Podcasts for my Year 12 IB Economics class.
In this episode we define subsidies and describe how to construct a model of subsidies that includes world trade. We also discuss some of the advantages and disadvantages of subsidies.
In this episode, we define quota and describe how to construct a model showing a quota. We also highlight some of the problems attached to quotas.
In this episode, we define what a tariff is and construct a simple model to demonstrate the effects of the tariff on domestic and world markets. We also discuss some of the disadvantages of tariffs.
In this episode we discuss the theory of comparative advantage and work through a numerical example. We also look at some of the limitations of the theory.
Reasons for Trade
This is a special podcast specifically for my Year 13 students returning from Sun Island. This episode will be rerecorded in regular format soon.
Distribution of Income (Part 2)
In this podcast, we discuss the thinking behind the Laffer Curve and the importance of transfer payments in redistributing income. We also look at the Lorenz Curve and Gini co-efficient as measures of income inequality.