PreparED Study Materials
ECON 20811: Intro to Microeconomics (ECON 1)
School: University of California - Santa Cruz
Number of Notes and Study Guides Available: 4
Notes
Study Guides
Videos
Ceteris Paribus: Simplifying Complex Economic Analyses & Predictions
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Price Elasticity: Mid-Point Method & Its Practical Significance
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
How Unexpected Inflation Impacts Creditors, Debtors, & Business Operat
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Explaining Economic Logic of Purchasing-Power Parity
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video explains the theory of Purchasing Power Parity (PPP) in economics, emphasizing how it relies on the "law of one price" and illustrating how exchange rates should adjust to equalize purchasing power between nations in the long run. It also demonstrates how price disparities for products like iPhones can lead to currency exchange rate adjustments and eventually equalized prices.
"Economics Basics: Circular-Flow Diagram Explained
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the fundamental concept of the circular-flow diagram in economics, which simplifies the intricate interactions between households and firms. Includes examples illustrating how money, labor, and services flow between these economic actors.
Lags in Monetary and Fiscal Policy Impact on Aggregate Demand
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video explores the causes of lags in the impact of monetary and fiscal policy on aggregate demand, drawing analogies to recognizing seasonal changes, adjusting cooking temperatures, and waiting for planted seeds to grow, and discusses the implications of these lags for the debate between active and passive economic policy approaches.