ECO 4401: Mathematical Economics

Explore the fundamental concept of the circular-flow diagram in economics, which simplifies the intricate interactions between households and firms. Includes examples illustrating how money, labor, and services flow between these economic actors.

This video explores the causes of lags in the impact of monetary and fiscal policy on aggregate demand, drawing analogies to recognizing seasonal changes, adjusting cooking temperatures, and waiting for planted seeds to grow, and discusses the implications of these lags for the debate between active and passive economic policy approaches.

Grasp the distinction between nominal and real exchange rates, using the yen and dollar as examples. Learn how these rates influence purchasing power in different economies. Understand their implications in the global trade landscape.

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.

Explore the historical barter system and its challenges, particularly the double-coincidence of wants. Witness how the need for simpler transactions led societies from direct barter to embracing mediums of exchange like money.

Explore the fundamental concept of scarcity in economics. Understand the tension between our infinite desires and the finite resources we have. Grasp how scarcity influences our choices, necessitating trade-offs in everyday decisions.