ECO 2020: Principles of Macroeconomics

Distinguish between positive and normative economic statements with real-world examples. Grasp the difference between objective explanations and value judgments in economics. Master the foundations of economic thought and their application.

Explore the dynamics of frictional unemployment in a constantly changing economy. Learn about government roles and strategies in mitigating its impacts. Understand how workforce transitions can be made smoother with informed interventions.

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.

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.

Discover how to calculate the price level and velocity of money using real-life data. Understand the relationship between money supply, GDP, and prices in the economy. Gain insights into the Federal Reserve's strategies for managing inflation and price stability.

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.