28:31
GDP and the multiplier process
In the first of two programs on fiscal policy, we take a behind-the-scenes look at the aggregate demand curve. Key concepts include how the equilibrium level of GDP is determined and how the multiplier process works.
28:59
Demand Theory: Household Behavior
This program explains the theory of household behavior, outlines the law of diminishing marginal utility, and introduces the household's optimal purchase rule. The program also shows how diminishing marginal utility contributes to consumer surplus, ...
28:31
Supply and demand
This program explains how economists use elasticity to measure how demand responds to price. The program also discusses factors that cause shifts in supply and demand and how "the invisible hand" works in free markets and what happens when price con...