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In economics, efficiency implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another. In terms of production, goods are produced at their lowest possible cost, as are the variable inputs of production.

Production Possibilities Curve I

A brief video introducing the idea of the production possibilities curve.

Magic Washing Machine - Hans Rosling - Video

What was the greatest invention of the industrial revolution? Hans Rosling makes the case for the washing machine.

Price Ceilings: Deadweight Loss

In this video, we explore the fourth unintended consequence of price ceilings: deadweight loss. When prices are controlled, the mutually profitable gains from free trade cannot be fully realized, creating deadweight loss

Price Floors: The Minimum Wage

Price floors, when prices are kept artificially high, lead to several consequences that hurt the consumer. In this video, we take a look at the minimum wage as an example of a price floor.

Deadweight Loss of Christmas

A video on deadweight loss and Christmas.

Production Possibilities Curve II

A brief video that expands on the concept of the production possibilities curve.

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