Economics And Finance
ECN3939
OpenStax Principles of Macroeconomics

Principles of Macroeconomics covers the scope and sequence for a one-semester economics course. The text also includes many current examples, including: the housing bubble and housing crisis, Zimbabwe’s hyperinflation, global unemployment, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen. The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. The outcome is a balanced approach to economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way, as well.

Welcome to Economics!

Welcome to Economics! Introduction What Is Economics, and Why Is It Important? Microeconomics and Macroeconomics How Economists Use Theories and Models to Understand Economic Issues How Economies Can Be Organized: An Overview of Economic Systems

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Welcome to Economics!

Choice in a World of Scar...

Choice in a World of Scarcity Introduction to Choice in a World of Scarcity How Individuals Make Choices Based on Their Budget Constraint The Production Possibilities Frontier and Social Choices Confronting Objections to the Economic Approach

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Choice in a World of Scarcity

Demand and Supply

Demand and Supply Introduction to Demand and Supply Price Ceilings and Price Floors Demand, Supply, and Equilibrium in Markets for Goods and Services Shifts in Demand and Supply for Goods and Services Changes in Equilibrium Price and Quantity: The Four-Step Process

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Demand and Supply

Labor and Financial Marke...

Labor and Financial Markets Introduction to Labor and Financial Markets Demand and Supply at Work in Labor Markets Demand and Supply in Financial Markets The Market System as an Efficient Mechanism for Information

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Labor and Financial Markets

The Macroeconomic Perspec...

The Macroeconomic Perspective Introduction to the Macroeconomic Perspective Measuring the Size of the Economy: 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

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The Macroeconomic Perspective

Economic Growth

Economic Growth Introduction to Economic Growth The Relatively Recent Arrival of Economic Growth Labor Productivity and Economic Growth Components of Economic Growth Economic Convergence

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Economic Growth

Unemployment

Unemployment Introduction to Unemployment How the Unemployment Rate is Defined and Computed Patterns of Unemployment What Causes Changes in Unemployment over the Short Run What Causes Changes in Unemployment over the Long Run

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Unemployment

Inflation

Inflation Introduction to Inflation Tracking Inflation How Changes in the Cost of Living are Measured How the U.S. and Other Countries Experience Inflation The Confusion Over Inflation Indexing and Its Limitations

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Inflation

The International Trade a...

The International Trade and Capital Flows Introduction to the International Trade and Capital Flows Measuring Trade Balances Trade Balances in Historical and International Context Trade Balances and Flows of Financial Capital The National Saving and Investment Identity The Pros and Cons of Trade Deficits and Surpluses The Difference between Level of Trade and the Trade Balance

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The International Trade and Capital Flows

The Aggregate Supply-Aggr...

The Aggregate Supply-Aggregate Demand Model Introduction to the Aggregate Supply–Aggregate Demand Model Macroeconomic Perspectives on Demand and Supply Building a Model of Aggregate Supply and Aggregate Demand Shifts in Aggregate Supply Shifts in Aggregate Demand How the AS–AD Model Incorporates Growth, Unemployment, and Inflation Keynes’ Law and Say’s Law in the AS–AD Model

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The Aggregate Supply-Aggregate Demand Model

The Keynesian Perspective

The Keynesian Perspective Introduction to the Keynesian Perspective Aggregate Demand in Keynesian Analysis The Building Blocks of Keynesian Analysis The Phillips Curve The Keynesian Perspective on Market Forces

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The Keynesian Perspective

The Neoclassical Perspect...

The Neoclassical Perspective Introduction to the Neoclassical Perspective The Building Blocks of Neoclassical Analysis The Policy Implications of the Neoclassical Perspective Balancing Keynesian and Neoclassical Models

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The Neoclassical Perspective

Money and Banking

Money and Banking Introduction to Money and Banking Defining Money by Its Functions Measuring Money: Currency, M1, and M2 The Role of Banks How Banks Create Money

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Money and Banking

Monetary Policy and Bank ...

Monetary Policy and Bank Regulation Introduction to Monetary Policy and Bank Regulation The Federal Reserve Banking System and Central Banks Bank Regulation How a Central Bank Executes Monetary Policy Monetary Policy and Economic Outcomes Pitfalls for Monetary Policy

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Monetary Policy and Bank Regulation

Exchange Rates and Intern...

Exchange Rates and International Capital Flows Introduction to Exchange Rates and International Capital Flows How the Foreign Exchange Market Works Demand and Supply Shifts in Foreign Exchange Markets Macroeconomic Effects of Exchange Rates Exchange Rate Policies

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Exchange Rates and International Capital Flows

Government Budgets and Fi...

Government Budgets and Fiscal Policy Introduction to Government Budgets and 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

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Government Budgets and Fiscal Policy

The Macroeconomic Impacts...

The Macroeconomic Impacts of Government Borrowing Introduction to the Impacts of Government Borrowing How Government Borrowing Affects Investment and the Trade Balance Fiscal Policy, Investment, and Economic Growth How Government Borrowing Affects Private Saving Fiscal Policy and the Trade Balance

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The Macroeconomic Impacts of Government Borrowing

Macroeconomic Policy Arou...

Macroeconomic Policy Around the World Introduction to Macroeconomic Policy around the World The Diversity of Countries and Economies across the World Improving Countries’ Standards of Living Causes of Unemployment around the World Causes of Inflation in Various Countries and Regions Balance of Trade Concerns

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Macroeconomic Policy Around the World

International Trade

International Trade Introduction to International Trade Absolute and Comparative Advantage What Happens When a Country Has an Absolute Advantage in All Goods Intra-industry Trade between Similar Economies The Benefits of Reducing Barriers to International Trade

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International Trade

Globalization and Protect...

Globalization and Protectionism Introduction to Globalization and Protectionism Protectionism: An Indirect Subsidy from Consumers to Producers International Trade and Its Effects on Jobs, Wages, and Working Conditions Arguments in Support of Restricting Imports How Trade Policy Is Enacted: Globally, Regionally, and Nationally The Tradeoffs of Trade Policy

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Globalization and Protectionism