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Economics

Econ 1 with John Taylor

John Taylor discusses the major components of fiscal policy and their effect on the US economy. This series covers the complexities of the budget process, the debt and deficit, and the economy and the deficit.
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The unemployment rate measures how many individuals are unemployed and is a key indicator of labor market performance.

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Gross domestic product is made up of the total market value of final goods and services produced in an economy.

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International trade can provide a country with an opportunity to increase its economic growth by producing more of and consuming less of a good for which they have a comparative advantage.

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What are the various factors contributing to a surplus or deficit and how do they relate to the state of the economy.
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These terms are commonly used interchangeably, however this video debunks the difference between the federal debt and the federal deficit.
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An explanation of how economists, Congress, and the President debate and form the US budget.