ECON 1740: ECON 1740

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.

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.

Explore the fundamental concept of the circular-flow diagram in economics, which simplifies the intricate interactions between households and firms. Includes examples illustrating how money, labor, and services flow between these economic actors.

Explore the dynamics of frictional unemployment in a constantly changing economy. Learn about government roles and strategies in mitigating its impacts. Understand how workforce transitions can be made smoother with informed interventions.

Discover the power of the profit-maximizing rule in perfectly competitive markets. Unearth how setting price equal to marginal cost optimizes consumer and producer benefits. Grasp the significance of this rule for societal resource utilization.

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.