PreparED Study Materials
ECON 0019: Principles of Economics I: Microeconomics
School: SUNY Albany
Number of Notes and Study Guides Available: 1
Notes
Videos
"Economics Basics: Circular-Flow Diagram Explained
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Pros and Cons of Government-Created Monopolies
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the concept of government-created monopolies, which are entities granted exclusive rights, like licenses, patents, and copyrights. While they can promote innovation and efficiently operate in high-cost industries, they might also introduce inefficiencies and stifle competition. Weighing the pros and cons is essential.
Urban Development: New Cities' Impact and Equilibrium
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video explores urban utility curves, workforce dynamics, and the impact of creating new cities on growth and equilibrium, with a focus on the utility of workers.
Economists' Diverse Views: Advising Policymakers with Perspective
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the multifaceted role of economists in society, their interpretation of complex economic data, and how they provide guidance to decision-makers. Discover why economists may offer conflicting advice due to varying economic theories, data interpretation, personal values, and political ideologies.
Comparing Four-firm Ratio & HHI: Assessing Market Concentration & Powe
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the differences between the Four-firm Concentration Ratio and the Herfindahl-Hirschman Index. Understand how they assess market concentration and dominance. Get insights into market power dynamics by comparing these two indices.
Key Factors in Assessing International Trade Benefits
Want To Learn More? To watch the entire video and ALL of the videos in the series:
This video delves into the advantages of international trade, using the example of France's specialization in wine production, and explores different options while highlighting the concept of comparative advantage without revealing the ultimate answer.