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Economics and Business: Foundations of Macroeconomics

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Three Key Economic Ideas

  • Guided course
    Marginal Analysis
    09:36
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    People Are Rational
    02:02
  • Guided course
    Economic Incentives
    01:40

Introduction to Economics

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    Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
    04:30
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    Definition of Economics: Micro vs. Macro
    02:04
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    Economic Systems
    01:42

Positive and Normative Statements

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Introduction to Supply and Demand

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    Perfect Competition
    03:23

The Basics of Supply

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    The Basics of Supply
    02:43

Supply and Demand Together: Equilibrium, Shortage, and Surplus

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    Equilibrium
    02:41
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    Law of Supply and Demand
    02:43
  • Surplus and Shortage
    02:56

Productive and Allocative Efficiency

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    Equity and Fairness
    04:14
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    Productive Efficiency and Allocative Efficiency
    03:26

Exporting and Importing

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    Low World Price: Import
    06:36
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    Autarky
    04:
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    High World Price: Export
    09:03