ECON 121: Principles of Macroeconomics

Discover how to calculate the price level and velocity of money using real-life data. Understand the relationship between money supply, GDP, and prices in the economy. Gain insights into the Federal Reserve's strategies for managing inflation and price stability.

Discover the principle of opportunity cost, distinguishing between explicit and implicit costs. Using the example of Hanna's Pizzeria, grasp how business decisions weigh the costs of forgone alternatives. Learn how these costs influence financial and economic choices.

Unravel the complexities of long-run economic growth and its driving factors. Discover why rising productivity stands out as the cornerstone of sustainable economic expansion. Understand the role of various elements in shaping a nation's economic trajectory.

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.

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.

Unpack the significance of GDP per Capita and Labor Productivity in economics. Learn how these indicators reflect a country's living standards and labor efficiency. Grasp the relationship between these metrics and the broader economic landscape.