FREE APP - get all of the videos on this channel on your phone. Put myapp.is/Economics%20Diagrams in your phone web browser and follow the instructions. Income Inequality can be measured graphically by a Lorenz Curve or mathematically using the Gini Coefficient. This video explains how both of these work
Views: 271493 Steve Lobsey
This video looks at how the equilibrium wage rate is determined in the labour market. Excess supply and demand is explained to show how the market moves to equilibrium.
Views: 45901 Steve Lobsey
This video uses a Production Possibility Frontier Diagram (PPF) to explain the concept of Opportunity Cost
Views: 16668 Steve Lobsey
This video looks at the effect of an economy's decisions regarding the production of consumer and capital goods on future economic growth, using a production possibility frontier (PPF).
Views: 16737 Steve Lobsey
This video looks at Marginal Cost and Marginal Revenue, and explains how they lead to an equilibrium of quantity supplied. It is setting up these concepts to apply to different types of markets (eg perfect competition, monopoly) in future videos.
Views: 105040 Steve Lobsey
This video looks at how 2 economies can benefit from specialising in the production of a product in which they have a comparative advantage, and then trading with each other. Production Possibility Frontiers for each country are used to show comparative advantage and the benefits to each of specialisation and trade
Views: 72198 Steve Lobsey
This video shows how a LRAC curve is made and how it can be used to describe economies and diseconomies of scale.
Views: 6169 Steve Lobsey
This video shows the effect of changes in the demand curve on equilibrium price and quantity; and also on Business Revenue. If you are unsure of how equilibrium is found or how business revenue is shown, watch here https://www.youtube.com/watch?v=rYaG-TVBzGk To see increase and decrease in supply, watch here https://www.youtube.com/watch?v=0bSmNZxK0cQ
Views: 14412 Steve Lobsey
If this is an issue for you, this video can help. Students sometimes get the idea of understanding something confused with knowing it, so they think they are prepared for an exam but when they go to write, cannot recall the information
Views: 16910 Steve Lobsey
This video shows the effect of an increase in supply or a decrease in supply on equilibrium price and quantity. To see how revenue is calculated watch here https://www.youtube.com/watch?v=rYaG-TVBzGk To see the effect of increases and decreases in demand https://www.youtube.com/watch?v=5JUILbe7UMI
Views: 7291 Steve Lobsey
This video uses a 3 part diagram to explain how monetary policy is enacted by the central bank, and the effect on Investment, Aggregate Demand and National Income. It looks at both an expansionary and contractionary policy. The video looks at each of the 3 parts together but then combines them into one diagram
Views: 18413 Steve Lobsey
Free app! Access all videos on this channel by putting myapp.is/Economics%20Diagrams into your phone browser and follow the instructions This video looks at how exchange rates are determined through the supply and demand of a currency in the Foreign Exchange (FOREX) market
Views: 46564 Steve Lobsey
This video looks at the difference in the Marginal Revenue curve for a business in Perfect Competition vs the MR curve for a monopoly
Views: 18158 Steve Lobsey
This video uses an Aggregate Demand and Aggregate Supply Model to show the effects of expansionary and contractionary Fiscal Policy on National Income. If there is part of this video you find difficult to understand, watch these foundation videos: Aggregate Supply https://www.youtube.com/watch?v=wkBf3DhuTM4 Aggregate Demand and Equilibrium https://www.youtube.com/watch?v=upxJTQk-2QU Changes in Aggregate Demand https://www.youtube.com/watch?v=5mGr8AIp_BY To see Fiscal Policy represented in a different model, watch here https://www.youtube.com/watch?v=0lezJ4IBaGk
Views: 8292 Steve Lobsey
This video looks at the impact a minimum wage has on the labour market
Views: 622 Steve Lobsey
This video outlines an easy and effective way to plan your study routine. If you need help preparing for an exam period, watch https://www.youtube.com/watch?v=s2UxBOgm7vU If this type of timetable doesn't work for you, check this video: https://www.youtube.com/watch?v=wXsc0dtbOGk
Views: 73484 Steve Lobsey
This video uses an Aggregate Supply/Aggregate Demand Model to examine the effect of consumption on an economy. Specifically it looks at the impact of the level of Autonomous consumption, and the Marginal Propensity to Consume (MPC) and how changes in these will impact the level of National Income or GDP.
Views: 2200 Steve Lobsey
This video shows the effect on business revenue when there is a change in the price. The net effect will depend on the price elasticity of demand.
Views: 512 Steve Lobsey