PreparED Study Materials
STAT 101: Micro Economics
School: University of Alabama - Tuscaloosa
Number of Notes and Study Guides Available: 1
Notes
Videos
Elasticity & Trade: How Demand Shapes Economic Gains for Nations
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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.
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.
Unraveling Economic Equations: From Price Level to Velocity of Money
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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.
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.
Decoding GDP per Capita & Labor Productivity: Economic Insight Explain
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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.
Opportunity Cost Explained: Weighing Choices in Business Decisions
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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.