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Macroeconomics (Lumen)

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Macroeconomics (Lumen)

Business
Publisher
LibreTexts
Source
LibreTexts
Language
EN
Category
Economics
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Contents· 332 sections
  1. 01: Economic Thinking
  2. 1.01: Why It Matters- Economic Thinking
  3. 1.02: Introduction to Economics
  4. 1.03: Understanding Economics and Scarcity
  5. 1.04: The Concept of Opportunity Cost
  6. 1.05: Labor Markets and Trade
  7. 1.06: Microeconomics and Macroeconomics
  8. 1.07: Introduction to Math in Economics
  9. 1.08: Economic Models
  10. 1.09: Purpose of Functions
  11. 1.10: Solving Simple Equations
  12. 1.11: Introduction to Graphs in Economics
  13. 1.12: Creating and Interpreting Graphs
  14. 1.13: Interpreting Slope
  15. 1.14: Types of Graphs
  16. 1.15: Putting It Together- Economic Thinking
  17. 1.16: Discussion- Is Economics a Science
  18. 1.17: Assignment- Problem Set Economic Thinking
  19. 02: Choice in a World of Scarcity
  20. 2.01: Why It Matters- Choice in a World of Scarcity
  21. 2.02: Introduction to the Cost of Choices
  22. 2.03: Budget Constraints and Choices
  23. 2.04: Calculating Opportunity Cost
  24. 2.05: Learn By Doing- Budget Constraints and Opportunity Cost
  25. 2.06: Introduction to the Production Possibilities Frontier
  26. 2.07: The Production Possibilities Frontier
  27. 2.08: Productive Efficiency and Allocative Efficiency
  28. 2.09: Introduction to the Economic Way of Thinking
  29. 2.10: Rationality and Self-Interest
  30. 2.11: Marginal Analysis
  31. 2.12: Positive and Normative Statements
  32. 2.13: Putting It Together- Choice in a World of Scarcity
  33. 2.14: Discussion- Making Irrational Choices
  34. 2.15: Assignment- Guns or Butter
  35. 2.16: Assignment- Problem Set Choice in a World of Scarcity
  36. 03: Supply and Demand
  37. 3.01: Why It Matters- Supply and Demand
  38. 3.02: Learn By Doing- Calculating Equilibrium
  39. 3.03: Putting It Together- Supply and Demand
  40. 3.04: Discussion- Supply and Demand
  41. 3.05: Assignment- Supply and Demand of Coffee
  42. 3.06: Assignment- Problem Set Supply and Demand
  43. 3.07: Introduction to Economic Systems
  44. 3.08: Economic Systems
  45. 3.09: Introduction to Demand
  46. 3.10: What Is Demand
  47. 3.11: Factors Affecting Demand
  48. 3.12: Learn By Doing- Graphing Demand
  49. 3.13: Learn By Doing- Demand for Food Trucks
  50. 3.14: Introduction to Supply
  51. 3.15: What is Supply
  52. 3.16: Factors Affecting Supply
  53. 3.17: Learn By Doing- Graphing Supply and Demand
  54. 3.18: Learn By Doing- Supply of Food Trucks
  55. 3.19: Introduction to Equilibrium
  56. 3.20: Equilibrium Surplus and Shortage
  57. 3.21: Changes in Equilibrium
  58. 3.22: Finding Equilibrium
  59. 3.23: Changes in Supply and Demand
  60. 3.24: Learn By Doing- Food Trucks and Changes in Equilibrium
  61. 04: Applications of Supply and Demand
  62. 4.01: Why It Matters- Applications of Supply and Demand
  63. 4.02: Introduction to Price Ceilings and Price Floors
  64. 4.03: Price Ceilings
  65. 4.04: Price Floors
  66. 4.05: Learn By Doing- Shortage and Surplus
  67. 4.06: A Closer Look at Price Controls
  68. 4.07: Introduction to Surplus
  69. 4.08: Trade and Efficiency
  70. 4.09: Consumer and Producer Surplus
  71. 4.10: Inefficiency of Price Floors and Price Ceilings
