Podcast – EconConcept

Welcome to another episode of my podcast. Movement along the demand or supply curve takes place when all factors affecting demand and supply are constant and Only the Price is changing. Whereas, shift of demand or supply curve occurs when Any other of the many factors (Non Price) affecting demand and supply changes. https://johnzamen.files.wordpress.com/2019/02/podcast-40-movement-along-the-demand-or-supply-curve-vs-shift-of-a-demand-or-supply-curve.m4a

Welcome to another episode of my podcast. Supply refers to the entire relationship between prices and the quantity of the product supplied at each of these prices ( think of the supply curve). Whereas Quantity supplied refers to one particular point on the supply curve ( not the entire curve), referring to how much of the product is supplied at one particular price. https://johnzamen.files.wordpress.com/2019/02/podcast-39-supply-vs-quantity-supplied.m4a

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in number of sellers in the market ( population of sellers). https://johnzamen.files.wordpress.com/2019/02/podcast-38-number-of-sellers-as-a-non-price-determinant-of-supply.m4a

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in expectations. https://johnzamen.files.wordpress.com/2019/02/podcast-37-expectation-as-a-non-price-determinant-of-supply.m4a

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in technology (Improved mechanisation). https://johnzamen.files.wordpress.com/2019/02/podcast-36-technology-as-a-non-price-determinant-of-supply.m4a

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in input prices (cost of production). https://johnzamen.files.wordpress.com/2019/02/podcast-35-input-prices-as-a-non-price-determinant-of-supply.m4a

Welcome to another episode of my podcast. Supply means the quantities that a seller is willing and able to sell at different prices. It is oblivious that if the price goes up, the seller will offer more for sale and vice versa. Therefore, supply varies with price. https://johnzamen.files.wordpress.com/2019/02/podcast-34-price-factor-as-a-determinant-of-supply.m4a

Welcome to another episode of my podcast. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply relate to amount available at a specific price or amount available across a range of prices. The factors of supply for a given product or service is related to price factor as well as Non Price factors such as price if inputs, technology, expectations and number of sellers. https://johnzamen.files.wordpress.com/2019/02/podcast-33-supply-and-determinants-of-supply.m4a

Welcome to another episode of my podcast. This episode discusses the fundamental difference between demand and quantity demanded. Demand simply denotes the willingness and the person’s ability to purchase. Quantity demanded represents the amount goods and services desired by consumer at a fixed price. https://johnzamen.files.wordpress.com/2019/02/podcast-33-demand-vs-quantity-demanded.m4a

Welcome to another episode of my podcast. If you were to plot out how many units you would buy at different prices, then you’ve created a demand curve. It graphically portrays the data in the demand schedule. https://johnzamen.files.wordpress.com/2019/02/podcast-32-the-demand-curve.m4a

Welcome to another episode of my podcast. The Consumer Price Index (CPI) is a measure of the cost of living. The Inflation Rate is the percentage rate of change in CPI. https://johnzamen.files.wordpress.com/2016/07/consumer-price-indexcpi.m4aFiled under: Podcast

Welcome to another episode of my podcast. If GDP rise from one year to another, it may be either: 1) the economy is producing more goods and services or 2) goods and services are selling at higher prices. Economist really want to measure the total volume of output of goods and services produced, and not the prices at which these goods and services sell. Economist correct GDP for the effects of inflation,that is, for rising prices. They use the measure of Real GDP and Nominal GDP. The percentage increase in the GDP Deflator from one period to next defines the Rate of Inflation. https://johnzamen.files.wordpress.com/2016/07/gdp-deflator.m4aFiled under: Podcast

https://johnzamen.files.wordpress.com/2015/05/podcast-7-unemployment.m4a Unemployment and Inflation are macroeconomic problems that summarises the state of the economy. This podcast discusses how the government measures unemployment rate, the cost associated with unemployment, together with the various types and causes of unemployment.Filed under: Podcast

https://johnzamen.files.wordpress.com/2015/04/podcast-6-inflation.m4a Inflation is an increase in the general level of prices in the economy; a decline in the level of prices is deflation. The primary measure of inflation is the Consumer Price Index. It compares the prices of a ” market basket” of consumer goods in a particular year to the prices for that market basket in a base period, to produce a price index. The rate of inflation from one year to the next is equal to the percentage change in the CPI between the current year and the preceding year.Filed under: Podcast

https://johnzamen.files.wordpress.com/2015/04/podcast-5-real-gdp-vs-nominal-gdp.m4a Measuring the difference between the changes in output and changes in the price level involves making an important distinction between Nominal GDP and Real GDP. Filed under: Podcast

https://johnzamen.files.wordpress.com/2015/04/podcast-3-circular-flow-model-of-economic-activity.m4a When we calculate GDP in the economy, we are measuring the value of total production/ total expenditures, on the economy’s output of goods and services. Furthermore, we are also measuring the total income of everyone in the economy. What is the reason? Because every dollar of spending by some buyer ends up being a dollar of income for some seller. In short, for an economy as a whole, expenditures must equal income. The circular flows shows the flow of money in the economy.Filed under: Podcast

https://johnzamen.files.wordpress.com/2015/04/podcast-4-gross-domestic-product-gdp.m4a The most widely reported statistic throughout the world of measuring economic performance is Gross Domestic Product. Gross Domestic Product or GDP is the market value of all final goods and services produced within a nation’s geographic borders during a period of time, usually a quarter or a year.Filed under: Podcast

https://johnzamen.files.wordpress.com/2014/05/episode-3-how-change-in-technology-or-resources-affect-production-possibilities-frontier.m4a In this episode we’ll look on the impact on Production Possibilities Frontier caused by the change in technology or resources. Limited resources means limited output. Necessity of choice is created. Choice is reflected in the need of the society to select among the various attainable combinations lying on the PPC. Economic growth (shifts outward of the curve) occurs because of productive expansion. PPF change with shifters like 1. Change in resources quantity/quality 2. Change in technology. 3. Change in tradeFiled under: Podcast

https://johnzamen.files.wordpress.com/2014/05/episode-2-production-possibilities-frontier.m4a In this episode we’ll look on the concept of Production Possibilities Frontier or Production Possibilities Curve. Production Possibilities Curve is an economic model to demonstrate opportunity costs and trade offs. It’s easy to visualise opportunity costs or trade offs through a model or diagram. The curve shows the various combinations of goods and services an economy can produce when all productive resources are employed. There are 4 assumptions regarding the model: 1. Efficiency: full employment and productive efficiency. 2. Fixed resources: no more available but are shiftable. 3. Fixed technology: state of technology does not change in the period. 4. Two goods: hypothetical to produce just 2 goods or products There are 2 methods of analysing: 1. Production possibility schedule or table. 2. Production possibility curveFiled under: Podcast

https://johnzamen.files.wordpress.com/2014/05/episode-1-podcast-defining-economics1.m4a Welcome to another episode of my podcast.In this episode we’ll look on defining economics. Economics is defined as a social science that aims to satisfy how the society allocates it’s scarce resources to satisfy the society’s unlimited needs and wants in the most efficient way. Since resources are limited (scarce) and the needs and wants are unlimited, therefore, we can say that economics is the study of how people make choices.Filed under: Podcast