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01:48
In this video you will learn about trade creation and trade diversion. Be mindful of the advantages and disadvantages to both and their economic effects on an economy.
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02:22
Economics tutoring available for A-level, AP and undergraduate economics courses. Contact [email protected] for details. Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how to: To define the term ‘pareto optimality’. To be able to represent the concept of pareto optimality on the production possibilities curve. Visit my website: www.enhancetuition.co.uk SCRIPT: In this video covering the A2 specification we will learn about the concept of pareto optimality. By the end of this video you will be able to define the term ‘pareto optimality’ and be able to demonstrate it on the PPC. One way of looking at pareto optimality or pareto efficiency, is as a situation where no party can be made better off without making another party worse off. It represents a situation in which resources are fully employed and therefore increasing production of one good requires sacrificing the production of another. Pareto optimality does not factor in fairness or equality. Points A, B and C are all Pareto efficient or Pareto optimal. I’ll illustrate this by using the production combination at point B. At point B our total production of consumer goods is 100 units and our total production of capital goods is 75 units. In order to make more consumer goods, say 133, we must sacrifice some capital goods. We lose about 35 units of capital goods which reduces our output of capital goods to 40 units. In order to produce more consumer goods, we HAD to give up some capital goods. Note that all resources are fully employed. Point D in this instance is not Pareto optimal or efficient. This is because it is possible to increase the production of consumer goods from 50 units to 133 units without having to sacrifice the production of any capital goods. There is a gain of 83 units without a loss of any of the 40 units of capital goods. This can be considered a Pareto improvement. In this case resources are not fully employed and therefore, we can produce more consumer goods without having to sacrifice the production of capital goods. That’s our quick introduction to pareto optimality and we will continue to review these topics as we move through the syllabus. Keep this knowledge in mind as we progress. If you have any questions or comments, email me or leave them below and I’ll do my best to get back to you. You can also visit me online at the website listed below. That’s us done for now and I will see you in the next one!
Views: 18870 EnhanceTuition

01:50
In this tutorial, I'll use a simulation of the satisfaction gained from drinking water to illustrate marginal utility and decision making.
Views: 4191 EnhanceTuition

05:26
To help support Enhance Tuition, you can donate via this link: https://www.paypal.me/Junaid1022 In this video you will learn how: To explain the law of diminishing marginal utility To establish a link between diminishing marginal utility and the individual and market demand curve Visit my website: www.enhancetuition.co.uk Email me at: [email protected]
Views: 5635 EnhanceTuition

02:12
In this video you will learn: - Why the aggregate demand curve slopes downwards.
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03:19
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how to Explain the concept of social costs and benefits as well as the calculation of both. Visit me at www.enhancetuition.co.uk or email me at [email protected]
Views: 5174 EnhanceTuition

02:53
Learn about the different functions of money and how money shapes what we do. In this video you will learn about how money functions as: - A medium of exchange - A store of value - A unit of account - A means of deferred payment
Views: 4486 EnhanceTuition

04:18
To help support Enhance Tuition, you can donate via this link: https://www.paypal.me/Junaid1022 In this video you will learn about what the consumer price index is, how to calculate it and also how to use it to calculate the inflation rate. We will also examine issues with using the CPI as a measure of inflation
Views: 17233 EnhanceTuition

05:31
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk Email me: [email protected] In this video, you will learn: - How to calculate total revenue, average revenue and marginal revenue - How to graph total revenue, average revenue and marginal revenue for firms in imperfectly competitive markets Why marginal revenue is twice the slope of the demand curve: http://www.dummies.com/education/economics/managerial-economics-the-relationship-between-demand-price-and-revenue-in-a-monopoly/
Views: 4867 EnhanceTuition

04:05
DONATE: https://www.paypal.me/Junaid1022 In this video you will learn: - The difference between nationalisation and privatisation - The advantages and disadvantages of both
Views: 8543 EnhanceTuition

