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stoneman said:50Hz is the PAL signal and 60Hz is the NTSC signal. The PAL signal is only used in Europe and only used for TV's manufactured for Europe and the NTSC signal is used for TV's manufactured for the rest of the world.
The reason as to why there are 2 different signals for Europe and the rest of the world is because the voltage systems are different in those two parts of the world.
Anyway, PAL standard usually has better picture quality (resolution typically 720 x 486) and NTSC standard has slightly lower picture quality (resolution typically 648 x 486). So obviously, the higher the resolution, the better the picture quality.
All PAL TV's manufactured since 1998 have no trouble playing an NTSC film (DVD/VHS) or an NTSC PS1/PS2 game. Some people may notice the difference between the two signals on an older TV though. When attempting to play the NTSC signal on TV's that don't support NTSC, the screen can turn Black and White and can split the screen into 3 different parts.
In your case calculus, you should be able to play NTSC DVDs or VHS and NTSC PS2 games with no problems.
Apart from that, you should'nt notice much difference. Hope that helped.