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Chapter Two
Economics: The Framework for Business
Each chapter of this brief YouTube guide will begin with a tip, trick, or a bit of extra information
about the features of YouTube for you to enhance the experience that students have in your
classroom or through their distance learning experience. Let’s get started by accessing YouTube
at www.youtube.com.
YouTube Tip: If you have found a video that you particularly like, it might be that the company
or individual who has produced it and uploaded it offers more for you to view. After you’ve
accessed a video, look to the right of the YouTube window for an area of titled More From: A
list of videos produced and uploaded from the same person or company are listed. For example,
if you access the 55. The Business Cycle and Fiscal Policy - What Traders Know video listed
below, you will see a long list of video also produced and uploaded by InformedTrades, the
company that created the video. If you particularly like one video from a company, chances are
that you may find others of interest as well.
Students often find the topic of economics to be challenging. Videos, such as the following, may
help simplify as well as clarify the somewhat challenging topics included in chapter 2.
 55. The Business Cycle and Fiscal Policy - What Traders Know (8:37)—Although this
video is produced by a for-profit company, informedtrades.com, and has a small bit of
self-promotion, it offers a clear and fairly simplistic overview of the business cycle, fiscal
policy, expansions and contractions, as well as inflation and deflation.
o How predictable is the business cycle of an economy?
o What are the two key phases of a business cycle? Briefly explain each.
 Robert F. Kennedy challenges Gross Domestic Product (2:12)—The gross domestic
product (GDP) measures the total value of all final goods and services produced within a
nation’s physical boundaries over a given period of time, adjusted for inflation. It has
long been the standard by which economic growth of a country is measured. This short
video, produced by The Glaser Progress Foundation, a non-profit organization that
challenges the traditional meaning of “progress,” offers a Robert F. Kennedy speech that
challenges the notion, tradition, and idea of GDP as the standard measurement of
progress.
o What does GDP measure and what does it leave out?
o Can GDP be considered a solid and reputable standard of economic progress if it
is taken as a relative measure year-to-year?
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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YouTube / Chapter 2
 Decrease in Supply and Decrease in Demand (2:53)—This little caricature video shows a
role play of supply, demand, and equilibrium price.
o On July 1, if every American suddenly decides it’s essential to have an air
conditioner in their home or apartment, and this sudden demand was not
anticipated, how will the equilibrium price be affected? Why? Does supply always
readily meet demand? Provide example to clarify your answer.
 Capitalism (1948) (9:24)—This entertaining black and white video set in 1948 sums up
most of chapter 2. For a short, less-than-10-minute video, it does a great job of
summarizing a couple dozen pages in an entertaining fashion.
o What is government’s role within a capitalistic society?
o What are the four fundamental rights of capitalism? Do you think one is more
important than the others?
 Make Mine Freedom (Public Domain 1948) (9:51)—This 1948 video discusses freedoms
in the United States.
o What fundamental rights, also referred to as freedoms, do U.S. citizens enjoy?
o How are freedoms related to our economic system in the United States?
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© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.