Students analyze international oil consumption and production data. They make several graphs …
Students analyze international oil consumption and production data. They make several graphs to organize the data and draw conclusions about the overall use of oil in the world.
A brief look at how money has evolved over time from being …
A brief look at how money has evolved over time from being printed on valuable substances (commodity money), to merely representing those valuable substances (commodity-backed money), to not representing anything at all (fiat money). Created by Grant Sanderson.
Trade benefits both agents when each specializes in what they have a …
Trade benefits both agents when each specializes in what they have a comparative advantage in producing and trading with another agent who has a comparative advantage in something else. The gains from trade occur based on comparative advantage, not absolute advantage. Created by Sal Khan.
When two agents have differing opportunity costs, there is potential for both …
When two agents have differing opportunity costs, there is potential for both of the to benefit if they specialize in what they each have comparative advantage in. This video explores how two parties can get better outcomes by specializing in their comparative advantage and trading. Created by Sal Khan.
In this video we work through an example of a question like …
In this video we work through an example of a question like you might see on an AP microeconomics or AP Macroeconomics exam determining who has comparative advantage in producing a good using data from a table. Topics include how to calculate opportunity costs and determine who has comparative advantage based on opportunity cost.
When using the expenditures approach to calculating GDP the components are consumption, …
When using the expenditures approach to calculating GDP the components are consumption, investment, government spending, exports, and imports. In this video, we explore these components in more detail. Created by Sal Khan.
An interesting case of price elasticity of demand is a demand curve …
An interesting case of price elasticity of demand is a demand curve with a constant unit elasticity. Explore what such a demand curve would look like in this video. Created by Sal Khan.
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