  72. 4.11: Learn By Doing- Consumer and Producer Surplus
  73. 4.12: Introduction to Labor and Financial Markets
  74. 4.13: Labor and Financial Markets
  75. 4.14: Putting It Together- Applications of Supply and Demand
  76. 4.15: Discussion- Price Controls
  77. 4.16: Assignment- Price Controls After a Storm
  78. 4.17: Assignment- Problem Set Applications of Supply and Demand
  79. 05: Elasticity
  80. 5.01: Why It Matters- Elasticity
  81. 5.02: Assignment- Problem Set Elasticity
  82. 5.03: Introduction to Elasticity
  83. 5.04: Elasticity of Demand
  84. 5.05: Examples of Elastic and Inelastic Demand
  85. 5.06: Introduction to Calculating Price Elasticity
  86. 5.07: Calculating Elasticity and Percentage Changes
  87. 5.08: Calculating Price Elasticities Using the Midpoint Formula
  88. 5.09: Learn By Doing- Calculating Price Elasticities
  89. 5.10: Categories of Elasticity
  90. 5.11: Price Elasticity of Supply
  91. 5.12: Introduction to Elasticities in Areas Other Than Price
  92. 5.13: Income Elasticity Cross-Price Elasticity and Other Types of Elasticities
  93. 5.14: Introduction to Price Elasticity and Total Revenue
  94. 5.15: Elasticity and Total Revenue
  95. 5.16: Elasticity Costs and Customers
  96. 5.17: Tax Incidence
  97. 5.18: Putting It Together- Elasticity
  98. 5.19: Discussion- Junk Food and Elasticity
  99. 5.20: Assignment- Elasticity and Tuition
  100. 06: Macroeconomic Measures GDP and Economic Growth
  101. 6.01: Why It Matters- GDP and Economic Growth
  102. 6.02: A Healthy Climate for Economic Growth
  103. 6.03: Putting It Together- GDP and Economic Growth
  104. 6.04: Discussion- GDP and Economic Growth
  105. 6.05: Assignment- Data Project Part 1
  106. 6.06: Assignment- Problem Set GDP and Economic Growth
  107. 6.07: Introduction to Macroeconomics and GDP
  108. 6.08: The Macroeconomic Perspective
  109. 6.09: What is Gross Domestic Product
  110. 6.10: Calculating GDP
  111. 6.11: Alternative Ways to Measure the Economy
  112. 6.12: Introduction to Nominal and Real GDP
  113. 6.13: The Difference Between Nominal and Real Measurements
  114. 6.14: Comparing Nominal and Real GDP
  115. 6.15: Converting Nominal to Real GDP
  116. 6.16: Learn By Doing- Comparing Nominal and Real GDP
  117. 6.17: Introduction to Economic Growth
  118. 6.18: Business Cycles
  119. 6.19: GDP and Standard of Living
  120. 6.20: Labor Productivity and Economic Growth
  121. 6.21: Measuring Productivity and Growth Rates
  122. 6.22: The Power of Sustained Economic Growth
  123. 6.23: Introduction to Historical Economic Growth
  124. 6.24: Relatively Recent Economic Growth
  125. 07: Macroeconomic Measures Unemployment and Inflation
  126. 7.01: Why It Matters- Unemployment and Inflation
  127. 7.02: Learn By Doing- Problems with Inflation
  128. 7.03: Benefits of Low Inflation
  129. 7.04: Putting It Together- Inflation and Unemployment
  130. 7.05: Assignment- The State of the Macro Economy
  131. 7.06: Assignment- Data Project Part 2
  132. 7.07: Discussion- How is the Economy
  133. 7.08: Assignment- Problem Set Unemployment and Inflation
  134. 7.09: Introduction to the Unemployment Rate
  135. 7.10: Who Counts in Unemployment
  136. 7.11: Calculating the Unemployment Rate
  137. 7.12: Learn By Doing- Calculating the Unemployment Rate
  138. 7.13: Patterns of Unemployment
  139. 7.14: Introduction to Types of Unemployment
  140. 7.15: Cyclical Unemployment
  141. 7.16: Frictional and Structural Unemployment
