Economics And Finance
ECN8068
Principles of Macroeconomics

This course from Saylor presents topics generally covered in a typical freshman level Macroeconomics course. The course description from Saylor.org is as follows:<br><br>The purpose of this course is to provide you with a fundamental understanding of the principles of macroeconomics. Macroeconomists study how a country’s economy works and try to determine the best choices to improve the overall wellbeing of a nation. Typical topics include inflation (the overall level of prices), employment, fiscal policy (government taxing and spending), and money and banking (interest rates and lending policies). Individuals and firms need to consider how macroeconomic events will affect their own prosperity. By studying macroeconomics and understanding the critical ideas used to measure economic data, you will have a better perspective on the issues and problems discussed in contemporary economics.

Macroeconomics: Goals, Me...

Unit 2: Macroeconomics: Goals, Measures, and Challenges A major focal point of macroeconomics is the total output generated within an economy. Measurement of that output includes Gross Domestic Product (GDP), which is the dollar value of all final goods and services produced within a nation's borders during the course of one year. Macroeconomics also focuses on the difference between nominal GDP and real GDP. The latter version removes the effect of inflation, which increases its importance as a useful measure because total output might be increasing in terms of current dollars but not in constant dollars. Economic growth, which is the increase in real GDP over time, is one of three major goals. The other two goals are full employment and price level stability. Fiscal and monetary policies, which are introduced in Unit 5, are formed, implemented, and evaluated against those three goals

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Parsing Gross Domestic Product

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More on Final and Intermediate Contributions

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Investment and Consumption

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Income and Expenditure Views of GDP

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Components of GDP

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Examples of Accounting for GDP

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Real GDP and Nominal GDP

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Example of Calculating Real GDP with a Deflator

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GDP Deflator

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National Income Accounting

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Measuring Macroeconomic Variables

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Measuring the size of the economy: gross domestic ...

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Measuring Total Output and Income

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Production and Labor Market

Aggregate Economic Activi...

Unit 4: Aggregate Economic Activities and Fluctuations In studying macroeconomics, the focal point is the whole economy versus markets for goods and services. This approach entails looking at the forces affecting growth, inflation, and unemployment at the aggregate level whether it is output, income, or the set of components within GDP. In essence, macroeconomics involves studying demand and supply for all goods and services in a nation's economy. Aggregate demand is the total amount of goods and services people want to buy; in other words, it measures what people wish to purchase rather than what is actually produced. The aggregate demand is the sum of consumption, investment, government expenses, and net exports. Aggregate supply is the total output an economy produces at a given price level. As you learned in microeconomics, firms achieve equilibrium when they produce the quantity of

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Economic Indicators

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Aggregate Demand

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Short Run Aggregate Supply

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Long-Run Aggregate Supply

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Real GDP Driving Price

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The Business Cycle

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Keynesian Economics

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Risks of Keynesian Thinking

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Principles of Macro: Growth of Real GDP and Busine...

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The Business Cycle Reading

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Principles of Macro: Aggregate Demand and Aggregat...

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Gross Domestic Product

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Principles of Macro: Consumption and the Aggregate...

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Classical-Keynesian Controversy Reading

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Macroeconomic Policy Around the World

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Section 3: Comparing Real and Nominal GDP: The GDP...

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Shifts in Aggregate Demand

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Macroeconomics - Business Cycle

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Great Depression and Current Recession

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The Disinflation Spiral

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Fiscal Multiplier

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Washington Consensus

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Shock (Economics)

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Macroeconomic Policy Instruments

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Output (economics)

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Balance of payments

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Principles of Macroeconomics: AS-AD Model

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Keynes and Classical Economics

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Keynesian economics

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Supply-side economics

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Output Gap

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Consumer confidence index

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Five Sector Model

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Macroeconomics - Multiplier Process

Introduction to Macroecon...

Unit description from Saylor.org: This first unit outlines important concepts and relates them to the economy as a whole. We will first address growth, unemployment, and inflation as the three central concerns of macroeconomics. Next, we will identify critical public policies, such as money creation (monetary policy) and taxes and spending (fiscal policy), exploring their respective effects on an economy. Finally, we will take a look at a diagram that shows the circular flow of the resource market (income) and the product market (goods and services).

