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This video explores equilibrium–the point on a supply and demand graph where the supply curve and the demand curve intersect. It’s graphical...
The demand curve is the line in a supply and demand graph that shows consumer behavior: at a given market price, how many units will consume...
What is consumer surplus? Consumer surplus is the consumer's gain from exchange. It's the difference between the maximum price that the cons...
In this video, we explain positive externalities with a real-world example: influenza vaccines that help prevent the spread of the disease....
In this video, we explain negative externalities with a real-world example: overuse of antibiotics leading to the evolution of “superbugs.”...
What happens when a new buyer enters a market with a perfectly elastic supply curve? A supply and demand graph tells the tale: the quantity...
Why are houses and apartments so expensive in some big cities? To an economist, the real question is, “Why is housing supply inelastic in so...
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us. Tyler Cowen shares the definition of...
Thinking on the margin is one of the most fundamental concepts in economics–and a valuable everyday tool for making optimal decisions. For s...
This video is a part of our Globalization, Robots, and You series. Teach econ? Check out our Globalization, Robots, and You Unit Plan. How c...
What is the difference between a change in quantity demanded and a change in demand?This video is perfect for economics students seeking a s...
How can understanding externalities and incentives help us better respond to COVID-19? The benefits of vaccines extend beyond those receivin...
To renters, rent control is often seen as a very good thing. But cheap rents can actually cost a lot. Let’s take a look at the consequences...
When the price goes up, what happens to the quantity demanded? It goes down. And vice-versa. This is known as the law of demand. Pretty stra...
In game theory, the Nash equilibrium is a concept that can help you analyze the behavior and outcomes of two or more people in a non-coopera...
We live in a world of scarcity. In other words, what we want outweighs what we can attain. Why? Well, we have limited resources – money, opt...
Think about what restricts your choices when it comes to buying goods and services. Your income is one variable. Prices are another. What ab...
Think through all of the variables that determine the price of a cup of coffee. It might help to imagine the coffee beans on the farm first....
Everyday, you make tons of decisions about consumption. Your choices about what and how much of a good to buy are influenced by the laws of...
In our video on Maximizing Profit Under Monopoly, we cover how firms can use their market power to raise the price of a good well beyond its...