Changes in the supply of labor have an effect on the wage rate. The supply of labor shifts when there are changes in the population, changes in preferences and social norms, and changes in wage rates and opportunities in other markets. Learn how to show the effects of changes in labor supply on wage rates in this video.

When supply or demand change, the price and quantity in the market changes. See how a change in demand or supply affects price and quantity in this video. Created by Sal Khan.

Economists who studied the relationship between inflation and unemployment made an important modification to the Phillips curve model with the addition of the long-run Phillips curve (LRPC). When expectations are factored in, and there is enough time to adjust, the Phillips curve is vertical. Explore why in this video.

In this video, learn about how several scenarios affect the aggregate production function and economic growth.

Autarky describes a situation when countries are completely closed to trade. In this video, we explore what happens to the domestic price of a good, consumer surplus, and producer surplus, when an autarkic country opens to trade.

In a closed economy, goods and services are exchanged in product markets and factors of production are exchanged in factor markets. In this video, we explore how to model this in a straightforward way using the circular flow model. Created by Sal Khan.

This video is a 14 minute video where students can see a 1040EZ tax form filled out. This video will aid in mastery of standard EPF. 16

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 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 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 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.

Analyzing charts from New York Times to compare income trends across several countries over a 30 year time period. Created by Sal Khan.

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.

This 6 minute video walks students through how to calculate compound interest. It will aid in the mastery of standard EPF. 18 (a)

Connecting income to capital growth and potential inequality. A discussion with Sal Khan.

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.

In this video, we introduce the concept of consumer surplus as the difference between marginal benefit and price paid. Created by Sal Khan.