ECO 252: Macroeconomics

Analysis of aggregate economic activity in relation to the level, stability, and growth of national income. Topics may include the determination and effects of unemployment, inflation, the balance of payments, deficits, and other policies.

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Course curriculum

1. Introduction
1. Introduction to Macroeconomics
2. Foundation of Economics
3. Scarcity and Choice
4. What is Economics?
5. What is an Economy?
6. Lesson Summary
7. Quiz - 1.1
1. What is Opportunity Cost?
2. Value: Benefits and Cost
3. Value of Time
4. Lesson Summary
5. Quiz 1.2
1. Best Economical Choice?
2. It's All Relative
3. Calculation Examples
4. Lesson Summary
5. Quiz 1.3
1. Production Possibilities Model
2. Important Assumptions
3. Tradeoffs in Production Possibilities
4. Law of Increasing Opportunity Costs
5. Production Possibilities Curve
6. Lesson Summary
7. Quiz 1.4
1. Production Possibilities Frontier
2. The Production Possibilities Curve
3. Consumer and Capital Goods
4. Shifts in the PPF Curve
5. Shifts in Technology
6. Shifts in Resources
7. Shifts in Education and Training
8. Shifts in Labor Force
9. Lesson Summary
10. Quiz 1.5
1. Labor Variance Defined
2. How to Compute a Labor Variance
3. Labor Cost Variance Analysis
4. Lesson Summary
5. Quiz 1.6
1. What Are Transaction Costs?
2. Theory of Transaction Cost Economics
3. Types of Transactions Costs
4. Lesson Summary
5. Quiz 1.7
1. Definition of Agglomeration
2. Agglomeration Theory and Process
3. Agglomeration Effects
4. Lesson Summary
5. Quiz 1.8
1. Brief Biography of Paul Krugman
2. Krugman's New Trade Theory
3. Lesson Summary
4. Quiz 1.9
1. Comparative Advantage
2. Examining Opportunity Costs
3. Absolute Advantage
4. Lesson Summary
5. Quiz 2.1
1. Why Nations Trade
2. The Benefit of Specialization
3. Lesson Summary
4. Quiz - 2.2
1. Absolute Advantage
2. Theory of Comparative Advantage
3. Comparative vs. Absolute Advantage
4. Example #1
5. Example #2
6. Lesson Summary
7. Quiz 2.3
1. Economics
2. Demand
3. Quantity Demanded
4. Demand Schedule
5. The Market Demand Schedule
6. Lesson Summary
7. Quiz - 3.1
1. Economy
2. Quantity Supplied
3. Supply Schedule
4. The Market Supply Schedule
5. Lesson Summary
6. Quiz - 3.2
1. Introduction
2. The Law of Demand
3. The Substitution Effect
4. The Demand Curve
5. Demand Shifters
6. Lesson Summary
7. Quiz - 3.3
1. The Upward-Sloping Supply Curve
2. The Supply Curve Comes from the Supply Schedule
3. Supply Shifters
4. Summary
5. Quiz - 3.4
1. Supply and Demand
2. Market Equilibrium
3. Surplus and Shortage
4. Lesson Summary
5. Quiz - 3.5
1. Introduction
2. Overview of Changes in Equilibrium Prices
3. Simultaneous Changes in Demand and Supply
4. Lesson Summary
5. Quiz - 3.6
1. Understanding Inferior Goods
2. Inferior Goods vs. Normal Goods
3. Examples of Inferior Goods
4. Lesson Summary
5. Quiz - 3.7
1. Definition
2. Equation and Example
3. Lesson Summary
4. Quiz - 3.8
1. Definition of Market Equilibrium
2. Supply, Demand & Equilibrium
3. Examples of Market Equilibrium
4. Lesson Summary
5. Quiz - 3.10
1. Definition of Normal Goods
2. Examples of Normal Goods
3. Lesson Summary