  142. 7.17: The Natural Rate of Unemployment
  143. 7.18: Introduction to Inflation
  144. 7.19: Inflation
  145. 7.20: Calculating Inflation with Index Numbers
  146. 7.21: Learn By Doing- Calculating Inflation with Index Numbers
  147. 7.22: The Consumer Price Index
  148. 7.23: Shortcomings of the Consumer Price Index as a Measure of the Cost of Living
  149. 7.24: The GDP Deflator and Other Major Price Indices
  150. 7.25: Introduction to Price Instability
  151. 7.26: Problems with Inflation
  152. 08: The Aggregate Demand-Aggregate Supply Model
  153. 8.01: Why It Matters- The Aggregate Demand-Aggregate Supply Model
  154. 8.02: Introduction to the Aggregate Demand-Aggregate Supply Model
  155. 8.03: The Aggregate Demand-Aggregate Supply Model
  156. 8.04: Building a Model of Aggregate Supply and Aggregate Demand
  157. 8.05: Interpreting the AD-AS Model
  158. 8.06: Introduction to Shifts in Aggregate Supply and Demand
  159. 8.07: Shifts in Aggregate Demand
  160. 8.08: Shifts in Aggregate Supply
  161. 8.09: Introduction to the ADAS Model and Economic Growth
  162. 8.10: Business Cycles and Growth in the ADAS Model
  163. 8.11: Learn By Doing- Business Cycles and Growth in the ADAS Model
  164. 8.12: Putting It Together- The Aggregate Demand-Aggregate Supply Model
  165. 8.13: Discussion- The Business Cycle and the AD-AS Model
  166. 8.14: Assignment- Analysis of a Demand Supply Shock using the AD-AS Model
  167. 8.15: Assignment- Problem Set The Aggregate Demand-Aggregate Supply Model
  168. 09: Keynesian and Neoclassical Economics
  169. 9.01: Why It Matters- Keynesian and Neoclassical Economics
  170. 9.02: Balancing Keynesian and Neoclassical Models
  171. 9.03: Putting It Together- Keynesian and Neoclassical Economics
  172. 9.04: Discussion- Keynesian vs. Neoclassical Economics
  173. 9.05: Assignment- Keynesian and Neoclassical Economics
  174. 9.06: Assignment- Problem Set Keynesian and Neoclassical Economics
  175. 9.07: Introduction to Keynesian Economics and the AD-AS Model
  176. 9.08: Aggregate Demand in Keynesian Analysis
  177. 9.09: The Core of Keynesian Analysis
  178. 9.10: Introduction to Keynesian Policy Implications
  179. 9.11: The Expenditure Multiplier Effect
  180. 9.12: Keynesian Economic Policy
  181. 9.13: Introduction to Neoclassical Economics
  182. 9.14: The Neoclassical Perspective
  183. 9.15: The Neoclassical Perspective and Potential GDP
  184. 9.16: Learn By Doing- The Neoclassical Perspective and Potential GDP
  185. 9.17: Introduction to the Neoclassical Perspective and the AD-AS Model
  186. 9.18: Flexible Prices and Graphing in the Neoclassical Model
  187. 9.19: Learn By Doing- Flexible Prices and Graphing in the Neoclassical Model
  188. 9.20: Speed of Macroeconomic Adjustment
  189. 9.21: Policy Implications of the Neoclassical Perspective
  190. 9.22: Introduction to Comparing the Keynesian and Neoclassical Perspectives
  191. 9.23: Says Law versus Keynes Law
  192. 9.24: Neoclassical and Keynesian Perspectives in the AD-AS Model
  193. 10: The Income-Expenditure Model
  194. 10.01: Why It Matters- The Income-Expenditure Model
  195. 10.02: Introduction to the Income-Expenditure Model
  196. 10.03: The Key Role of Aggregate Expenditure
  197. 10.04: Aggregate Expenditure- Consumption
  198. 10.05: Aggregate Expenditure- Investment Government Spending and Net Exports
  199. 10.06: Introduction to Equilibrium in the Income-Expenditure Model
