ECON 2105: ECON 2105

Distinguish between positive and normative economic statements with real-world examples. Grasp the difference between objective explanations and value judgments in economics. Master the foundations of economic thought and their application.

Learn about the intricacies of opportunity cost and its broader implications. Delve into the balance between human and physical capital, understanding the risks of overinvestment. Grasp the Law of Diminishing Marginal Returns and its effects on national strategies.

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.

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.

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.

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.