ECON 300: Intermediate Microeconomic Theory

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.

Uncover the fundamental concept of economic resources and their pivotal roles. From land and labor to capital and entrepreneurship, grasp the intricacies that drive production. Experience an insightful look into the elements shaping our economic activities.

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.

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.

Explore economics with a focus on scarcity, supply and demand, and elasticity. Gain practical insights into decision-making and economic principles that impact our world.

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.