ECON 51200: ECON 51200

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 economics with a focus on scarcity, supply and demand, and elasticity. Gain practical insights into decision-making and economic principles that impact our world.

This video explains the theory of Purchasing Power Parity (PPP) in economics, emphasizing how it relies on the "law of one price" and illustrating how exchange rates should adjust to equalize purchasing power between nations in the long run. It also demonstrates how price disparities for products like iPhones can lead to currency exchange rate adjustments and eventually equalized prices.

Explore the intricacies of monopolies and price discrimination in the market. Unpack myths and truths about consumer behavior and pricing strategies. Real-life examples illuminate these fundamental economic concepts.

Explore the multifaceted role of economists in society, their interpretation of complex economic data, and how they provide guidance to decision-makers. Discover why economists may offer conflicting advice due to varying economic theories, data interpretation, personal values, and political ideologies.

In this video, we explore the theory of liquidity preference, which focuses on how an economy's interest rate adjusts to balance supply and demand for money. We evaluate a multiple-choice question and discuss each option's alignment with various economic theories without revealing the correct answer.