4. Quiz - 3.11
1. What is a Supply Shock?
2. Examples
3. Lesson Summary
4. Quiz - 3.12
1. Definition of Fallacy of Composition
2. Examples of Fallacy of Composition
3. Lesson Summary
4. Quiz - 3.13
1. What Is Income Effect?
2. Income Effect and Price
3. Real-Life Examples
4. Lesson Summary
5. Quiz - 3.14
1. What is The Market Supply Curve?
2. Supply Curves and Examples
3. Market Supply Curve Calculation
4. Lesson Summary
5. Quiz - 3.15
1. What is the Market Economy?
2. Impact of Supply and Demand
3. Characteristics & Advantages
4. Lesson Summary
5. Quiz - 3.16
1. Substitution Effect Definition
2. Examples
3. Lesson Summary
4. Quiz - 3.17
1. Theory of Constraints
2. The Five Focusing Steps
3. Examples: What are Constraints?
4. TOC in Action
5. Step 1: Where Is the Constraint?
6. Step 2: Exploit the Constraint
7. Step 3: Subordinate Every Other Decision to the Constraint
8. Step 4: Elevate the Bottleneck
9. Step 5: Repeat!
10. Lesson Summary
11. Quiz - 3.18
1. Definition
2. Characteristics
3. Bear Market
4. Origination of Terms
5. Lesson Summary
6. Quiz - 3.19
1. Formula for Elasticity
2. Price Elasticity
3. Income Elasticity
4. Cross Price Elasticity
5. Lesson Summary
6. Quiz - 3.20
1. The Money Illusion
2. Background
3. Money Illusion in our Aunt Example
4. Real-World Examples
5. Lesson Summary
6. Quiz - 3.21
1. Capital Goods
2. The Big Picture
3. The Capital Consumption Allowance
4. Formulas
5. Lesson Summary
6. Quiz - 3.22
1. Circular Flow of Economic Activity
2. Injections and Leakages
3. Circular Flow Model in Action
4. Lesson Summary
5. Quiz 4.1
1. Measuring Total Amount of Production
2. The Income Approach
3. The Expenditure Approach
4. Lesson Summary
5. Quiz 4.2
1. Gross Domestic Product
2. Components of GDP
3. Lesson Summary
4. Quiz 4.3
1. Gross Domestic Product (GDP)
2. What's Not Included in the GDP
3. Final and Intermediate Goods
4. Lesson Summary
5. Quiz 4.4
1. Investment
2. Ingredients of Investment
3. Savings and Investment
4. Lesson Summary
5. Quiz 4.5
1. Definition of the Taylor Rule
2. Key Factors of the Taylor Rule
3. Formula for the Taylor Rule
4. How Does the Formula Work?
5. Benefits and Limitations of the Taylor Rule
6. Lesson Summary
7. Quiz 4.6
1. Definition of Economics
2. History, Timeline, & Notable Figures
3. Lesson Summary
4. Quiz 4.7
1. Definition of Elasticity
2. Income Elasticity of Demand
3. Interpretation
4. Advantages and Disadvantages of Using Elasticity
5. Lesson Summary
6. Quiz 4.8
1. What is Macroeconomics?
2. Importance of Macroeconomics
3. Principles
4. Economic Output
5. Unemployment
6. Inflation and Deflation
7. Lesson Summary
8. Quiz 4.9
1. Microeconomics Defined
2. Common Topics in Microeconomics
3. Lesson Summary
4. Quiz 4.10
1. The Input-Output Model
2. Definitions of Input & Output
3. Input-Output Model Importance
4. Input-Output Model Example
5. Lesson Summary
6. Quiz 4.11
1. The Foundation for Security Analysis
2. His Early Life
3. His Partnership
4. His Teaching Career and Books
5. His Legacy
6. Lesson Summary
7. Quiz 4.12
1. Investment for Everyone
2. Chapters 1-7 Investment Versus Speculation
3. Chapter 8 - 'The Investor and Market Fluctuations'
