Course Modules: ECON101-06: Principles of Economics

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Landing Page Landing Page

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Welcome to Introduction to Macroeconomic Principles Welcome to Introduction to Macroeconomic Principles 1

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Getting Started

Getting Started Getting Started

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Welcome! 1

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About Your Instructor About Your Instructor 2

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Being Successful in this Course Being Successful in this Course 3

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Textbook 5

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Textbook & Additional Resources Textbook & Additional Resources 6

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Chapter 1

Chapter 1 Chapter 1

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Chapter Readings 1

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External Url

1 Introduction 1 Introduction 2

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1.1 What Is Economics, and Why Is It Important? 1.1 What Is Economics, and Why Is It Important? 3

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1.2 Microeconomics and Macroeconomics 1.2 Microeconomics and Macroeconomics 4

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1.3 How Economists Use Theories and Models to Understand Economic Issues 1.3 How Economists Use Theories and Models to Understand Economic Issues 5

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External Url

1.4 How To Organize Economies: An Overview of Economic Systems 1.4 How To Organize Economies: An Overview of Economic Systems 6

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Attachment

!MacroEconomics2e-Chapter01.pptx !MacroEconomics2e-Chapter01.pptx 7

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External Url

The Use of Mathematics in Principles of Economics The Use of Mathematics in Principles of Economics 8

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Additional Resources 9

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Discussion Topic

Introduction and Discussion of Economic Systems - One Point for Test One Introduction and Discussion of Economic Systems - One Point for Test One 1 10

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Chapter 2

Chapter 2 Chapter 2

Context Module Sub Header

Chapter Readings 1

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External Url

2 Introduction to Choice in a World of Scarcity 2 Introduction to Choice in a World of Scarcity 2

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2.1 How Individuals Make Choices Based on Their Budget Constraint 2.1 How Individuals Make Choices Based on Their Budget Constraint 3

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External Url

Production Possibility Frontier 1 Production Possibility Frontier 1 4

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Production Possibility Frontier 2 Production Possibility Frontier 2 5

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Production Possibility Frontier 3 Production Possibility Frontier 3 6

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2.2 The Production Possibilities Frontier and Social Choices 2.2 The Production Possibilities Frontier and Social Choices 7

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2.3 Confronting Objections to the Economic Approach 2.3 Confronting Objections to the Economic Approach 8

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External Url

Concise Encyclopedia of Economics - Public Choice Concise Encyclopedia of Economics - Public Choice 9

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Attachment

!Macroeconomics2e-Chapter02.pptx !Macroeconomics2e-Chapter02.pptx 10

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Chapter 3

Chapter 3 Chapter 3

Context Module Sub Header

Chapter Readings 1

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3 Introduction to Demand and Supply 3 Introduction to Demand and Supply 2

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3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services 3

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Supply, Demand, and Equilibrium Supply, Demand, and Equilibrium 4

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3.2 Shifts in Demand and Supply for Goods and Services 3.2 Shifts in Demand and Supply for Goods and Services 5

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3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process 6

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3.4 Price Ceilings and Price Floors 3.4 Price Ceilings and Price Floors 7

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Price Ceilings Price Ceilings 8

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Price Ceilings and Search Costs Price Ceilings and Search Costs 9

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Price Ceilings and Dead Weight Loss Price Ceilings and Dead Weight Loss 10

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Price Floors and Minimum Wage Price Floors and Minimum Wage 11

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Price Floors and Airlines Price Floors and Airlines 12

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3.5 Demand, Supply, and Efficiency 3.5 Demand, Supply, and Efficiency 13

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Attachment

!Macroeconomics2e-Chapter03.pptx !Macroeconomics2e-Chapter03.pptx 14

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Quiz

Test 1 Test 1 15 15

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Chapter 6

Chapter 6 Chapter 6

Context Module Sub Header

Chapter Readings 1

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External Url

6 Introduction to the Macroeconomic Perspective 6 Introduction to the Macroeconomic Perspective 2

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6.1 Measuring the Size of the Economy: Gross Domestic Product 6.1 Measuring the Size of the Economy: Gross Domestic Product 3

