendicular Bisectors,"Similar to constructing the angle bisector, in this lecture, you will learn how to draw the perpendicular bisector of a line with a compass and a ruler.",openlectures,http://youtu.be/FGVb3FRvvBg,Be able to construct a perpendicular bisector of a line given a compass and a straight edge,How do we construct a perpendicular bisector using a compass and a straight edge?,"How many arcs do we have to draw? Where should the centre of these arcs be? How do we draw the perpendiclar bisector, using these arcs as guides?",2,http://www.mediafire.com/?lkzuzggmbwcl3gq,,Construction,"Angles, Triangles and Polygons",Vectors,Mathematics
385,Introduction to Similarity and Congruence,"So what do we mean when we say two shapes are similar? This video allows you to know the real meaning of similiarity and of course, congruence!",openlectures,http://youtu.be/E1kO3OdKI7g,Be able to know what are similar and congruent figures,What is the difference between similar figures and congruent figures?,The condition for similar figures is that they have the same shape. The condition for congruent figures is that they have the same shape AND size.,1,http://www.mediafire.com/?vbcnvybdzvuc6js,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
386,Properties of Similar Polygons,"Now you know what we mean when we shape that two shapes are similar, we can explore more propoerties of similar figures.",openlectures,http://youtu.be/L0a3bppLGC4,To know what are the properties of similar figures,How do we tell if two polygons are similar?,Consider their interior angles. How do they compare?,2,http://www.mediafire.com/?62dc8thsnsltri9,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
387,Properties of Congruent Polygons,"Now you know what we mean when we shape that two shapes are congruent, we can explore more propoerties of congruent figures.",openlectures,http://youtu.be/ZYmHPV9_WoQ,To know what are the properties of congruent figures,How do we tell if two polygons are congruent?,Consider their interior angles AND the length of their sides. How do they compare?,3,http://www.mediafire.com/?45h4am90ivgnw4f,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
388,Identification of Similar Triangles,"So now you know the properties of similar figures, let us learn more about how to identify similar triangles.",openlectures,http://youtu.be/lrFGa7ELBwE,To be able to identify similar figures ,What are the methods to identify similar triangles?,"Method 1: SSS (Three sides), Method 2: SAS (Angle between two sides), Method 3: AA (Any two angles in a triangle)",4,http://www.mediafire.com/?8knr7cctdu8eq33,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
389,Identification of Congruent Triangles,"So now you know the properties of congruent figures, let us learn more about how to identify congruent triangles.",openlectures,http://youtu.be/9iHdtymlzSw,To be able to identify congruent figures,What are the methods to identify congruent triangles?,"Method 1: SSS (Three sides), Method 2: SAS (Angle between two sides), Method 3: AAS (Any two angles in a triangle and one side)",5,http://www.mediafire.com/?m8emvaik6nfzgoa,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
390,Ratio of Areas of Similar Plane Figures,"After learning so much about similar figuers, we can now explore the ratio of the areas of 2 similar figures",openlectures,http://youtu.be/Ma1kCV1vhIM,To learn the relationship between the areas of 2 similar plane figures,What is the ratio of the areas between two similar figures?,We have to first consider what is the ratio of the corresponding sides of the two similar figures. The ratio of the areas is simply the square of the ratio of the sides.,6,http://www.mediafire.com/?mgl85szvzd19955,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
