PreparED Study Materials
ECON 1102: Principles of Macroeconomics
School: University of Minnesota
Number of Notes and Study Guides Available: 6
Notes
Study Guides
Videos
"Economics Basics: Circular-Flow Diagram Explained
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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.
Trade-offs in Life: Balancing Time, Money, Jobs, and Personal Ties
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Explore the concept of trade-offs in daily life, from balancing work and leisure to managing savings and expenses. Unravel the intricacies of prioritizing professional ambitions against personal ties. Learn how recognizing these trade-offs can guide more informed life decisions.
Explaining Economic Logic of Purchasing-Power Parity
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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.
Yen vs Dollar: Decoding Nominal vs Real Exchange Rates in Trade
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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.
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.
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.