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6.2 Adjusting Nominal Values to Real Values 6.2 Adjusting Nominal Values to Real Values 4

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What is GDP What is GDP 5

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6.3 Tracking Real GDP over Time 6.3 Tracking Real GDP over Time 6

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Nominal Versus Real GDP Nominal Versus Real GDP 7

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6.4 Comparing GDP among Countries 6.4 Comparing GDP among Countries 8

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6.5 How Well GDP Measures the Well-Being of Society 6.5 How Well GDP Measures the Well-Being of Society 9

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Real GDP Per Capita and the Standard of Living Real GDP Per Capita and the Standard of Living 10

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Understanding Wealth Understanding Wealth 11

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Attachment

!MacroEconomics2e-Chapter06.pptx !MacroEconomics2e-Chapter06.pptx 12

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Chapter 7

Chapter 7 Chapter 7

Context Module Sub Header

Chapter Readings 1

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7 Introduction to Economic Growth 7 Introduction to Economic Growth 2

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Understanding Growth Understanding Growth 3

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Rule of 70 Rule of 70 4

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7.1 The Relatively Recent Arrival of Economic Growth 7.1 The Relatively Recent Arrival of Economic Growth 5

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Innovation Innovation 6

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Growth Miracles and Disasters Growth Miracles and Disasters 7

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Importance of Institutions Importance of Institutions 8

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Geography and Economic Growth Geography and Economic Growth 9

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Puzzle of Growth Puzzle of Growth 10

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7.2 Labor Productivity and Economic Growth 7.2 Labor Productivity and Economic Growth 11

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7.3 Components of Economic Growth 7.3 Components of Economic Growth 12

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Introduction to Solow Model Introduction to Solow Model 13

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Physical Capital and Diminishing Returns Physical Capital and Diminishing Returns 14

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Solow Model and the Steady State Solow Model and the Steady State 15

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Solow Model Office Hours Solow Model Office Hours 16

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7.4 Economic Convergence 7.4 Economic Convergence 17

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Human Capital and Conditional Convergence Human Capital and Conditional Convergence 18

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Solow Model and Ideas Solow Model and Ideas 19

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!MacroEconomics2e-Chapter07.pptx !MacroEconomics2e-Chapter07.pptx 20

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Chapter 8

Chapter 8 Chapter 8

Context Module Sub Header

Chapter Readings 1

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8 Introduction to Unemployment 8 Introduction to Unemployment 2

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8.1 How Economists Define and Compute Unemployment Rate 8.1 How Economists Define and Compute Unemployment Rate 3

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Defining the Unemployment Rate Defining the Unemployment Rate 4

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Is Unemployment Undercounted? Is Unemployment Undercounted? 5

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8.2 Patterns of Unemployment 8.2 Patterns of Unemployment 6

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Frictional Unemployment Frictional Unemployment 7

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Structural Unemployment Structural Unemployment 8

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Cyclical Unemployment Cyclical Unemployment 9

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Labor Force Participation Rate Labor Force Participation Rate 10

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Taxing Work Taxing Work 11

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The Pill and Labor Force Participation The Pill and Labor Force Participation 12

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8.3 What Causes Changes in Unemployment over the Short Run 8.3 What Causes Changes in Unemployment over the Short Run 13

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8.4 What Causes Changes in Unemployment over the Long Run 8.4 What Causes Changes in Unemployment over the Long Run 14

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!MacroEconomics2e-Chapter08.pptx !MacroEconomics2e-Chapter08.pptx 15

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Quiz

Test 2 Test 2 16 16

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Chapter 9

Chapter 9 Chapter 9

Context Module Sub Header

Chapter Readings 1

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9 Introduction to Inflation 9 Introduction to Inflation 2