4. Chapters 9 - 16 Advice for the Layman Investor
5. Chapters 17 - 19 Comparing Companies
6. Chapter 20 - ''Margin of Safety' as the Central Concept of Investment'
7. Lesson Summary
8. Quiz 4.13
1. A Big Decision
2. Expected Value and Expected Utility
3. Expected Utility Theory
4. Expected Utility Formula and Calculation
5. Lesson Summary
6. Quiz 4.14
1. Prospect Theory
2. Daniel Kahneman and Amos Tversky
3. Real World Examples
4. Implications
5. Lesson Summary
6. Quiz 4.15
1. Introduction
2. Why Do Prices Rise?
3. Inflation and Deflation
4. Real Terms vs. Nominal Terms
5. Summary
6. Quiz 5.1
1. GDP Deflator & Consumer Price Index
2. The Formula
3. GDP Deflator vs. Consumer Price Index
4. Lesson Summary
5. Quiz 5.2
1. Estimating Prices
2. Inflation
3. Consumer Price Index
4. The Substitution Bias
5. The Law of Demand
6. The Substitution Effect
7. Lesson Summary
8. Quiz 5.3
1. Real and Nominal Wages
2. Comparing Wages in Two Years
3. Comparing Wage Rates in Two Years
4. Comparing Wages in Multiple Years
5. Comparing Wages in a Job Search
6. Lesson Summary
7. Quiz 5.4
1. Measuring the Total Output of an Economy
2. Removing the Effects of Rising Prices
3. Nominal vs. Real GDP
4. Two Reasons That Economic Output Can Increase
5. Lesson Summary
6. Quiz 5.5
1. Economic Output
2. Comparing Nominal and Real GDP
3. How to Calculate Nominal GDP
4. How to Calculate Real GDP
5. Drawing Conclusions
6. Lesson Summary
7. Quiz 5.6
1. Real GDP Growth Rates
2. GDP Growth Rate Formula
3. Conclusions About the Economy
4. Nominal GDP
5. Real GDP
6. Lesson Summary
7. Quiz 5.7
1. The Multiplier Effect
2. The MPC and the MPS
3. Formula for the Simple Spending Multiplier
4. Lesson Summary
5. Quiz 5.8
1. What is Cost-Push Inflation?
2. Cost-Push Inflation from Higher Wages
3. Cost-Push Inflation from Rising Cost of Raw Materials
4. Lesson Summary
5. Quiz 5.9
1. Setting the Inflation Stage
2. Demand-Pull Inflation
3. Cost-Push Inflation
4. Lesson Summary
5. Quiz 5.10
1. Effects of Inflation on Suppliers and Demanders
2. Lesson Summary
3. Quiz 5.11
1. Definition of Real Wages
2. Formula for Real Wages
3. Example of Real Wage
4. Lesson Summary
5. Quiz 5.12
1. The Multiplier Effect & Its Appeal
2. Multiplier Effect Example: Brazil
3. Examples of the Multiplier Effect
4. Marginal Propensity to Consume (MPC)
5. Lesson Summary
6. Quiz 5.13
1. What is Unemployment?
2. Who's Included in the Labor Force?
3. Who's Not Included in the Labor Force?
4. How To Measure Unemployment
5. Calculating the Unemployment Rate
6. Lesson Summary
7. Quiz 6.1
1. Why the Unemployment Rate Changes
2. Calculating Unemployment
3. Understanding Unemployment
4. Three Types of Unemployment
5. Lesson Summary
6. Quiz 6.2
1. Types of Unemployment
2. Cyclical Unemployment
3. Frictional Unemployment
4. Structural Unemployment
5. Lesson Summary
6. Quiz 6.3
1. Introduction
2. Classical Theory of Unemployment
3. Reducing the Natural Rate of Unemployment
4. Lesson Summary
5. Quiz 6.4
1. What Is the Theory of Rational Expectations?
2. Rational Expectations and Unemployment
3. Rational Expectations and Fiscal and Monetary Policies
4. Lesson Summary
5. Quiz 6.5
