The Bureau of Economic Analysis (BEA) produces two measures of national output which, in theory, should be equivalent. In practice, however, there are often substantive differences.
In this episode of the Economic Lowdown Video Series, economic education specialist Scott Wolla explains the concept of demand. Viewers will learn how a change in the price of a good affects the quantity of the good consumers will buy and how changes in market conditions affect the demand for a good.
In this episode of the Economic Lowdown Video Series, economic education specialist Scott Wolla explains the concept of equilibrium. Viewers will get a refresher on the laws of supply and demand before they learn about market equilibrium – the point at which there is no shortage or surplus of a good or service.
This is a 5 minute video that covers the labor market and what factors contribute to the laws of supply and demand to determine the amount of labor employed and wages. This video will meet standard EPF.4 with a review of EPF. 2(a) and (F) and EPF. 3(a)
Measuring Total Output and Income
Economic Education Specialist, Scott Wolla, explains the concept of supply in this episode of the Economic Lowdown Video Series. Students will learn how changes in the price of a good affect the quantity of the goods produced and how changes in market conditions will affect the supply curve.