Overview: Is it accurate to say that one group of people live "better" than another? The concept of standard of living tries to answer that question - but sometimes comes up short. This lesson explains why.
Overview: How may pushups can you do in 30 seconds? How many text messages can you send in 30 seconds? What would happen if you had to do pushups AND send text messages at the same time? A production possibilites curve can show you.
Overview: Money, goods, and services are constantly being exchanged. Understanding who is making these exchanges and where they are made will help you understand the important role of interdependence in the U.S. and global economy.
Overview: This concept helps explain why when prices of goods and services increase, more goods and services are likely to appear in the market.
Overview: As a consumer, you probably understand that prices affect your willingness and ability to buy things. This lesson will help to clarify and visualize that relationship.
Overview: Producer decisions are affected by many things other than prices. Learn what those things are in this lesson.
Overview: Consumer decisions are affected by many things other than prices. Learn what those things are in this lesson.
Overview: Limited resources, unlimited wants. Any study of economics starts here!
Overview: When someone says "prices are set by supply and demand" what do they really mean? This concept helps clarify how market prices actually work.
Overview: Equilibrium prices are set when supply and demand move freely. What happens, though, when prices are forced to be set above or below the market equilibrium? This lesson explains.
Overview: Ever wanted to start your own business? This lesson explains a few different ways you can set it up.
Overview: All markets are not created equal. The market for candy does not look the same as the market for electricity. This lesson helps you understand different market structures and why they matter.
Overview: GDP? Inflation? Unemployment? You've heard about them on the news, get insight into why they matter here.
Overview: Measuring how many goods and services a country produces is a massive undertaking. This lesson will help you understand how it is done and why it is never perfect.
Overview: Ever hear someone complain about how expensive things are now compared to years ago? That feeling is related to inflation. Learn more about how inflation works and is measured in this lesson.