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Zimbabwe and Hyperinflation Zimbabwe and Hyperinflation 3

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9.1 Tracking Inflation 9.1 Tracking Inflation 4

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9.2 How to Measure Changes in the Cost of Living 9.2 How to Measure Changes in the Cost of Living 5

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Measuring Inflation Measuring Inflation 6

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9.3 How the U.S. and Other Countries Experience Inflation 9.3 How the U.S. and Other Countries Experience Inflation 7

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Quantity Theory of Money Quantity Theory of Money 8

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Causes of Inflation Causes of Inflation 9

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9.4 The Confusion Over Inflation 9.4 The Confusion Over Inflation 10

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Costs of Inflation Costs of Inflation 11

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Costs of Inflation 2 Costs of Inflation 2 12

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Why Government's Create Inflation Why Government's Create Inflation 13

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9.5 Indexing and Its Limitations 9.5 Indexing and Its Limitations 14

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Office Hours - Inflation Office Hours - Inflation 15

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!MacroEconomics2e-Chapter09.pptx !MacroEconomics2e-Chapter09.pptx 16

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Context Module Sub Header

Additional Resources 17

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Chapter 11

Chapter 11 Chapter 11

Context Module Sub Header

Chapter Readings 1

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11 Introduction to the Aggregate Supply–Aggregate Demand Model 11 Introduction to the Aggregate Supply–Aggregate Demand Model 2

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Aggregate Demand Aggregate Demand 3

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Long Run Aggregate Supply Long Run Aggregate Supply 4

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Short Run Aggregate Supply Short Run Aggregate Supply 5

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11.1 Macroeconomic Perspectives on Demand and Supply 11.1 Macroeconomic Perspectives on Demand and Supply 6

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11.2 Building a Model of Aggregate Demand and Aggregate Supply 11.2 Building a Model of Aggregate Demand and Aggregate Supply 7

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11.3 Shifts in Aggregate Supply 11.3 Shifts in Aggregate Supply 8

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11.4 Shifts in Aggregate Demand 11.4 Shifts in Aggregate Demand 9

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11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation 11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation 10

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11.6 Keynes’ Law and Say’s Law in the AD/AS Model 11.6 Keynes’ Law and Say’s Law in the AD/AS Model 11

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Khan Academy - Keynes and Say Khan Academy - Keynes and Say 12

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!MacroEconomics2e-Chapter11.pptx !MacroEconomics2e-Chapter11.pptx 13

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Chapter 12

Chapter 12 Chapter 12

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Chapter Readings 1

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12 Introduction to the Keynesian Perspective 12 Introduction to the Keynesian Perspective 2

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12.1 Aggregate Demand in Keynesian Analysis 12.1 Aggregate Demand in Keynesian Analysis 3

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12.2 The Building Blocks of Keynesian Analysis 12.2 The Building Blocks of Keynesian Analysis 4

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Keynesian Economics Keynesian Economics 5

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12.3 The Phillips Curve 12.3 The Phillips Curve 6

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The Philips Curve The Philips Curve 7

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12.4 The Keynesian Perspective on Market Forces 12.4 The Keynesian Perspective on Market Forces 8

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!MacroEconomics2e-Chapter12.pptx !MacroEconomics2e-Chapter12.pptx 10

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The Expenditure-Output Model The Expenditure-Output Model 11

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Keynesian Cross Keynesian Cross 12

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Quiz

Test 3 Test 3 16 13

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Chapter 13

Chapter 13 Chapter 13

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Chapter Readings 1

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13 Introduction to the Neoclassical Perspective 13 Introduction to the Neoclassical Perspective 2

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13.1 The Building Blocks of Neoclassical Analysis 13.1 The Building Blocks of Neoclassical Analysis 3

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13.2 The Policy Implications of the Neoclassical Perspective 13.2 The Policy Implications of the Neoclassical Perspective 4

