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Economics Courses
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...
What’s the point of education? Do you learn about things, because the learning itself matters, or is education all about the signal you -- a...
A signal is an action that reveals information. Let’s look at higher education, for example. A large fraction of the value you receive from...
What are some solutions to moral hazard? We could try to make information less asymmetric — meaning both parties have similar information, m...
Imagine you take your car in to the shop for routine service and the mechanic says you need a number of repairs. Do you really need them? Th...
In this video, we discuss asymmetric information, adverse selection, and propitious selection in relation to the market for health insurance...
In this video, we take a look at common goods. Common resources are nonexcludable but rival. For instance, no one can be excluded from fishi...
In this video we discuss club goods. Club goods are nonrival and excludable. For instance, HBO is a club good, as you need to pay a monthly...
What do we mean by “nonexcludable” and “nonrival” when talking about public goods? Public goods challenge markets because it’s difficult to...
Since the passage of the Clean Air Act, SO2 emissions have decreased by 35%. Part of this is due to tradable allowances, which created a mar...
Economics is much more than just numbers and graphs. In fact, we can use economics to explain much of what we encounter in our daily lives....
George Akerlof, a Nobel Prize-winning economist, analyzed the theory of adverse selection – which occurs when an offer conveys negative info...
While the probability of an asteroid hitting the planet is very low, its effect would be disastrous for all of us. So, who should pay for as...
Do unions raise wages for workers as a whole? If not, can unions raise the wages of some workers? The answer is, well, it depends. Unions ha...
Firms have an incentive to increase job safety, because then they can lower wages. In this video, we explore this surprising claim in much g...
Wages in America differ greatly among workers. Why is that? One reason includes differences in human capital — tools of the mind. Education...
In this video on the marginal product of labor, we discuss some commons questions such as: How are wages determined? Why do most Americans e...
If you had to choose, would you rather be a sewer inspector spending your days underground or a lifeguard on the beach? Most would say that...
Bundling refers to when two or more goods are sold together as a package. Microsoft Office, Cable TV, Lexis-Nexis, and Spotify all provide e...
What is tying and how is this a form of price discrimination? An example of a tied good is an HP printer and the HP ink you need for that pr...
Now that we’ve learned a little about price discrimination, we can begin to think about whether or not price discrimination is bad for socie...
Price discrimination is common: movie theaters charge seniors less money than they charge young adults. Computer software companies sell to...
In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficien...
Ever wonder why pharmaceuticals are so expensive? In this video, we show how low elasticity of demand results in monopoly markups. This is e...
AIDS has killed more than 36 million people worldwide. There are drugs available to treat AIDS, but the price of one pill is incredibly high...
Why are price signals and market competition so important to a market economy? When prices accurately signal costs and benefits and markets...
This section connects several ideas covered in previous videos about the price system and profit maximization. In this video, we begin to un...
In this video, we talk about the special case of the decreasing cost industry. As output increases, costs will continue to fall, and more fi...
Some industries have a flat supply curve. These are called constant cost industries. Take domain name registration: to increase the supply o...
We understand cost curves and entry and entry/exit decisions. Now we are going to explore how each firm’s decisions influence the supply cur...
Being able to predict your company’s profit is a very useful tool. In this video, we introduce the third concept you need to maximize profit...