03:13
To help support Enhance Tuition, you can donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how: - To define the term ‘allocative efficiency’. - To represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) the market equilibrium diagram Visit my website: www.enhancetuition.co.uk Email me at: [email protected] Script: In this video covering the A2 specification we will learn about the concept of allocative efficiency. By the end of this video you will be able to define the term allocative efficiency and be able to demonstrate it on both the PPC and the market equilibrium diagram. Whereas productive efficiency is primarily concerned with making the most use out of available resources, allocative efficiency is more concerned about how those resources are allocated, specifically with regard to society’s preferences. It occurs when the marginal benefit for a good is equal to its marginal cost of production. The price consumers are willing to pay should be equal to the opportunity cost of using those resources in production. It is only at this point that allocative efficiency is achieved. The PPC here represents the production of an economy split between producing capital goods and consumer goods. Points A, B and C, along the PPF represent the full use of available resources and are therefore productively efficient, but only ONE point is allocatively efficient. In order to determine the combination that is allocatively efficient, we must determine the combination of goods that best reflects consumers’ preferences. Most likely, producing all capital goods or all consumer goods is not desirable, so our allocatively efficient will be at some point in between. In this case that combination is represented by point B and therefore all other points are NOT allocatively efficient. Let’s go back to our original supply and demand diagram and consider the producer perspective when making production decisions. The demand curve in this instance represents the marginal benefit to consumers. The supply curve represents the marginal cost of production to the firm. As long as the marginal benefit of consuming an additional good is above the marginal cost of producing it, production will increase. This is because the price consumers are willing to pay exceeds the costs faced by the producer. Once the price consumers are willing to pay meets the costs producers face, equilibrium is reached. At this point consumer and producer surplus are maximised. So it is this condition, that marginal benefit or price, is equal to marginal cost that results in allocative efficiency. Allocative efficiency is a bit of a tricky concept and will become clearer as you progress in your studies at A2. For now, understand the basics introduced in this video and pay close attention to the market structure characteristics in order to learn which ones result in allocative efficiency and which structures don’t. For now you should be able to define the term allocative efficiency and demonstrate it on both the PPC and the market equilibrium diagram. If you have any questions or comments, leave them below or email me at [email protected] You can also visit my website at www.enhancetuition.co.uk. That’s us done for now and I will see you in the next one!
Views: 12160 EnhanceTuition

04:48
In this video you will learn: - The impact of ad valorem taxes - The incidence (burden) of ad valorem taxes - How elasticity affects the impact of ad valorem taxes
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02:18
In this video you'll see how specialisation can help improve trading possibilities for an economy.
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03:58
After this video you should be able to: Explain what is meant by merit and demerit goods. Understand why these goods may be over or under consumed Explain what is meant by positive and negative externalities.
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02:49
In this video you will learn how a country can operate a managed float exchange rate.
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02:59
In this video you'll learn about policies to correct balance of payments disequilibrium, specifically through expenditure switching policies. Visit me at www.enhancetuition.co.uk.
Views: 2329 EnhanceTuition

03:35
In this video you will learn about how spare capacity, stock levels/inventories, production time, response time and the mobility of the factors of production impact elasticity of supply.
Views: 6514 EnhanceTuition

04:08
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how to How to conduct a cost-benefit analysis Understand the limitations of a cost-benefit analysis Visit me at www.enhancetuition.co.uk or email me at [email protected]
Views: 18035 EnhanceTuition

01:55
In this video you will learn: - The meaning of price elasticity of supply (PES) - How to calculate PES - How to interpret PES calculations
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01:29
In this video you'll see the difference between a straight line (constant opportunity cost) and a curved (increasing opportunity cost) PPC. It's a little fast, but you should just be aware of the main principles.
Views: 2253 EnhanceTuition

02:05
Answer these questions in the following video about the basic economic problem.
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01:58
To help support Enhance Tuition, you can donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how: - To define the term ‘productive efficiency’. - To represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) the short-run average cost curve Visit my website: www.enhancetuition.co.uk Email me at: [email protected]
Views: 2873 EnhanceTuition

02:28
To help support Enhance Tuition, you can donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how to: To define the term ‘dynamic efficiency’. To be able to represent the concept of dynamic efficiency on a firm’s average cost curve. Visit my website: www.enhancetuition.co.uk Email me at: [email protected] SCRIPT: In this video covering the A2 specification we will learn about the concept of dynamic efficiency. By the end of this video you will be able to define the term ‘dynamic efficiency’ and be able to demonstrate it on a firm’s average cost curve. The term static applies to something at a specific moment in time. For example, a firm may or may not currently be productively efficient. The term dynamic applies to something changing over a period of time. For example, a firm may have the ability to innovate and drive down their costs over a period of time. As mentioned before, dynamic efficiency occurs over time and not at a specific moment like productive and allocative efficiency, which are considered static efficiencies. Dynamic efficiency is the result of investment by firms, usually out of supernormal profits to innovate and drive down costs. We’ll see how this looks on the average cost curve next. Dynamic efficiency considers how a firm manages to reduce its short-run and long-run average costs over time, thus shifting its average cost curve downwards. Let’s start with the year 2005 and draw a firm’s average cost curve as AC 2005. If we assume this firm has some market power and is able to earn supernormal profits, it is then able to invest some of that money back into improving processes and business practices, eventually resulting in greater efficiency and lower costs. Firms are able to do this by investing in human capital or by innovation driven by research and development. Competition can also force innovation that will reduce costs in order to maintain profit levels. This brings us to AC 2015. Lower average costs are the result of the investment into innovation ten years later. By now you should be able to clearly define dynamic efficiency and represent it on a firm’s short-run and long-run average cost curve. If you have any questions, leave them below or email me. You can also visit me online at the enhance tuition website. I hope you found this video helpful. That’s us done for now and I will see you in the next one.
Views: 1319 EnhanceTuition

06:24
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 Purchase all the PowerPoints from Unit 1: https://payhip.com/b/apTj In this video you will learn how: - To use the equimarginal principle to explain how a rational consumer maximises utility within a given budget constraint. Visit me at www.enhancetuition.co.uk or email me at [email protected]
Views: 10324 EnhanceTuition