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13.3 Balancing Keynesian and Neoclassical Models 13.3 Balancing Keynesian and Neoclassical Models 5

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!MacroEconomics2e-Chapter13.pptx !MacroEconomics2e-Chapter13.pptx 6

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Chapter 14

Chapter 14 Chapter 14

Context Module Sub Header

Chapter Readings 1

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14 Introduction to Money and Banking 14 Introduction to Money and Banking 2

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14.1 Defining Money by Its Functions 14.1 Defining Money by Its Functions 3

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What is money? What is money? 4

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14.2 Measuring Money: Currency, M1, and M2 14.2 Measuring Money: Currency, M1, and M2 5

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Measuring Money - Khan Academy Measuring Money - Khan Academy 6

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14.3 The Role of Banks 14.3 The Role of Banks 7

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14.4 How Banks Create Money 14.4 How Banks Create Money 8

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Money Multiplier Money Multiplier 9

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!MacroEconomics2e-Chapter14.pptx !MacroEconomics2e-Chapter14.pptx 10

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Chapter 15

Chapter 15 Chapter 15

Context Module Sub Header

Chapter Readings 1

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15 Introduction to Monetary Policy and Bank Regulation 15 Introduction to Monetary Policy and Bank Regulation 2

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15.1 The Federal Reserve Banking System and Central Banks 15.1 The Federal Reserve Banking System and Central Banks 3

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15.2 Bank Regulation 15.2 Bank Regulation 4

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15.3 How a Central Bank Executes Monetary Policy 15.3 How a Central Bank Executes Monetary Policy 5

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15.4 Monetary Policy and Economic Outcomes 15.4 Monetary Policy and Economic Outcomes 6

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Monetary Policy - Best Case Monetary Policy - Best Case 7

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15.5 Pitfalls for Monetary Policy 15.5 Pitfalls for Monetary Policy 8

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Monetary Policy - Negative Real Shock Monetary Policy - Negative Real Shock 9

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When the Fed does too much When the Fed does too much 10

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Keynes Versus Hayek Keynes Versus Hayek 11

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Modern Monetary Theory Modern Monetary Theory 12

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!MacroEconomics2e-Chapter15.pptx !MacroEconomics2e-Chapter15.pptx 13

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Quiz

Test 4 Test 4 16 14

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Chapter 17

Chapter 17 Chapter 17

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Chapter Readings 1

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17 Introduction to Government Budgets and Fiscal Policy 17 Introduction to Government Budgets and Fiscal Policy 2

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Introduction to Fiscal Policy Introduction to Fiscal Policy 3

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17.1 Government Spending 17.1 Government Spending 4

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17.2 Taxation 17.2 Taxation 5

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Fiscal Policy Best Case Scenario Fiscal Policy Best Case Scenario 6

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Limits to Fiscal Policy Limits to Fiscal Policy 7

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17.3 Federal Deficits and the National Debt 17.3 Federal Deficits and the National Debt 8

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17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation 17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation 9

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17.5 Automatic Stabilizers 17.5 Automatic Stabilizers 10

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17.6 Practical Problems with Discretionary Fiscal Policy 17.6 Practical Problems with Discretionary Fiscal Policy 11

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17.7 The Question of a Balanced Budget 17.7 The Question of a Balanced Budget 12

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Dangers of Fiscal Policy Dangers of Fiscal Policy 13

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Fiscal Policy and Crowding Out Fiscal Policy and Crowding Out 14

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Attachment

!MacroEconomics2e-Chapter17.pptx !MacroEconomics2e-Chapter17.pptx 15

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Chapter 18

Chapter 18 Chapter 18

Context Module Sub Header

Chapter Readings 1

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18 Introduction to the Impacts of Government Borrowing 18 Introduction to the Impacts of Government Borrowing 2

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18.1 How Government Borrowing Affects Investment and the Trade Balance 18.1 How Government Borrowing Affects Investment and the Trade Balance 3

