PreparED Study Materials
EC 205: Fundamentals of Economics
School: North Carolina State University
Number of Notes and Study Guides Available: 6
Notes
Videos
Scarcity: Balancing Infinite Wants with Limited Resources in Economics
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Explore the fundamental concept of scarcity in economics. Understand the tension between our infinite desires and the finite resources we have. Grasp how scarcity influences our choices, necessitating trade-offs in everyday decisions.
Real GDP Unpacked: Scenarios Decoding Economic Performance & Impact
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Grasp the essence of Real GDP, a pivotal tool to gauge an economy's true performance. Through relatable scenarios, understand how production, inflation, and external events influence this economic measure. Economics, as showcased, is integral in deciphering our global landscape.
First Video In Our Three Part Series for Midterms
Intro to Economics: Understanding the Fundamentals of Spending
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Explore economics with a focus on scarcity, supply and demand, and elasticity. Gain practical insights into decision-making and economic principles that impact our world.
Barter to Money: How Double-Coincidence of Wants Evolved Trade
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Explore the historical barter system and its challenges, particularly the double-coincidence of wants. Witness how the need for simpler transactions led societies from direct barter to embracing mediums of exchange like money.
Market Economy Pros & Cons: Balancing Benefits with Shortcomings.
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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.
Economic Resources Explained: The Pillars of Production in the Economy
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Uncover the fundamental concept of economic resources and their pivotal roles. From land and labor to capital and entrepreneurship, grasp the intricacies that drive production. Experience an insightful look into the elements shaping our economic activities.