Economics is built on the premise that humans act rationally, but everyone behaves irrationally some of the time. Is it possible that human irrationality nullifies economic theory? Join Professor Antony Davies of Duquesne University and Erika Davies of George Mason University as they take you on a crash course of behavioral economics, discussing topics like rational choice, heuristics, nudging, and public choice economics.
This video is 8 minutes long. It will explain the importance of specialization in regards to trade. This video will aid in the mastery of standard EPF. 9 (a) and (g)
This course describes discrete mathematics, which involves processes that consist of sequences of individual steps (as compared to calculus, which describes processes that change in a continuous manner). The principal topics presented in this course are logic and proof, induction and recursion, discrete probability, and finite state machines. Upon successful completion of this course, the student will be able to: Create compound statements, expressed in mathematical symbols or in English, to determine the truth or falseness of compound statements and to use the rules of inference to prove a conclusion statement from hypothesis statements by applying the rules of propositional and predicate calculus logic; Prove mathematical statements involving numbers by applying various proof methods, which are based on the rules of inference from logic; Prove the validity of sequences and series and the correctness or repeated processes by applying mathematical induction; Define and identify the terms, rules, and properties of set theory and use these as tools to support problem solving and reasoning in applications of logic, functions, number theory, sequences, counting, probability, trees and graphs, and automata; Calculate probabilities and apply counting rules; Solve recursive problems by applying knowledge of recursive sequences; Create graphs and trees to represent and help prove or disprove statements, make decisions or select from alternative choices to calculate probabilities, to document derivation steps, or to solve problems; Construct and analyze finite state automata, formal languages, and regular expressions. (Computer Science 202)
This 3 minute video will explain the relationship between specialization and division of labor as defined in the 18th century by economist Adam Smith in The Wealth of Nations. This video will enforce standards EPF. 1 and 2
Looking for engaging content for your economics courses? The Institute for Humane Studies has curated this collection of educational resources to help economics professors enrich their curriculum. Find videos, interactive games, reading lists, and more on everything from opportunity costs to trade policy. This collection is updated frequently with new content, so watch this space!
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:
Define absolute advantage, comparative advantage, and opportunity costs
Explain the gains of trade created when a country specializes
By the end of this section, you will be able to:Discuss the importance of studying economicsExplain the relationship between production and division of laborEvaluate the significance of scarcity
Ever wonder why people don’t do everything for themselves? In this video, Professor Art Carden of Samford University explains how specialization and trade create wealth and make us all better off.
This resource is a video abstract of a research paper created by Research Square on behalf of its authors. It provides a synopsis that's easy to understand, and can be used to introduce the topics it covers to students, researchers, and the general public. The video's transcript is also provided in full, with a portion provided below for preview:
"The interactions between viruses and prokaryotes play a key role in shaping microbiomes. However, little is known about the factors influencing host-virus interaction networks, especially when it comes to host factors. To close this gap, researchers constructed a host-provirus network out of over 7,000 species-level prokaryote genomes from many environments. Proviruses are virus genomes that have been integrated into the host genome, allowing researchers to detect them from available genomic datasets. Using this host-provirus network, the researchers then calculated the host interaction specialization, which quantifies how specialized a given host is in relation to the available interacting virus partners. Broadly, fast growing prokaryotes showed less virus specificity than slow growers. This negative growth rate-specialization relationship was widespread across the Earth’s microbiomes..."
The rest of the transcript, along with a link to the research itself, is available on the resource itself.