ECON 1010: Intro to Microeconomics

Explore how elasticity of demand impacts gains from trade in economies. Understand the relationship between demand elasticity and benefits for consumers and producers. Debunk misconceptions about inelastic demand and trade gains.

This video explores urban utility curves, workforce dynamics, and the impact of creating new cities on growth and equilibrium, with a focus on the utility of workers.

Unpack the primary subdivisions of economics: Microeconomics, centered on individual economic agents, and Macroeconomics, which looks at broader economic trends. Understand the core differences and inherent connections between these two fields. Explore real-world examples to comprehend their implications.

Grasp the essence of Real GDP, a pivotal tool to gauge an economy's true performance. Through relatable scenarios, understand how production, inflation, and external events influence this economic measure. Economics, as showcased, is integral in deciphering our global landscape.

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.

Discover the intricate components of an economy, including savings, budgets, and trade balances. Learn how these elements interconnect and influence private investment. Understand an economic identity that determines an economy's investment levels.