(Podcast) Principles of Microeconomics

Episode 5 provides the basis for producer behaviour. Discussion begins with concepts related to production process such as input and output, firm, plant and industry, and production time frame. Subsequently, production in the short run with a f

Episode 1 - Introduction to Economics

Jun 11th, 2015 6m 50s

Episode 1 gives a brief description of economics in general. Several economic concepts and terms, such as scarcity, choice and opportunity cost, will be introduced besides discussion on major problems and issues that economics attempts to addre

Episode 7 - Perfectly Competitive Market

Jun 11th, 2015 8m 18s

Episode 7 deals with the basic market structure in a free market economy, that is, the perfect competition market. Here, we will look at how a firm makes decisions on price and output in order to maximise profit. Discussion begins by introducin

Episode 6 - Cost Theory

Jun 11th, 2015 8m 3s

Episode 6 discusses the concepts directly related to the production process, which form the cost theory. The economic cost concept is the basic concept in discussion on the overall cost. Following this, the concept of cost in the short run is d

Episode 8 - Monopoly Market

Jun 11th, 2015 7m 30s

Episode 8 explains the market structure which contradicts the perfect competition market, that is, the monopoly market which comprises of only one seller. The discussion highlights factors that contribute towards the existence of the monopolist

Episode 2 - Demand and Supply

Jun 11th, 2015 7m 13s

Episode 2 lays the foundation for understanding market economy. Almost all economic issues could be explained by applying the concept of demand and supply.

Episode 3 - Market Equilibrium

Jun 11th, 2015 7m 30s

Episode 3 is a continuation of the concepts of demand and supply. Demand and supply or price mechanism will determine how resources, goods and services are distributed. The main discussion will relate to demand and supply, their determinants an

Episode 4 - Utility Analysis

Jun 11th, 2015 5m 23s

Episode 4 discusses satisfaction or utility as a motive for consumption. Even though satisfaction is abstract or subjective, numerical value is used to differentiate between total utility and marginal utility. When the concept of marginal utili

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