ECON 222: Principles of Macroeconomics

Unpack the significance of GDP per Capita and Labor Productivity in economics. Learn how these indicators reflect a country's living standards and labor efficiency. Grasp the relationship between these metrics and the broader economic landscape.

Discover the principle of opportunity cost, distinguishing between explicit and implicit costs. Using the example of Hanna's Pizzeria, grasp how business decisions weigh the costs of forgone alternatives. Learn how these costs influence financial and economic choices.

In the scenario presented, a ferocious storm causes damage to multiple factories, impacting the stock of capital. This, in turn, has consequences for factors in the market, affecting both wages and the rental price of capital.

Unravel the implications of a 5% money supply increase on the aggregate price level. Learn about the Federal Reserve's influence and the dynamics of demand, supply, and inflation. Grasp how changes in money supply can affect prices and economic balance.

This video delves into the advantages of international trade, using the example of France's specialization in wine production, and explores different options while highlighting the concept of comparative advantage without revealing the ultimate answer.

Discover the intricate workings of a market economy, highlighting its notable advantages such as efficiency and innovation, and addressing the critical challenges like income inequality and market failures. Understand the balance between market and non-market elements in global economic systems.