ECON 40447: ECON 40447

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.

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.

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.

Discover how to calculate the price level and velocity of money using real-life data. Understand the relationship between money supply, GDP, and prices in the economy. Gain insights into the Federal Reserve's strategies for managing inflation and price stability.

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.

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.