This video will explain the classic price ceiling example of rent controls and how shortages are created from a price ceiling. This video will aid in the understanding of how price ceilings create shortages and enforces standard EPF. 3 (d)
This video is 3 minutes long and will enforce the understanding of the role government plays in a command economy. This video will enforce the standards EPF. 1 (e)
Prices send signals and provide incentives for buyers and sellers in ways you possibly never thought about. In a market economy, price signals prevent massive shortages and ensure that consumer wants are largely satisfied. In this podcast, hear how price signals from gas prices influence decision-making for both a father of three and a production supervisor for an oil refinery. Do you see price signals influencing decisions in your life?
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
By the end of this section, you will be able to:
Explain how inflation can cause redistributions of purchasing power
Identify ways inflation can blur the perception of supply and demand
Explain the economic benefits and challenges of inflation