Video: Introduction to Supply and Demand Cycles

In this lesson, Nick Palazzolo, CPA, reintroduces the foundational principles of economics, focusing on the key differences between microeconomics and macroeconomics. While indulging his personal preference for microeconomics, Nick maintains that the understanding of macroeconomic concepts is critical. He simplifies the relationship between supply, demand, and pricing through engaging explanations of the classic graphical representations. To demystify these concepts, Nick offers practical tips for remembering how shifts in these curves can affect the overall economic picture. He candidly addresses the volume of economics-related questions on the CPA exam and provides reassurance that, while not overwhelming in number, mastering the basics will be beneficial. Aiming to promote a practical and intuitive understanding, Nick's walkthrough of economic behaviors prepares viewers to tackle related exam questions with confidence.