ECON 361: Firm in the Global Context

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.

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.

This video explains the theory of Purchasing Power Parity (PPP) in economics, emphasizing how it relies on the "law of one price" and illustrating how exchange rates should adjust to equalize purchasing power between nations in the long run. It also demonstrates how price disparities for products like iPhones can lead to currency exchange rate adjustments and eventually equalized prices.

Explore the concept of government-created monopolies, which are entities granted exclusive rights, like licenses, patents, and copyrights. While they can promote innovation and efficiently operate in high-cost industries, they might also introduce inefficiencies and stifle competition. Weighing the pros and cons is essential.

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.

Distinguish between positive and normative economic statements with real-world examples. Grasp the difference between objective explanations and value judgments in economics. Master the foundations of economic thought and their application.