1. Supply and Demand in the Labor Market
2. The Minimum Wage
3. Lesson Summary
4. Quiz 6.6
1. What Is Abject Poverty?
2. Abject Poverty Defined
3. Statistics
4. Lesson Summary
5. Quiz 6.7
1. Relative Poverty Definition
2. What Causes Relative Poverty?
3. Examples of Relative Poverty
4. Lesson Summary
5. Quiz 6.8
1. Definition
2. Information Needed for Calculation
3. LFPR Formula
4. Example
5. Lesson Summary
6. Quiz 6.9
1. The Keynesian Model and the Classical Model of the Economy
2. Economic Output: The Long and Short of It
3. The Classical Model
4. The Keynesian Model
5. Classical vs. Keynesian Model: Which is Correct?
6. Lesson Summary
7. Quiz 7.1
1. Two Models for Economic Growth
2. The Classical Model
3. The Keynesian Model
4. Differences Between the Models
5. Lesson Summary
6. Quiz 7.2
1. What Are Aggregate Demand and Aggregate Supply?
2. The Curves
3. The Axes
4. Moving the Graphs
5. Lesson Summary
6. Quiz 7.3
1. Labor Supply and What a Shift Means
2. Shift Factors of Labor Supply
3. Labor Demand and What a Shift Means
4. Shift Factors of Labor Demand
5. Lesson Summary
6. Quiz 7.4
1. To Spend or Save?
2. The Marginal Propensity to Consume
3. The Marginal Propensity to Save
4. Why is the MPC Important?
5. Lesson Summary
6. Quiz 7.5
1. Budget Surplus & Budget Deficit
2. Crowding Out
3. Interest Rates & Investors
4. Lesson Summary
5. Quiz 7.6
1. What Is Aggregate Supply?
2. Determinants of Aggregate Supply
3. Lesson Summary
4. Quiz 7.7
1. Definition and Short Run Explained
2. Short Run Determinants
3. Lesson Summary
4. Quiz 7.8
1. An Economy That Gets Stuck
2. Sticky Wages
3. Sticky Prices
4. Lesson Summary
5. Quiz 7.9
1. Unexpected Supply Curve Shifts
2. Favorable Supply Shocks
3. Unfavorable Supply Shocks
4. Lesson Summary
5. Quiz 7.10
1. Market Demand Curve Definition
2. Equation
3. Examples of Market Demand Curves
4. Lesson Summary
5. Quiz 7.11
1. Definition of Nominal GDP
2. Expenditure Approach
3. Income Approach
4. Product Approach
5. Lesson Summary
6. Quiz 7.12
1. What is the cash conversion cycle?
2. Formula for the cash conversion cycle
3. Cash conversion cycle calculation
4. Lesson Summary
5. Quiz 7.13
1. Gross Domestic Product and Inflation
2. Real vs. Nominal
3. Gross Domestic Product
4. Changes in Price Levels
5. Real Output
6. Lesson Summary
7. Quiz 8.1
1. What Is Full Employment GDP?
2. Illustrating Full Employment GDP
3. Full Employment GDP and Economic Growth
4. Full Employment and the Labor Market
5. Full Employment and Inflation
6. Full Employment and Savings
7. Lesson Summary
8. Quiz 8.2
1. Welcome to the Land of Macro
2. Day One: Expansion
3. Day Two: Peak
4. Day Three: Recession
5. Day Four: Trough
6. The Business Cycle
7. Lesson Summary
8. Quiz 8.3
1. Challenging Economic Times
2. Defining Recessions and Depressions
3. The Great Recession vs. The Great Depression
4. Lesson Summary
5. Quiz 8.4
1. Blind Spots
2. Confirmation Bias
3. Pain-avoiding Psychological Denial
4. The Affect Heuristic
5. Incentive-caused Bias
6. Liking/Loving Heuristic (Halo Effect)
7. What Can We Do About Our Blind Spots?
8. Lesson Summary
9. Quiz 8.5
1. Assignment
1. Final Exam Instructions
2. Final Exam

