ECON 001: Principles of Economics

Explore the multifaceted role of economists in society, their interpretation of complex economic data, and how they provide guidance to decision-makers. Discover why economists may offer conflicting advice due to varying economic theories, data interpretation, personal values, and political ideologies.

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.

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.

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.

Uncover the fundamental concept of economic resources and their pivotal roles. From land and labor to capital and entrepreneurship, grasp the intricacies that drive production. Experience an insightful look into the elements shaping our economic activities.

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.