391,Ratio of Volume of Similar Solids,"Since we know how to find the ratio of 2 similar figures, we can now extend it to finding the ratio of volume of 2 similar solids",openlectures,http://youtu.be/6o-72V3aqIc,To learn the relationship between the volume of 2 similar solid,What is the ratio of the volumes between two similar 3D solids?,We have to first consider what is the ratio of the corresponding sides of the two similar figures. The ratio of the volumes is simply the cube of the ratio of the sides.,7,http://www.mediafire.com/?oplwzaaobdbzzfl,,Similarity and Congruence,"Angles, Triangles and Polygons",Vectors,Mathematics
392, Introduction to DNA Replication ,"Having trouble memorizing the steps in DNA replication process? In this series, I will share with you how to break down the process and understand it.",openlectures,http://youtu.be/7o8iqDL8ukU,Understand how this series on DNA replication is organized,Where does DNA replication take place?,Where is the DNA of a eukaryotic cell? Where are the DNTPs transported to after being manufactured?,1,http://www.mediafire.com/?oplwzaaobdbzzfl,,Replication,DNA Replication,DNA & Genomics,Biology
393,The Start,"Introducing the origin of replication, enzymes: helicase, single strand binding proteins and topoisomerase",openlectures,http://youtu.be/3dzkgxKL3As,Learn how DNA replication starts,What are the key components in the start of DNA replication?,"Origin of Replication, Helicase, Single Stranded Binding Protein and Topoisomerase.",2,http://www.mediafire.com/?8y3gcer9vrz86f1,,Replication,DNA Replication,DNA & Genomics,Biology
394,The Synthesis,"Introducing the enzymes: primase, RNA primer, DNA polymerase and DNA ligase. ",openlectures,http://youtu.be/6HlWpVbth44,Learn the synthesis of DNA strand (I),What are the important proteins in the synthesis of new DNA strand?,"Primase, RNA Primer, DNA Polymerase and DNA Ligase",3,http://www.mediafire.com/?hzh5yraxdvny9kd,,Replication,DNA Replication,DNA & Genomics,Biology
395,Okazaki Fragments,Learn about continuous synthesis of the leading strand and discontinous synthesis of the lagging strand. Find out what okazaki fragments are.,openlectures,http://youtu.be/2FsaFHTxZU8,Learn the synthesis of DNA strand (II),What is the difference between the DNA replication on the leading strand and the lagging strand?,Which one involves Okazaki Fragments?,4,http://www.mediafire.com/?23a84tdu229bw41,,Replication,DNA Replication,DNA & Genomics,Biology
396,The End,"Find out what happens AFTER two new DNA strands are synthesized. These points are crucial, yet often missed out by students!",openlectures,http://youtu.be/FAjtWwkbtxc,Learn the end of DNA replication,Why does DNA replication follow the Semi-Conservative Model?,Consider the newly replicated double-stranded DNA. Where does each of the strand come from?,5,http://www.mediafire.com/?h5ty1x6hn5yadrb,,Replication,DNA Replication,DNA & Genomics,Biology
397,Initiation,DNA transcription starts when DNA polymerase scoots around and finds a special section known as the promoter region. A journey of epic proportions is about to begin!,openlectures,http://youtu.be/wxFQW8191Wo,Describe the process of initation as RNA polymerase binding to the promoter region,What binds to the promoter in the initiation phase of DNA transcription?,RNA polymerase and general transcription factors (regulatory protein),1,http://www.mediafire.com/?dkoh0c9ryih79de,,Transcription,DNA Replication,DNA & Genomics,Biology
398,Elongation,The bulk of the action in DNA transcription happens right here in this checkpoint! Find out how information from the template DNA gets transferred to mRNA.,openlectures,http://youtu.be/e0_HYgTNYF8,Learn how free nucleotides complementarily pair to the DNA template,What is the main differences in nitrogenous bases between DNA and RNA?,"Uracil and Thymine - which is found in DNA, and which is found in RNA?",2,http://www.mediafire.com/?44h7nohxc28744n,,Transcription,DNA Replication,DNA & Genomics,Biology
399,Termination,How does RNA polymerase know when to stop? How do our cells produce so many proteins at once? Find out here.  ,openlectures,http://youtu.be/KxXjrUquRtc,"Describe when mRNA strand synthesis stops, and how mRNA synthesis is made efficient",How is the efficiency of transcription enhanced?,Several RNA polymerase can simultaneously transcribe the same gene.,3,http://www.mediafire.com/?34ezers6sbun5yt,,Transcription,DNA Replication,DNA & Genomics,Biology
