opengecko

To view an excellent introductory animation to introduce the concept of the circular flow of income, visit this page from the excellent Macroeconomics, Manfred Gärtner, Resources For Students site. A large copy of the same flash file is here. A couple of youtube videos should also help explain this model. First the long one: Source: [...]

Visit this site and explore different possibilities on a supply/demand graph with varying levels of tax applied. Try answering the questions at the bottom. (Note – the graph also refers to Efficiency Loss which is not actually required on the IGCSE syllabus, but is necessary to IB Economics). McConnell Brue Economics – Online Learning Centre [...]

[License:  Some rights reserved by juhansonin] As we begin to explore macroeconomics, it is worth thinking about some of the key things that we will be looking at and how they apply to a real life country. Economists agree that there are four main macroeconomic goals which most governments consider when managing their economy (and [...]

  [Source: http://commons.wikimedia.org/wiki/File:WikiAbb1_1.JPG] These can sometimes be referred to as Production Possibility Curves (PPCs), to reflect their shape. Frontier is a better word to use … you will need to think about what it is that the term frontier implies. This session assumes you have a basic knowledge of PPFs already and points you to [...]

In this section we consider the following concepts as outlined in the IB Economics Syllabus [© International Baccalaureate Organization, 2003] : Scarcity • factors of production: land, labour, capital and management/entrepreneurship • payments to factors of production: rent, wages, interest, profit (we cover this later on in the course) Choice • utility: basic definition • [...]

Money can help us place a value on things, but the underlying value of things can be explained by the concept of utility. This podcast explains: Econs for the iPod – Utility We are now beginning to consider some of the fundamental assumptions which are central to the ‘science’ of Economics. We should already understand [...]

[Image: nDevilTV  Some rights reserved] The Cambridge IGCSE syllabus requires us to have a good understanding of the following: define total and average cost, fixed and variable cost and perform simple calculations; analyse particular situations to show changes in total and average cost as output changes; define total and average revenue and perform simple calculations; [...]

Our eventual aim of this learning session is to understand (and know ‘like the backs of our hands’) the following diagram: First we need to understand the difference between fixed and variable costs. This video by MJM Foodie handles this well: This is a very good interactive exercise to consolidate your understanding of the different [...]

These YouTube clips help us to understand some of the ideas to do with Market Failure. Some of the ideas in the first clip are not needed for IGCSE understanding (adverse selection and moral panic). 1) General understanding of Market Failure 2) Negative Externalities Explained Note this uses Marginal Costs and Marginal Benefits curves. Marginal [...]

  Good recap video: Good overview video: Activity: Recapping Factors Affecting Demand and Supply Econedlink Site Activity: Exploring changes in Supply and Demand Ecedweb Site Activity: How changes in Supply and/or Demand affect Market Equilibrium College Cram Site More sophisticated diagram analysis of teh same issue Whitenova Site Activity: Activity: Changes in Supply and Demand [...]