  200. 10.07: Equilibrium in the Income-Expenditure Model
  201. 10.08: Finding Equilibrium Using Algebra
  202. 10.09: Learn By Doing- Finding Equilibrium Using Algebra
  203. 10.10: Recessionary and Inflationary Gaps in the Income-Expenditure Model
  204. 10.11: Real Aggregate Supply in the Income-Expenditure Model
  205. 10.12: Introduction to the Expenditure Multiplier in the Income-Expenditure Model
  206. 10.13: The Spending Multiplier in the Income-Expenditure Model
  207. 10.14: The Spending Multiplier and Changes in Government Spending
  208. 10.15: Putting It Together- The Income-Expenditure Model
  209. 10.16: Discussion- The Income-Expenditure Model
  210. 10.17: Assignment- The Income-Expenditure Model
  211. 10.18: Assignment- Problem Set The Income-Expenditure Model
  212. 11: Fiscal Policy
  213. 11.01: Why It Matters- Fiscal Policy
  214. 11.02: Introduction to Budgets and Taxes
  215. 11.03: Fiscal Policy and the Federal Budget
  216. 11.04: Government Spending
  217. 11.05: State and Local Government Spending
  218. 11.06: Taxation
  219. 11.07: Federal Budgets and National Debt
  220. 11.08: The Question of a Balanced Budget
  221. 11.09: Introduction to Fiscal Policy in Action
  222. 11.10: Automatic Stabilizers
  223. 11.11: Expansionary and Contractionary Fiscal Policy
  224. 11.12: Learn By Doing- Expansionary and Contractionary Fiscal Policy
  225. 11.13: Introduction to Fiscal Policy Approaches
  226. 11.14: Neoclassical Fiscal Policy and Supply-Side Economics
  227. 11.15: Fiscal Policy Investment and Crowding Out
  228. 11.16: Putting It Together- Fiscal Policy
  229. 11.17: Discussion- Fiscal Policy
  230. 11.18: Assignment- Economic Impact of Lower Corporate Tax Rate
  231. 11.19: Assignment- Problem Set Fiscal Policy
  232. 12: Money and Banking
  233. 12.01: Why It Matters- Money and Banking
  234. 12.02: Introduction to Defining Money
  235. 12.03: Defining Money by Its Functions
  236. 12.04: Measuring Money- Currency M1 and M2
  237. 12.05: Credit
  238. 12.06: Introduction to Financial Markets
  239. 12.07: Financial Markets and Assets
  240. 12.08: Financial Markets Supply and Demand and Interest
  241. 12.09: Introduction to Banking
  242. 12.10: The Commercial Banking System
  243. 12.11: Banking Assets and Liabilities
  244. 12.12: Introduction to Lending and Money Creation
  245. 12.13: How Banks Create Money
  246. 12.14: Putting It Together- Money and Banking
  247. 12.15: Discussion- Money and Banking
  248. 12.16: Assignment- Baby Boomers
  249. 12.17: Assignment- Problem Set Money and Banking
  250. 13: Monetary Policy
  251. 13.01: Why It Matters- Monetary Policy
  252. 13.02: Introduction to the Federal Reserve
  253. 13.03: Banks Loan Finance and the Payments System
  254. 13.04: The Federal Reserve System and Central Banks
  255. 13.05: Bank Regulation
  256. 13.06: Introduction to Monetary Policy
  257. 13.07: Monetary Policy
  258. 13.08: Monetary Policy and Open Market Operations
  259. 13.09: Learn By Doing- Monetary Policy and Open Market Operations
  260. 13.10: Introduction to Monetary Policy and Economic Outcomes
  261. 13.11: Monetary Policy and Interest Rates
  262. 13.12: Monetary Policy and Aggregate Demand
  263. 13.13: Federal Reserve Actions and Quantitative Easing
  264. 13.14: Putting It Together- Monetary Policy
  265. 13.15: Discussion- Impact of Low Interest Rates on Monetary Policy