400,Amino Acid Activation,Remember when the Power Rangers waved their hands around to charge up their special attacks? Each amino acid has to be attached to a transfer RNA before it can become a part of the RNA chain.,openlectures,http://youtu.be/3Mo5VYHRDXM,Understand that base-pairs cannot be accepted or recognized by ribosomes unless they're first attached to transfer RNA,What is amino acid activation?,It refers to the attachment of an amino acid to a specific tRNA.,1,http://www.mediafire.com/?3qaleb74hepxaxa,,Translation,DNA Replication,DNA & Genomics,Biology
401,Binding,A ribosome was floating down the road when it spotted an RNA chain fresh out of the nucleus. What happens when both meet?,openlectures,http://youtu.be/3C3TFjm_QyQ,Learn the start of RNA replication,What makes up a translation initiation complex?,The ribosome (large ribosomal subunit and small ribosomal subunit) and the initiator tRNA (methionine tRNA) attached to the start codon (with the base sequence AUG).,2,http://www.mediafire.com/?3dqerbibub8apgx,,Translation,DNA Replication,DNA & Genomics,Biology
402,Elongation,The ribosome links base-pairs to one another with the help of tRNA. Watch the loving relationship blossom!,openlectures,http://youtu.be/rxnj1dxFgV0,Describe the base-pairing of tRNA to the second codon in the sequence,What happens in the elongation step in translation?,1. The aminoacyl-tRNA corresponding to the next codon binds at the A site; 2. Peptidyl Transferase catalyzes the formation of peptide bonds; 3. tRNA in the P site dissociates from the peptide,3,http://www.mediafire.com/?b75j12aq513p63z,,Translation,DNA Replication,DNA & Genomics,Biology
403,Translocation,Have you seen a hopping ribosome? That's exactly what happens when you need to make space for another tRNA unit.,openlectures,http://youtu.be/igDL6TUKQTs,Understand how the ribosome translocates down the length of the RNA chain,"How are the amino acids, tRNA and codons shifted?","The aminoacyl-tRNA in the A site is shifted to the P site. The tRNA in the P site is shifted to the E site, where the tRNA is subsequently released back to the cytosol and recycled. (Note that the tRNA in the P site is already dissocated from the amino acid/peptide chain.) The A site is now ready to accept a new aminoacyl-tRNA.",4,http://www.mediafire.com/?apa3giyi2b7e4sp,,Translation,DNA Replication,DNA & Genomics,Biology
404,Termination,"The work's been done, and a new protein has been brought into the world. Our dear ribosome now leaves in search of greater happiness. Find out how it does that!",openlectures,http://youtu.be/w4-_5SsBWQM,Describe what happens when the ribosome meets the stop codon and separates from the completed protein,How does termination of mRNA translation take place?,"Release factor binds to the stop codon, causing the polypeptide chain to be released from the ribosome.",5,http://www.mediafire.com/?ggfb8d4no66dygs,,Translation,DNA Replication,DNA & Genomics,Biology
405,Unique Features of Stem Cells,"Pretty much telling you how stem cells differ from other cells, and the characteristics that allow scientists to do the things they do in stem cell research!  ",openlectures,http://youtu.be/eTkopB71Xug,Understand how stem cells differ from normal body cells,How are stem cells different from other cells in the body?,Recall the three unique features of stem cells.,1,http://www.mediafire.com/?ggfb8d4no66dygs,,Introduction to Stem Cells,Stem Cells,Applications of Molecular and Cell Biology,Biology
406,Embryonic Stem Cells,"Now that you know how stem cells are unique, here's an introduction to one source of stem cells -- embryonic stem cells",openlectures,http://youtu.be/cOs-6tWayoM,"Be aware that stem cells can be obtained from the blastocyst, and why these stem cells are not totipotent",Are embryonic stem cells totipotent or pluripotent? Explain.,"If unsure about the meaning of both terms, head back to introduction lecture",2,http://www.mediafire.com/?nc7tol1rdce08ne,,Introduction to Stem Cells,Stem Cells,Applications of Molecular and Cell Biology,Biology