About this course

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CHAPTER 1 - Economic Scarcity, Choice, and Opportunity Cost

Ch 1.1 - Understanding Economic Scarcity and the Function of Choice

Ch 1.2 - Opportunity Cost: Definition & Real World Examples

Ch 1.3 - How to Calculate Opportunity Cost Using Basic Algebra

Ch 1.4 - Applying the Production Possibilities Model with Algebraic Techniques

Ch 1.5 - Shifts in the Production Possibilities Curve: Algebraic Analysis

Ch 1.6 - Labor Rate Variance: Definition, Formula, and Algebraic Applications

Ch 1.7 - Transactions Costs in Economics: Definition, Theory & Examples

Ch 1.8 - Exploring Agglomeration in Economics: Definition, Process, Theory & Effects

Ch 1.9 - Understanding Paul Krugman's Economic Theories: Overview and Algebraic Insights

Ch 2.1 - Comparative Advantage: Definition, Examples, and Algebraic Analysis

Ch 2.2 - Gains From Trade, Specialization, and Algebraic Interpretation

Ch 2.3 - Absolute Advantage vs. Comparative Advantage: Algebraic Comparison and Trade Optimization

Ch 3.1 - Market Demand Schedule

Ch 3.2 - Market Supply Schedule

Ch 3.3 - The Law of the Downward Sloping Demand Curve

Ch 3.4 - The Upward-Sloping Supply Curve

Ch 3.5 - How to Calculate Market Equilibrium

Ch 3.6 - How Changes in Supply and Demand Affect Market Equilibrium

Ch 3.7 - Inferior Good in Economics: Definition & Examples

Ch 3.8 - Calculating Equilibrium Price: Definition, Equation & Example

Ch 3.10 - Market Equilibrium in Economics: Definition & Examples

Ch 3.11 - Normal Good in Economics: Definition & Examples

Ch 3.12 - Supply Shock: Definition & Examples

Ch 3.13 - The Fallacy of Composition in Economics: Definition & Examples

Ch 3.14 - The Income Effect in Economics: Definition & Example

Ch 3.15 - The Market Supply Curve: Definition, Principles & Equation

Ch 3.16 - The Market System in Economics: Definition, Characteristics & Advantages

Ch 3.17 - The Substitution Effect in Macroeconomics: Definition & Example

Ch 3.18 - Theory of Constraints: Definition & Examples

Ch 3.19 - What is a Bull Market? - Definition & Meaning

Ch 3.20 - Elasticity in Economics: Practice Problems

Ch 3.21 - The Money Illusion: Definition & Examples

Ch 3.22 - Capital Consumption Allowance (CCA): Definition & Formula

Ch 4.1 - Circular Flow of Economic Activity: The Flow of Goods, Services & Resources

Ch 4.2 - Gross Domestic Product: Using the Income and Expenditure Approaches

Ch 4.3 - Gross Domestic Product: Definition and Components

Ch 4.4 - Gross Domestic Product: Items Excluded from National Production

Ch 4.5 - Investment vs. Investments in Economics

Ch 4.6 - The Taylor Rule in Economics: Definition, Formula & Example

Ch 4.7 - What is Economics? - Definition, History, Timeline & Importance

Ch 4.8 - What is Elasticity in Economics? - Definition, Theory & Formula

Ch 4.9 - What is Macroeconomics? - Definition & Principles

Ch 4.10 - What Is Microeconomics? - Definition & Topics

Ch 4.11 - Input-Output Model

Ch 4.12 -Benjamin Graham: Biography, Education & Books

Ch 4.13 - The Intelligent Investor by Benjamin Graham Summary

Ch 4.14 - Expected Utility: Theory & Formula

Ch 4.15 - Prospect Theory in Economics: Definition & Example

Ch 5.1 - Consumer Price Index: Measuring the Cost of Living and Inflation

Ch 5.2 - The GDP Deflator and Consumer Price Index

Ch 5.3 - Consumer Price Index and the Substitution Bias

Ch 5.4 - Adjusting Wages for the Inflation Rate

Ch 5.5 - Gross Domestic Product: Nominal vs. Real GDP

Ch 5.6 - Gross Domestic Product: How to Calculate Real GDP

Ch 5.7 - How to Calculate Real GDP Growth Rates

Ch 5.8 - The Multiplier Effect and the Simple Spending Multiplier: Definition and Examples

Ch 5.9 - Cost-Push Inflation: How the Supply Side of the Economy Leads to Inflation

Ch 5.10 - Demand-Pull Inflation vs Cost-Push Inflation

Ch 5.11 - Effects of Inflation on Suppliers and Demanders

Ch 5.12 - Real Wage: Definition & Formula

Ch 5.13 - The Multiplier Effect in Economics: Definition, Formula & Example

Ch 6.1 - Defining and Measuring the Unemployment Rate

Ch 6.2 - Why the Unemployment Rate Decreases and Increases

Ch 6.3 - Three Types of Unemployment: Cyclical, Frictional & Structural

Ch 6.4 -Natural Rate of Unemployment: Definition and Formula

Ch 6.5 - Rational Expectations in the Economy and Unemployment

Ch 6.6 - Minimum Wage and its Effects on Employment

Ch 6.7 - What is Abject Poverty? - Definition

Ch 6.8 - What Is Relative Poverty? - Definition, Causes & Examples

Ch 6.9 - The Labor Force Participation Rate: Equation & Concept

Ch 7.1 - The Keynesian Model and the Classical Model of the Economy

Ch 7.2 - Supply and Demand Curves in the Classical Model and Keynesian Model

Ch 7.3 - Aggregate Supply and Aggregate Demand (AS-AD) Model

Ch 7.4 - Understanding Shifts in Labor Supply and Labor Demand

Ch 7.5 - Marginal Propensity to Consume: Definition and Formula of the MPC

Ch 7.6 - Government Spending, GDP, and Crowding Out Private Investment