07:32
DONATE: https://www.paypal.me/Junaid1022 A look at the factors that affect elasticity of demand. If you have any questions, please don't hesitate to contact me at [email protected] Happy studying!
Views: 6589 EnhanceTuition

02:18
In this video we will review the key macroeconomic objectives of government including price stability, full employment, sustainable economic growth and maintaining equilibrium in the balance of payments.
Views: 2106 EnhanceTuition

02:30
In this video you will learn: - Why the short run aggregate supply curve shifts
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01:51
Discover what is meant by the term 'Ceteris Paribus'. Thank you to Kreg Steppe for his artwork 'Bitter enemies become Old Friends' https://creativecommons.org/licenses/by-sa/2.0
Views: 1228 EnhanceTuition

07:28
In this video you will learn about how floating exchange rates are determined. You'll also learn about the difference between currency depreciation and appreciation.
Views: 3682 EnhanceTuition

01:15
Get a quick review of the rewards to the factors of production. Attributions below: Steve Jobs t_hero.png Steve Jobs 1955-2011 www.cancer.org/ Siemens equipment photo Siemens Pressbild Published with the friendly permission of Siemens, Germany Lego image Findicons.com Lokas Software
Views: 2414 EnhanceTuition

03:40
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj In this video you will learn: - How to diagram indifference curves and explain what they demonstrate
Views: 638 EnhanceTuition

01:47
In this video, you will learn how: -The supply of products in joint supply impact one another.
Views: 1200 EnhanceTuition

04:48
Using a very simple example of two individuals, I attempt to show how market demand is calculated and graphed. If you have any questions, please contact me at [email protected] or follow me on Twitter @EnhanceTuition. Happy studying!
Views: 2043 EnhanceTuition

01:22
In this video you will learn: - What a transfer payment is - What their effect is on the market
Views: 7068 EnhanceTuition

04:10
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk In this video you will learn: - How a rational consumer maximises utility facing a budget constraint. - How budget lines and indifference curves can be used to demonstrate utility maximisation.
Views: 2704 EnhanceTuition

04:13
In this video you will learn about the different stages of economic integration including: free trade areas, customs unions, monetary unions and full economic union.
Views: 5393 EnhanceTuition

05:44
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk Email me: [email protected] In this video, you will learn: - The difference between fixed and variable costs - How to calculate marginal and average costs - How marginal and average costs change with output
Views: 3622 EnhanceTuition

04:45
In this video you will learn about: - The different sections of the Keynesian LRAS
Views: 1298 EnhanceTuition

03:15
In this video you'll learn about expenditure-reducing (dampening) policy. www.enhancetuition.co.uk
Views: 1322 EnhanceTuition

01:47
In this video you will learn: - How and why the government directly provides goods and services.
Views: 1075 EnhanceTuition

03:25
In this video you'll learn how to determine absolute and comparative advantage.
Views: 783 EnhanceTuition

09:12
This is an annotated essay from the CIE published June 2014 paper: http://www.cie.org.uk/images/198314-june-2014-question-paper-42.pdf
Views: 2223 EnhanceTuition

03:29
In this video you will learn: - To explain what is meant by a subsidy - To explain the impact of subsidies - To explain the incidence of subsidies
Views: 901 EnhanceTuition

08:03
This is a brief presentation helping you with your revision for Paper 1 of the 9708 syllabus. It is 1 in a 6 part series on CIE economics resources dedicated to preparing students for exam success.
Views: 4050 EnhanceTuition

02:44
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk In this video, you will learn: - How to analyse the income and substitution effects of a change in the price of an inferior good.
Views: 618 EnhanceTuition

03:21
In this video you'll learn about the arguments in favour of protectionism.
Views: 1636 EnhanceTuition

02:54
SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk In this video, you will learn: - How to analyse the income and substitution effects of a change in the price of a normal good.
Views: 720 EnhanceTuition

04:05
In this video you will learn about the costs and consequences of inflation.
Views: 822 EnhanceTuition

04:35
In this video you will learn: - The meaning and significance of consumer surplus - How to calculate a simple consumer surplus - How to graph consumer surplus Download the notes from this video here: https://drive.google.com/file/d/0B0EihMQCj2aIVXExYlVQcFZfTUE/view?usp=sharing
Views: 1098 EnhanceTuition

03:53
- Explain why and how tacit collusion takes place within the oligopoly market structure - Analyse a simple payoff matrix Dark Knight Game Theory: https://www.denofgeek.com/movies/the-joker/39273/the-dark-knight-the-joker-and-game-theory A Beautiful Mind Game Theory: https://www.nytimes.com/2015/05/25/science/explaining-a-cornerstone-of-game-theory-john-nashs-equilibrium.html SUPPORT Enhance Tuition - donate via this link: https://www.paypal.me/Junaid1022 DOWNLOAD all the PowerPoints from Unit 1 FREE: https://payhip.com/b/apTj www.enhancetuition.co.uk Email me: [email protected]
Views: 653 EnhanceTuition