ECON 1020: Principles of Economics: Microeconomics

Grasp the distinction between nominal and real exchange rates, using the yen and dollar as examples. Learn how these rates influence purchasing power in different economies. Understand their implications in the global trade landscape.

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.

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.

Explore the differences between the Four-firm Concentration Ratio and the Herfindahl-Hirschman Index. Understand how they assess market concentration and dominance. Get insights into market power dynamics by comparing these two indices.

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.

Grasp the essentials of price elasticity of demand through various calculation methods. Dive deep into the unique and consistent mid-point method, understanding its relevance in fluctuating markets. Learn its practical application in analyzing market dynamics.