ECON 103: Microeconomics

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.

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.

Explore the dynamics of frictional unemployment in a constantly changing economy. Learn about government roles and strategies in mitigating its impacts. Understand how workforce transitions can be made smoother with informed interventions.

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 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.

Discover the intricate components of an economy, including savings, budgets, and trade balances. Learn how these elements interconnect and influence private investment. Understand an economic identity that determines an economy's investment levels.