PreparED Study Materials
ECON 001: Introduction to Economics
School: University of California - Merced
Number of Notes and Study Guides Available: 3
Notes
Videos
Market Economy Pros & Cons: Balancing Benefits with Shortcomings.
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Elasticity & Trade: How Demand Shapes Economic Gains for Nations
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
How Unexpected Inflation Impacts Creditors, Debtors, & Business Operat
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Unexpected inflation can shift wealth between lenders and borrowers. This phenomenon affects the real value of money repaid, disadvantaging the creditors. Additionally, businesses face operational expenses like menu costs during inflation adjustments.
Lags in Monetary and Fiscal Policy Impact on Aggregate Demand
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video explores the causes of lags in the impact of monetary and fiscal policy on aggregate demand, drawing analogies to recognizing seasonal changes, adjusting cooking temperatures, and waiting for planted seeds to grow, and discusses the implications of these lags for the debate between active and passive economic policy approaches.
Scarcity: Balancing Infinite Wants with Limited Resources in Economics
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Explaining Economic Logic of Purchasing-Power Parity
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.