PreparED Study Materials
ECON 2201: Principles of Economics I
School: University of Northwestern - St. Paul
Number of Notes and Study Guides Available: 2
Notes
Videos
Shoeleather Costs: The Hidden Economics of Everyday Banking Activities
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Understand the economic implications of "cost" and its relevance in daily decision-making. Learn about shoeleather costs, including its tangible and intangible components. Grasp how different scenarios impact these costs and ways to optimize them.
Barter to Money: How Double-Coincidence of Wants Evolved Trade
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Explore the historical barter system and its challenges, particularly the double-coincidence of wants. Witness how the need for simpler transactions led societies from direct barter to embracing mediums of exchange like money.
Urban Development: New Cities' Impact and Equilibrium
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This video explores urban utility curves, workforce dynamics, and the impact of creating new cities on growth and equilibrium, with a focus on the utility of workers.
Ceteris Paribus: Simplifying Complex Economic Analyses & Predictions
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Discover the role of "ceteris paribus" in economics, a foundational assumption simplifying analyses. Understand its application in variable isolation, policy analysis, and model building. Gain insights into how economists use this tool for clarity in complex scenarios.
Unpacking Long-Run Growth: The Pivotal Role of Rising Productivity
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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.
Analyzing Trade Policies' Impact on Producers, Consumers, and Trade
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In this video, the concepts of tariffs and trade policies are explained, highlighting how tariffs affect the cost of imported goods and how trade policies control imports and exports. The video then examines four trade policy scenarios, emphasizing their impact on producers, consumers, and trade, ultimately identifying the correct answer as option c, which fulfills all the specified conditions.