PreparED Study Materials
ECON 2005: Principles of Economics
School: Virginia Polytechnic Institute and State University
Number of Notes and Study Guides Available: 40
Notes
Study Guides
Videos
Demystifying Assumptions: Economists' Key to Decoding Complex Markets
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Discover the pivotal role of assumptions in economics as we navigate the challenges of studying intricate market behaviors and human actions. Unveil how these simplifications foster comprehensive economic analyses and predictions.
Economic Resources Explained: The Pillars of Production in the Economy
Want To Learn More? To watch the entire video and ALL of the videos in the series:
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.
Scarcity: Balancing Infinite Wants with Limited Resources in Economics
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the fundamental concept of scarcity in economics. Understand the tension between our infinite desires and the finite resources we have. Grasp how scarcity influences our choices, necessitating trade-offs in everyday decisions.
Profit-Maximizing in Competitive Markets: Unraveling P=MC & Its Impact
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Discover the power of the profit-maximizing rule in perfectly competitive markets. Unearth how setting price equal to marginal cost optimizes consumer and producer benefits. Grasp the significance of this rule for societal resource utilization.
Monopolies & Price Discrimination: Myths, Truths & Insights
Want To Learn More? To watch the entire video and ALL of the videos in the series:
Explore the intricacies of monopolies and price discrimination in the market. Unpack myths and truths about consumer behavior and pricing strategies. Real-life examples illuminate these fundamental economic concepts.
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.