Consumer and producer surplus, market interventions, and international trade
This course contains 3 segments:
Consumer and producer surplus
Many times, the equilibrium price is lower than the highest price some folks are willing to pay. For all consumers, this is called consumer surplus. Similarly, the price might be higher than the minimum price at which some are willing to produce. For all the producers, this is called producer surplus. This tutorial covers them both with an emphasis on the visual.
Market interventions and deadweight loss
We can often lose economic efficiency because of things like price floors, ceilings and taxes. This loss in surplus (people who have more marginal benefit than marginal cost are not buying or people who have more marginal cost than benefit are buying) is called deadweight loss.
International trade
In this lesson, we explore how differences between the domestic price of a good and the world price of a good impact markets. We continue this exploration by exploring the effects of international market controls: tariffs and quotas.
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Length | 3 segments |
Starts | On Demand (Start anytime) |
Cost | Free |
From | Khan Academy |
Download Videos | On all desktop and mobile devices |
Language | English |
Subjects | Business Social Sciences |
Tags | Economics-Finance-Domain Microeconomics |
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Rating | Not enough ratings |
---|---|
Length | 3 segments |
Starts | On Demand (Start anytime) |
Cost | Free |
From | Khan Academy |
Download Videos | On all desktop and mobile devices |
Language | English |
Subjects | Business Social Sciences |
Tags | Economics-Finance-Domain Microeconomics |
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