407,Adult Stem Cells,And here's the second source of stem cells -- adult stem cells,openlectures,http://youtu.be/u3HI9EkTZZo,Be aware that adult stem cells are present within the adult organism as well as its differentiation process,How are embryonic stem cells different from adult stem cells?,Consider their different properties,3,http://www.mediafire.com/?1oddvjbdrvl4o7j,,Introduction to Stem Cells,Stem Cells,Applications of Molecular and Cell Biology,Biology
408,Normal Stem Cell Function ,Some examples of tissues and organs where stem cells (usually adult stem cells) can be found,openlectures,http://youtu.be/p2Nf6rA15KY,"Be aware of some examples of tissues and organs where you can find stem cells, and their role in these tissues and organs",What are some examples of the function of stem cells in the body?,"Consider the stem cells in the central nervous system, the blood, the skin and the intenstines.",4,http://www.mediafire.com/?nz4xcaliwh95nlc,,Introduction to Stem Cells,Stem Cells,Applications of Molecular and Cell Biology,Biology
409,Why Rebut?,"A counterargument is necessary to make your argument more credible, by showing that you have considered other perspectives",openlectures,http://youtu.be/y5oW1ofFRgs,Be convinced that a counterargument is necessary,What are the two benefits of presenting counterarguments?,"1. It shows that you have considered the other sides of the issue. 2. You can expose and attack your opponent's arguments, making yours stronger. Win!",1,,,Counterargument,Argumentation,Writing a GP Essay,General Paper
410,Major Counterarguments,There are always two sides to the big picture. Show the other side.,openlectures,http://youtu.be/c9I4fEfK7xU,Craft and attack significant counterarguments in your essay,"Here's a little exercise. ""It is possible to eradicate poverty."" a) Pick a side. b) Pick a significant argument on the other side. c) Attempt writing a counterargument, and rebut it, bearing in mind what you learnt.",Things to take note of: a) Is your counterargument a strong one? Or is it a minor point? b) Did you manage to show that your side is superior in the end? Or did you just stop at showing the other side?,2,,,Counterargument,Argumentation,Writing a GP Essay,General Paper
411,Attack Your Own Argument,"It's not shooting yourself in the foot, it's helping to nuance your argument.",openlectures,http://youtu.be/zf1-O7SSn30,How attacking your own point actually strengthens your argument,"Using the XYXY... structure, build up a strong argument from the following point. ""Poverty is a relative concept, and relative to the population, there will always be people in the bottom percentile who will be deemed poor.""","Think of what others might say to shoot your point down, and then shoot what they will say down. ",3,,,Counterargument,Argumentation,Writing a GP Essay,General Paper
412,Beware the Strawman Fallacy,"Strawmen are weak and attacking weak things doesn't say anything about your skill. Note: In the application question, if you could identify the writer using the strawman fallacy, pointing it out will gain you brownie points. ",openlectures,http://youtu.be/a8KIZPcuxjU,"What the strawman fallacy is, and why you should avoid it","Why is this a strawman fallacy? ""Sometimes, the poor are not willing to receive help from others. These people are reluctant to help themselves, so without the motivation to do so, poverty cannot be eradicated from society."" ",Are the poor in both sentences referring to the same group of people?,4,,,Counterargument,Argumentation,Writing a GP Essay,General Paper
413,Detaching Yourself From The Enemy,"Create an enemy that you can attack, and make sure that enemy is clearly defined as ""the other""",openlectures,http://youtu.be/1ACWe0Y2HjQ,"Know why you should detach yourself from the other side, and how to do so","I'll give you a counterargument here. Try rewriting it so you can detach yourself from this stand. (Use what you've just learnt, for instance) ","For instance, ""critics point out...""",5,,,Counterargument,Argumentation,Writing a GP Essay,General Paper