Check out Shmoop Economics

How’s everybody’s summer going? Just kidding, I already know how it’s going. You’re all obviously putting a lot of effort into things you should be doing, like finishing that summer reading, writing your college application essays, working, and finally trying to shed those extra pounds you put on during winter break. Right? No?

Side-splittingly hilarious narratives aside, I’m sure you’re all busy, but it’s important to make time in your schedule to learn a little here and there. For those of you who took an economics course, you might do well to review what you’ve learned using Shmoop Economics. Study for Econ helps too, but I’ve got to admit that if (heaven forbid) you’ve completely forgotten the two basic principles that drive taxation theories,’s guides probably cover you better than the material I’ve posted.

While you’re at it, be sure to look into Shmoop’s other categories. Their Lady Gaga analysis is pretty legit, yo.



Now that exam season is done, I’m calling it a day on the blog portion of this website. However, I might post some things occasionally. Check the Pages (the links at the top of this page) for those.

Posts will still be visible, as will the presentations. Thank you all for your page views, slideshow submissions, and support, and good luck during the rest of your high school careers.

Good Luck.

Finals are upon us.

Remember to study hard, get a good night’s sleep, wake up on time, and eat a healthy breakfast. I hope it pays off for all of you. If you decide that you want your slideshow published but haven’t sent it in yet, I will still be taking those. Thing is, it may take a few days for me to get to you, as I’ll be checking this blog less frequently than before. If you have any last-minute questions, let me know and I’ll try my best to answer the ones I know about.

Links Galore

This one is called Links Galore. ‘Cause, you know, there’s a lot of links.

The lessons in Mr. Mankiw’s fabulous textbook are pretty much repeated by a guy named Arnold Kling, in MICRO form (Haha, get it? like MICROeconomics? Nevermind.) on this page at Scroll down to Microeconomics for the links to individual lessons.

If flash cards are more your thing than reading, check out this set of terms at Most of the vocabulary we’ve learned and used is listed here.

For those of you who put the A in AP Economics, check out Exhibits A and B. They’re lists of videos from sites called TED and Academic Earth. I’ve featured TED in an earlier post about Steven Levitt, and Academic Earth is trying to de-monopolize (de-oligopolize? de-monopolistic competition-ize?) higher education by posting professors’ lectures online.

Got your own way to study? Don’t be greedy. Practice liberalism and share it with the bottom group.

Yoram Bauman, Stand-up Economist: The Principles of Economics, Translated

After attending Reed College, Yoram Bauman got a Ph.D. in Economics from the University of Washington. According to his website, he “juggle[s] 6 or 8 part-time jobs, depending on how you count them.” Among other things, he is an environmental economist and a part-time teacher. What really sets him apart, however, is his work as a “stand-up economist.”

Though he can definitely run spreadsheets with the best of them, Bauman’s comedy work started when he wrote a parody of the ten principles of economics illustrated in Mr. Mankiw’s fabulous textbook.  Today (Wednesday, 1/10/2010) in class, we saw a video of this piece being performed. Or at least part of it, in the case of my class. Check it out below or by clicking here.

Send Slideshows Here

I’ve decided to give a new visual theme a try. I know you all care greatly about this site and even more about how it looks, so please give me suggestions if you think you’ve got a better idea.

Anyway, this blog isn’t about making websites pretty. It’s about microeconomics, right? And it’s also about sharing what you’ve learned with the rest of us, right? And a big step in that process is sharing what you’ve learned with the rest of us. (No, that’s not a question.)

Publishing your slideshow is not tough. Just send one of them e-mail things over to me at and attach the presentation file to your message. I’m honestly too cool for some people when I turn my swag on, so I may not know your name. Just in case that is the case, include the first names of everyone involved and the topic you covered in the e-mail’s subject line. I’ll take care of the uploading part, then I’ll email you to let you know that your presentation is online.

Again, send your presentations to Get it? Got it? Good.

The Economics of a Cupcake Factory

Even though it’s meant to be a segue into a discussion on inflation, the half-hour set of videos I’m sharing here relates to the four market structures (perfect competition, monopoly, monopolistic competition, and oligopoly) as well as how revenue, prices, and profits inter-relate. If you can read between the lines a little, you’ll also gain more insight on the costs of production.

Salman “Sal” Khan, 33, of studied Math and Engineering at MIT, then got his MBA from Harvard. At one time, he was a portfolio manager of Khan Capital and a research analyst for two other companies. Boil him down to his work, and he’s the quintessential number cruncher.

But that’s not it. In late 2004, he began giving long-distance math lessons to his niece using the Internet and a phone line. Soon, more parents started to ask Khan to teach their kids. It snowballed, and he eventually decided to start uploading his lessons to YouTube. Now, he’s doing pretty well. He’s made over 1,100 free videos with lessons on topics that range from biology to the SAT Math section, and has garnered over 8 million video views.

To help him get more views and to help you understand economics better, I’m sharing part one out of a three-part lesson he posted last March. To econ nerds, this classic trilogy might be a compelling plot worthy of an Oscar. Our  story begins with the monopolist provider of addictive cupcakes (they have nicotine in them) named Salman. In a stunning twist, his son Imran betrays his father and enters the market. That’s all I can say, but move your cursor over this text for a spoiler. Twists and turns in this complex saga bring tough guys like Ben Stein close to tears.

The first video is below. I understand that part one looks a bit difficult to read, but at least it’s not complicated.  To see parts two and three, click here and here.