Module Description

Concepts and Topics: Comparative advantage; Gains from trade; Transaction costs; Demand and supply; and Market equilibrium

Using the corresponding slides 21-48 in Part 1: The Twelve Key Elements of Economics PPTX or PDF, take notes while you:

Read

Read about Elements 1.4, 1.5, and 1.6; (p. 15-26 in the 3^rd edition of your Common Sense Economics textbook).

Common Sense Economics can be purchased in print and digital forms from a variety of retailers.

More details about course curriculum (including assignments, quizzes, and a free ebook) can be found at Certell. Other valuable resources can be found at commonsenseeconomics.com

Watch

For the content presentations, the captions were created by a computer program so sometimes they may be inaccurate or contain spelling or grammatical errors.

You may alternate the views by clicking on the white icon on the top-right corner of the screen.

The videos should not be downloaded or distributed beyond this site.

Watch 4 content presentations:

Element 4

Element 5

Element 6 part a

Element 6 part b

Watch 5 video clips: (i) CSE Slice of Life 2 (6:26); (ii) CSE 1.4 Stossel 2011- Economics of voluntary exchange (2:18); (iii) CSE 1.4 Learn Liberty- Specialization and Trade (2:58); (iv) CSE 1.5 History Channel's Pawn Shop- Bartering (2:52); (v) CSE 1.6 Friedman- I, Pencil and price system (7:17).

LISTEN

Listen to and/or read these 2 items: (i) CSE 1.4 Specialization and Wealth by Dwight Lee (Audio, 9:15); (ii) CSE 1.6 Sacrificing Lives for Profits by Dwight Lee (Audio, 8:40).