Chapter 1
3:29 What is Economics?
6:03 Scarcity
8:54 Productivity (turning inputs into outputs)
12:36 The Role of Economics
Chapter 2
17:45 The Role of Prices
21:44 Economic Decision Making
26:59 Profit and Loss. Supply and Demand.
31:00 Command Economy (aka Central Planning, Price Controls)
34:26 Prices and Costs
42:50 Opportunity Cost
43:44 Economic Systems
53:30 Incentives and Constraints
57:40 Supply and Demand
58:19 Demand vs Need
1:03:05 Real Value
1:06:20 Competition
1:07:43 Prices and Supplies
1:11:29 Unmet Needs Chapter 3
1:18:13 Price Controls
1:19:35 How prices rise and fall
1:20:14 Price Ceilings and Shortages
1:22:15 Demand under Rent Control
1:28:08 Supply under Rent Control
1:36:21 The Politics of Rent Control
1:42:13 Scarcity vs Shortage
1:44:25 Hoarding
1:48:41 Black Markets
1:51:59 Quality Deterioration
1:56:17 Price Floors and Surpluses
Chapter 4:
An Overview of Prices
2:21:13
2:22:37 Define Economics
2:23:58 Cause and Effect: Thinking about logic, evidence, and incentives.
Systemic Interactions
2:25:30 Systemic Causation (involves reciprocal interaction)
2:30:00 The Damage of Rioting
2:33:32- Earth's 23.5 degree tilt on its Axis. Seasonal Changes. Changing Weather Patterns.
2:35:50 Individual Rationality vs Systemic Rationality
2:39:14 Incentives Vs Goals
2:44:00 Who decides what you want/need, you or someone else?
2:45:30 Scarcity and Competition
2:46:15 Unconscious Competition. Government picks favorites.
2:51:43 Incremental Substitution
2:58:46 California Farmers Water is Subsidized
Chapter 5: The Rise and Fall of Businesses
3:09:38 3:26:00 Montgomery Ward and The Rise of Sears .
3:28:17 Urbanization, 1920
3:29:00 J.C.Penny
3:29:58 Standard of Living
3:31:17 Insights/Ingenuity/Competition of the Market Economy
3:33:05 Economic Changes: (1) Credit Cards (2) The Human Factor
3:36:45 Tapping Talents (3) New Technology
3:41:35 Changes in Business Leadership
3:48:15 Fast Food Revolution
3:51:18 Death and Profitability
3:53:00 Outside Investors fix the Corporation
3:54:00 Lenin ----> Putin
Chapter 6: The Role of Profits and Losses
3:56:12 Profits and Losses (Cash Flows, Money going in and Money coming out)
3:58:05 Walmart sells Groceries, lower prices result for customers
3:59:56 Profits
4:01:29 Profits as Incentives
4:05:00 Intel and The Computer Chip
4:09:00 Profit is a price paid for efficiency