ECON 101: Principles of Economics: Microeconomics

In the scenario presented, a ferocious storm causes damage to multiple factories, impacting the stock of capital. This, in turn, has consequences for factors in the market, affecting both wages and the rental price of capital.

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 the nuances of the price effect in economics, focusing on the income and substitution effects. Understand through real-life scenarios how these phenomena influence consumer spending patterns. Gain insights into the intricate dynamics of consumer responses to price shifts.

Unpack the primary subdivisions of economics: Microeconomics, centered on individual economic agents, and Macroeconomics, which looks at broader economic trends. Understand the core differences and inherent connections between these two fields. Explore real-world examples to comprehend their implications.

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.

Unravel the implications of a 5% money supply increase on the aggregate price level. Learn about the Federal Reserve's influence and the dynamics of demand, supply, and inflation. Grasp how changes in money supply can affect prices and economic balance.