ECON 2110: ECON 2110

Unpack the primary subdivisions of economics: Microeconomics, centered on individual economic agents, and Macroeconomics, which looks at broader economic trends. Understand the core differences and inherent connections between these two fields. Explore real-world examples to comprehend their implications.

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.

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.

Discover the pivotal role of assumptions in economics as we navigate the challenges of studying intricate market behaviors and human actions. Unveil how these simplifications foster comprehensive economic analyses and predictions.

Grasp the essentials of price elasticity of demand through various calculation methods. Dive deep into the unique and consistent mid-point method, understanding its relevance in fluctuating markets. Learn its practical application in analyzing market dynamics.

Explore how elasticity of demand impacts gains from trade in economies. Understand the relationship between demand elasticity and benefits for consumers and producers. Debunk misconceptions about inelastic demand and trade gains.