PreparED Study Materials
ECON 1051: Principles of Microeconomics
School: University of Northern Iowa
Number of Notes and Study Guides Available: 2
Study Guides
Videos
Price Effect in Economics: Navigating Income & Substitution Dynamics
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the nuances of the price effect in economics, focusing on the income and substitution effects. Understand through real-life scenarios how these phenomena influence consumer spending patterns. Gain insights into the intricate dynamics of consumer responses to price shifts.
Yen vs Dollar: Decoding Nominal vs Real Exchange Rates in Trade
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Grasp the distinction between nominal and real exchange rates, using the yen and dollar as examples. Learn how these rates influence purchasing power in different economies. Understand their implications in the global trade landscape.
Analyzing Trade Policies' Impact on Producers, Consumers, and Trade
Want To Learn More? To watch the entire video and ALL of the videos in the series:
In this video, the concepts of tariffs and trade policies are explained, highlighting how tariffs affect the cost of imported goods and how trade policies control imports and exports. The video then examines four trade policy scenarios, emphasizing their impact on producers, consumers, and trade, ultimately identifying the correct answer as option c, which fulfills all the specified conditions.
Trade-offs in Life: Balancing Time, Money, Jobs, and Personal Ties
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the concept of trade-offs in daily life, from balancing work and leisure to managing savings and expenses. Unravel the intricacies of prioritizing professional ambitions against personal ties. Learn how recognizing these trade-offs can guide more informed life decisions.
Urban Development: New Cities' Impact and Equilibrium
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video explores urban utility curves, workforce dynamics, and the impact of creating new cities on growth and equilibrium, with a focus on the utility of workers.
Market Economy Pros & Cons: Balancing Benefits with Shortcomings.
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Discover the intricate workings of a market economy, highlighting its notable advantages such as efficiency and innovation, and addressing the critical challenges like income inequality and market failures. Understand the balance between market and non-market elements in global economic systems.