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Economic Issues and Concepts
Economic Issues and Concepts
Glossary
Glossary
Comparative Advantage
Comparative Advantage
This video explains what is comparative advantage, what are the benefits of free trade, and what is the concept of labour value.
(Video: 2m 59s)
Why specialization benefits everyone, the benefits of trade, and comparative advantages. Don Boudreaux illustrates these concepts with a concrete example.
(Video: 7m 14s)
Should Martha Stewart iron her own shirts? Alex Tabarrok answers this question through a numerical exercise on comparative advantage.
(Video: 12m 24s)
Opportunity cost
Opportunity cost
What is the opportunity cost and what are the benefits of trade
(Video: 2m 46s)
Production Possibilities Frontier (PPF)
Production Possibilities Frontier (PPF)
An explanation of what is the Production Possibilities Frontier/Production Possibilities Boundary.
(Video: 5m 14s)
This video explains the link between the PPF and unemployment.
(Video: 5m 25s)
A video on how to use the PPF to find the opportunity cost of production for an economy.
(Video: 5m 11s)
Economic Theories, Data, and Graphs
Economic Theories, Data, and Graphs
An illustration of the invisible hand at work
An illustration of the invisible hand at work
"I, Pencil" by Leonard E. Read, 1958
This is the most famous essay written by the economist Leonard E. Read (1898-1983). Describing the intricate process of producing a pencil, the author provides an interesting insight into the coordinating power of markets. Although a few of the manufacturing details and place names have changed over the years, the economic principles laid out in the article remain unchanged.
Graphing linear equations
Graphing linear equations
In studying introductory economics, it is important to understand how to graph linear equations. This video gives a step-by-step explanation of how to graph linear equations. (Video: 11m 07s)
When analyzing economic phenomena, sometimes it is useful to express the relationship between economic variables as mathematical functions. This guide will show you how to analyze and graph linear equations.
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