PreparED Study Materials
ECON 101: Principles of Microeconomics
School: University of Wisconsin - Madison
Number of Notes and Study Guides Available: 47
Notes
Study Guides
Videos
Economic Resources Explained: The Pillars of Production in the Economy
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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.
How Unexpected Inflation Impacts Creditors, Debtors, & Business Operat
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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.
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.
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.
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.
Price Elasticity: Mid-Point Method & Its Practical Significance
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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.