  266. 13.16: Assignment- Chair the Fed
  267. 13.17: Assignment- Problem Set Monetary Policy
  268. 14: Policy Applications
  269. 14.01: Why It Matters- Policy Applications
  270. 14.02: Introduction to Keynesian and Neoclassical Policy Prescriptions
  271. 14.03: Viewpoints on Government Policy
  272. 14.04: Introduction to the Phillips Curve
  273. 14.05: The Phillips Curve
  274. 14.06: Policy Implications- No Phillips Curve Tradeoff in the Long Run
  275. 14.07: Learn By Doing- The Phillips Curve
  276. 14.08: Introduction to New Classical Economics
  277. 14.09: Rational Expectations
  278. 14.10: Ricardian Equivalence
  279. 14.11: Introduction to Macro Policy Options in the Real World
  280. 14.12: Practical Problems with Discretionary Fiscal and Monetary Policy
  281. 14.13: Policy Implications- Dampening Business Cycles vs. Laissez-Faire
  282. 14.14: Policy Implications- Supply Shocks and Economic Growth
  283. 14.15: Putting It Together- Policy Application
  284. 14.16: Discussion- Macropolicy
  285. 14.17: Assignment- Policy Response to a Macro Shock
  286. 14.18: Assignment- Problem Set Policy Applications
  287. 15: Globalization and Trade
  288. 15.01: Why It Matters- Globalization and International Trade
  289. 15.02: Introduction to Comparative Advantage
  290. 15.03: Absolute and Comparative Advantage
  291. 15.04: Comparative Advantage and the Gains from Trade
  292. 15.05: Learn By Doing- Comparative Advantage and the Gains from Trade
  293. 15.06: Learn By Doing- International Trade
  294. 15.07: Intra-Industry Trade
  295. 15.08: Demand and Supply Analysis of International Trade
  296. 15.09: Learn By Doing- Demand and Supply Analysis of International Trade
  297. 15.10: Introduction to the Trade Barriers and Protectionism
  298. 15.11: Protectionism
  299. 15.12: The Tradeoffs of International Trade
  300. 15.13: Introduction to Trade Policy and Agreements
  301. 15.14: The Role of the GATT in Reducing Barriers to Trade
  302. 15.15: Trade Policy- Organizations and Agreements
  303. 15.16: Putting It Together- Globalization and International Trade
  304. 15.17: Discussion- Absolute and Comparative Advantage
  305. 15.18: Assignment- Absolute and Comparative Advantage
  306. 15.19: Assignment- Problem Set Globalization and Trade
  307. 16: Exchange Rates and International Finance
  308. 16.01: Why It Matters- Exchange Rates and International Finance
  309. 16.02: Introduction to the Foreign Exchange Market
  310. 16.03: The Foreign Exchange Market
  311. 16.04: Strengthening and Weakening Currency
  312. 16.05: Introduction to Exchange Rates and Purchasing Power
  313. 16.06: Demand and Supply Shifts in Foreign Exchange Markets
  314. 16.07: Introduction to Exchange Rates and the Trade Balance
  315. 16.08: Macroeconomic Effects of Exchange Rates
  316. 16.09: Exchange-Rate Policies
  317. 16.10: Putting It Together- Exchange Rates and International Finance
  318. 16.11: Discussion- Global Currencies
  319. 16.12: Assignment- Exchange Rates and International Finance
  320. 16.13: Assignment- Problem Set Exchange Rates and International Finance
  321. 17: Faculty Resources
  322. 17.01: Faculty Resource Overview
  323. 17.02: Pacing
  324. 17.03: PDF
  325. 17.04: PowerPoints
  326. 17.05: Assignments
  327. 17.06: Problem Sets
  328. 17.07: Question Banks
  329. 17.08: I Need Help
  330. 17.09: About This Course
  331. 17.10: Course Contents at a Glance
  332. 17.11: Learning Outcomes