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18.2 Fiscal Policy and the Trade Balance 18.2 Fiscal Policy and the Trade Balance 4

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18.3 How Government Borrowing Affects Private Saving 18.3 How Government Borrowing Affects Private Saving 5

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18.4 Fiscal Policy, Investment, and Economic Growth 18.4 Fiscal Policy, Investment, and Economic Growth 6

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External Url

Twin Deficits Twin Deficits 7

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Attachment

!MacroEconomics2e-Chapter18.pptx !MacroEconomics2e-Chapter18.pptx 8

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Chapter 19

Chapter 19 Chapter 19

Context Module Sub Header

Chapter Readings 1

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19 Introduction to Macroeconomic Policy around the World 19 Introduction to Macroeconomic Policy around the World 2

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19.1 The Diversity of Countries and Economies across the World 19.1 The Diversity of Countries and Economies across the World 3

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19.2 Improving Countries’ Standards of Living 19.2 Improving Countries’ Standards of Living 4

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19.3 Causes of Unemployment around the World 19.3 Causes of Unemployment around the World 5

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19.4 Causes of Inflation in Various Countries and Regions 19.4 Causes of Inflation in Various Countries and Regions 6

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19.5 Balance of Trade Concerns 19.5 Balance of Trade Concerns 7

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Attachment

!MacroEconomics2e-Chapter19.pptx !MacroEconomics2e-Chapter19.pptx 8

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Why is the World Bank Controversial Why is the World Bank Controversial 9

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Quiz

Test 5 Test 5 16 10

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Chapter 20

Chapter 20 Chapter 20

Context Module Sub Header

Chapter Readings 1

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External Url

20 Introduction to International Trade 20 Introduction to International Trade 2

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20.1 Absolute and Comparative Advantage 20.1 Absolute and Comparative Advantage 3

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20.2 What Happens When a Country Has an Absolute Advantage in All Goods 20.2 What Happens When a Country Has an Absolute Advantage in All Goods 4

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20.3 Intra-industry Trade between Similar Economies 20.3 Intra-industry Trade between Similar Economies 5

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20.4 The Benefits of Reducing Barriers to International Trade 20.4 The Benefits of Reducing Barriers to International Trade 6

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Attachment

!Macroeconomics2e-Chapter 20.pptx !Macroeconomics2e-Chapter 20.pptx 7

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Chapter 21

Chapter 21 Chapter 21

Context Module Sub Header

Chapter Readings 1

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21 Introduction to Globalization and Protectionism 21 Introduction to Globalization and Protectionism 2

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21.1 Protectionism: An Indirect Subsidy from Consumers to Producers 21.1 Protectionism: An Indirect Subsidy from Consumers to Producers 3

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21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions 21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions 4

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21.3 Arguments in Support of Restricting Imports 21.3 Arguments in Support of Restricting Imports 5

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21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally 21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally 6

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21.5 The Tradeoffs of Trade Policy 21.5 The Tradeoffs of Trade Policy 7

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Quiz

Test 6 Test 6 20 8

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Additional Readings

Additional Readings Additional Readings

Course Modules

Landing Page

Getting Started

Welcome! 1

Textbook 5

Chapter 1

Chapter Readings 1

Additional Resources 9

Chapter 2

Chapter Readings 1

Chapter 3

Chapter Readings 1

Chapter 6

Chapter Readings 1

Chapter 7

Chapter Readings 1

Chapter 8

Chapter Readings 1

Chapter 9

Chapter Readings 1

Additional Resources 17

Chapter 11

Chapter Readings 1

Chapter 12

Chapter Readings 1

Chapter 13

Chapter Readings 1

Chapter 14

Chapter Readings 1

Chapter 15

Chapter Readings 1

Chapter 17

Chapter Readings 1

Chapter 18

Chapter Readings 1

Chapter 19

Chapter Readings 1

Chapter 20

Chapter Readings 1

Chapter 21

Chapter Readings 1

Additional Readings