Comparative Advantage: ACDC Econ

The video tutorial introduces key economic concepts using the market for Santa hats as an example. It explains supply and demand, consumer and producer surplus, and market equilibrium. The video also discusses the effects of price ceilings and floors, leading to deadweight loss and market inefficiencies. A bonus section uses Christmas shopping to illustrate deadweight loss when gifts are not valued by recipients.

What new insight or understanding did you gain from this video?