Chapters 1-3 Conceptual Explainer
Автор: Economics Simplified with Favour
Загружено: 2025-05-13
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Here's an introduction to macroeconomics. Course Textbook: Principles of Macroeconomics by N. Gregory Mankiw (10th Edition). This video covers chapters 1 to 3 on the:
Principles of Economics (Scarcity, making choices, opportunity costs, efficiency vs equality, rationality, invisible hand, government intervention, living standards, inflation, inflation vs unemployment tradeoff).
Thinking Like An Economist (Law of demand/supply, circular flow model, production possibility frontier (PPF), Positive vs Normative statements, using graphs & calculating the slope of a curve).
Interdependence & Trade Gains (absolute advantage vs comparative advantage based on opportunity costs, and allocative vs productive efficiency).
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