ECON 2023: Principle of Microeconomics

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 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.

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.

Explore the concept of trade-offs in daily life, from balancing work and leisure to managing savings and expenses. Unravel the intricacies of prioritizing professional ambitions against personal ties. Learn how recognizing these trade-offs can guide more informed life decisions.

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.

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.