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ECON102: Principles of Macroeconomics
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COURSE INTRODUCTION
Course Syllabus
Unit 1: What is Macroeconomics?
1.1: The Economic Way of Thinking
What Is Economics, and Why Is It Important?
Microeconomics and Macroeconomics
How Economists Use Theories and Models to Understand Economic Issues
How to Organize Economies: An Overview of Economic Systems
Hypotheses, Theories, and Models
1.2: Scarcity and Production Choices
Choice in a World of Scarcity
Resources, Scarcity, and Choice
How Individuals Choose Based on Budget Constraints
1.3: The Production Possibilities Curve
The Production Possibilities Frontier and Social Choices
Objections to the Economic Approach
The Production Possibilities Curve (PPC)
1.4: Opportunity Cost
Opportunity Cost
1.5: Demand, Supply, and Market Equilibrium
Demand, Supply, and Equilibrium in Markets for Goods and Services
More on Demand
More on Supply
Market Equilibrium
Shifts in Demand and Supply for Goods and Services
1.6: Market Equilibrium
Changes in Equilibrium Price and Quantity: The Four-Step Process
The Circular Flow of Income and Expenditures
1.7: Price Ceilings and Price Floors
Price Ceilings and Price Floors
More on Price Ceilings and Price Floors
Demand, Supply, and Efficiency
1.8: Labor and Financial Markets
Labor and Financial Markets
Demand and Supply in Financial Markets
The Market System as an Efficient Mechanism for Information
Unit 1 Assessment
Unit 1 Assessment
Unit 2: Gross Domestic Product, Inflation, and Unemployment
2.1: Defining GDP
The Macroeconomic Perspective
Measuring the Size of the Economy: Gross Domestic Product
Gross Domestic Product
Adjusting Nominal Values to Real Values
Tracking Real GDP over Time
Comparing GDP among Countries
How Well GDP Measures the Well-Being of Society
2.2: Defining Business Cycles
Business Cycles
2.3: Economic Growth
The Relatively Recent Arrival of Economic Growth
Labor Productivity and Economic Growth
Components of Economic Growth
Economic Convergence
Economic Growth Questions
2.4: Real GDP and Nominal GDP
GDP Deflator
Calculating Real GDP with a Deflator Example
2.5: Defining Inflation
Inflation
More on Inflation
Measuring Changes in the Cost of Living
Inflation and Price Indexes
How the United States and Other Countries Experience Inflation
Hyperinflation
The Confusion Over Inflation
Indexing and Its Limitations
Economic Commentary on the Costs of Inflation
2.6: Unemployment
Unemployment
Patterns of Unemployment
What Causes Changes in Unemployment over the Short Run
What Causes Changes in Unemployment over the Long Run
More on Unemployment
The Natural Rate of Unemployment
Unit 2 Assessment
Unit 2 Assessment
Unit 3: Aggregate Demand, Supply, and Equilibrium
3.1: Aggregate Demand
The Aggregate Supply–Aggregate Demand Model
3.2: Aggregate Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
Aggregate Demand and Aggregate Supply
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes' Law and Say's Law in the AD/AS Model
3.3: Aggregate Supply in the Short-Run and the Long-Run
Short- and Long-Run AD and AS
3.4: Short-Run and Long-Run Macroeconomic Equilibrium
Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium
Cyclical Unemployment
Cost-Push Inflation
Macroeconomic Viewpoints
Unit 3 Assessment
Unit 3 Assessment
Unit 4: Money, Banking, and Monetary Policy
4.1: Money
Money and Banking
Measuring Money: Currency, M1, and M2
The Role of Banks
4.2. Creation of Money
How Banks Create Money
What Is Money?
Fractional Reserve Banking
Weaknesses of Fractional Reserve Lending
4.3: Structure and Powers of the Federal Reserve System
Monetary Policy and Bank Regulation
Bank Regulation
How a Central Bank Executes Monetary Policy
Monetary Policy
Monetary Policy and the Federal Reserve
Monetary Policy and Economic Outcomes
Pitfalls for Monetary Policy
The Federal Reserve System
The Fed Today
4.4: Financial Markets
Exchange Rates and International Capital Flows
Demand and Supply Shifts in Foreign Exchange Markets
Macroeconomic Effects of Exchange Rates
Exchange Rate Policies
More on Exchange Rates
Interest as Rent for Money
Money Supply, Money Demand, and Interest Rates
Bond Prices and Interest Rates
Financial Speculation
Unit 4 Assessment
Unit 4 Assessment
Unit 5: Fiscal Policy
5.1: Fiscal Policy
Government Spending
Taxation
Federal Deficits and the National Debt
Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
Automatic Stabilizers
Practical Problems with Discretionary Fiscal Policy
The Question of a Balanced Budget
5.2: The Impact of Government Borrowing
How Government Borrowing Affects Investment and the Trade Balance
Fiscal Policy and the Trade Balance
How Government Borrowing Affects Private Saving
More on Government and Fiscal Policy
Fiscal Policy, Investment, and Economic Growth
Tax Lever of Fiscal Policy
5.3: Inflation and Unemployment
Phillips Curve
Changes in the AD-AS Model and the Phillips Curve
Comparing Monetary and Fiscal Policy
5.4: The Keynesian Perspective
The Keynesian Perspective
The Building Blocks of Keynesian Analysis
The Phillips Curve
The Keynesian Perspective on Market Forces
5.5: The Neoclassical Perspective
The Neoclassical Perspective
The Policy Implications of the Neoclassical Perspective
Balancing Keynesian and Neoclassical Models
An Outline of the U.S. Economy: Monetary and Fiscal Policy
Unit 5 Assessment
Unit 5 Assessment
Unit 6: International Trade and Finance
6.1: International Trade and Capital Flows
International Trade and Capital Flows
International Capital Flows and Trade Balance
Trade Balances in Historical and International Context
Trade Balances and Flows of Financial Capital
The National Savings and Investment Identity
Pros and Cons of Trade Deficits and Surpluses
The Difference between the Level of Trade and the Trade Balance
Balance of Payments: Current Account
6.2: Macroeconomic Policy around the World
Macroeconomic Policy around the World
Improving Countries' Standards of Living
Causes of Global Unemployment
Causes of Global Inflation
Balance of Trade Concerns
6.3: International Trade
International Trade
When a Country Has an Absolute Advantage in All Goods
Intra-industry Trade between Similar Economies
The Benefits of Reducing International Trade Barriers
6.4: Globalization and Protectionism
Globalization and Protectionism
How International Trade Affects Jobs, Wages, and Working Conditions
Arguments Supporting Restricting Imports
How Governments Enact Trade Policy: Globally, Regionally, and Nationally
Unit 6 Assessment
Unit 6 Assessment
Study Guide
ECON102 Study Guide
Course Feedback Survey
Course Feedback Survey
Certificate Final Exam
ECON102: Certificate Final Exam
Saylor Direct Credit
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ECON102: Principles of Macroeconomics
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