ECON 202: Principles of Microeconomics

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.

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.

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.

Discover the pivotal role of assumptions in economics as we navigate the challenges of studying intricate market behaviors and human actions. Unveil how these simplifications foster comprehensive economic analyses and predictions.

Explore the concept of government-created monopolies, which are entities granted exclusive rights, like licenses, patents, and copyrights. While they can promote innovation and efficiently operate in high-cost industries, they might also introduce inefficiencies and stifle competition. Weighing the pros and cons is essential.

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.