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Economics 1: Introduction to Economics

Economics 1: Introduction to Economics (Fall 2014, UC Berkeley). Taught by Professor Martha Olney, this course is a survey of economics designed to give an overview of the field. Economics 1 is an introductory course in economic principles. The course covers both microeconomics and macroeconomics. Topics include: economic modeling; allocation of resources; firm decision-making; imperfect competition; economic analysis of unemployment, inflation, and economic growth; the role of government in the domestic economy; international trade and finance; and U.S. economic policies of the last quarter century. Primary emphasis is placed upon acquiring skills with which to analyze current economic issues.

Lecture 04 - Model of Supply and Demand


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Lecture 01 - Organization of Course; Overview; Intro to Economic Models
Lecture 02 - Opportunity Cost; Economic Growth
Lecture 03 - Comparative Advantage; Gains from Trade; Economic Systems
Lecture 04 - Model of Supply and Demand
Lecture 05 - Demand and Supply Examples; Consumer Surplus
Lecture 06 - Elasticity; Profit-Maximization Decisions
Lecture 07 - Marginal Cost and Marginal Revenue
Lecture 08 - Supply Curve; Why Profit = 0 in the Long Run
Lecture 09 - Income and Wealth Distribution
Lecture 10 - Monopoly
Lecture 11 - Monopolistic Competition; Externalities
Lecture 12 - Externalities, continued; Asymmetric Information
Lecture 13 - Overview of Macroeconomics
Lecture 14 - Measurement of Total Output (GDP)
Lecture 15 - Unemployment and Inflation
Lecture 16 - Aggregate Expenditures; Equilibrium Output
Lecture 17 - Investment Spending
Lecture 18 - Multipliers
Lecture 19 - Policy Overview; Fiscal Policy
Lecture 20 - Open Economy Macroeconomics
Lecture 21 - Federal Reserve
Lecture 22 - Inflation, Phillips Curve
Lecture 23 - Monetary Policy
Lecture 24 - Policy, continued; Concluding Remarks
Lecture 25 - Review
Lecture 26 - Review