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Unemployment Rate Primer

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Overview: Introduction to Macro

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Principles of Macro: Supply and Demand

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Demand and Supply Reading

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Principles of Macro: Growth of Real GDP and Busine...

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Real GDP Video

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The Business Cycle Reading

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Fiscal Policy Reading

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Video: Fiscal Policy and Automatic Stabilizers

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Monetary and Fiscal Policy Reading

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Inflationary and Recessionary Gaps Video

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Economic Growth Reading

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Macroeconomic Goals of Government Video

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Resource Markets Reading

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Resource Markets Quiz

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Circular Flow of Income Video

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Unit 1 Assessment

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Classical-Keynesian Controversy Reading

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Classical-Keynesian Controversy Assignments

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Demand and Supply Reading: Assignments

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Principles of Macro: Price Level Changes

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Principles of Macro: Unemployment

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Circular flow of income and expenditures

Measuring Aggregate Outpu...

Unit description from Saylor.org: One of the major focuses of macroeconomics is the total output generated by an economy by looking at Gross Domestic Product (GDP), or the total value of all final goods and services produced within a nation’s borders, even if produced by foreign companies. It also examines Gross National Product (GNP), which measures all the final goods and services produced by a country’s citizens, even if produced in other countries. Over time, two important instruments have been developed to calculate GDP and GNP: expenditure and income. We will examine both of these in this unit.

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VIDEO

Parsing Gross Domestic Product

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More on Final and Intermediate Contributions

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Investment and Consumption

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Income and Expenditure Views of GDP

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Components of GDP

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Examples of Accounting for GDP

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Real GDP and Nominal GDP

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Example of Calculating Real GDP with a Deflator

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GDP Deflator

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National Income Accounting Reading

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Principles of Macro: Measuring Total Output

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Principles of Macro: Gross Domestic Product

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Principles of Macro: Final Goods and Services

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National Income Accounting

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Principles of Macro: Measuring Total Income

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The New BEA Procedure for Calculating Real GDP

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Gross Domestic Product

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Principles of Macro: GDP and Economic Well Being

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What is "Gross National Happiness"? Video

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Measuring Macroeconomic Variables

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Production and the Labor Market

Unemployment and Inflatio...

Unit description from Saylor.org: The average person understands the economic concepts of unemployment and inflation: unemployment reflects number of people out of work, and inflation indicates a rising price level of goods and services. Macroeconomics, however, distinguishes between the labor force, which includes both employed and unemployed (those able and willing to work but not currently working), and those not in the labor force (full time students, nonworking spouses, and retirees). It also differentiates between frictional unemployment (or temporary unemployment), structural unemployment (affecting whole sectors of the economy), and cyclical unemployment (caused by downturns in the economy).

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Introduction to Inflation

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Actual CPI-U Basket of Goods

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Inflation Data

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Real and Nominal Return

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Calculating Real Return in Last Year Dollars

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Velocity of money rather than quantity driving pri...

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Deflation Despite Increases in Money Supply

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Moderate Inflation in a Good Economy

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Deflationary Spiral

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Hyperinflation

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Short-Run Oil Prices

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Breakdown of Gas Prices

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Unemployment

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Unemployment and Inflation Reading

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Types of Unemployment and the Natural Rate

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Unemployment Statistics

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Labor Statistics

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Unemployment Rate Reading

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Measuring Employment & Unemployment Assessment

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Unemployment and Inflation

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Principles of Macro: Price Level Changes

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Nominal & Real Returns and Inflation Video

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Price-Index Theory Reading

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Economic Commentary on the Cost of Inflation

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Principles of Macro: Relating Inflation and Unempl...

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Measuring GDP, Economic Growth, and Inflation

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The Unemployment Rate Reading

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Exploring Unemployment Activity

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Weaknesses of Unemployment Statistics

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Problems with the CPI

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Deflation

Aggregate Demand and Supp...

Unit description from Saylor.org: Since macroeconomics studies the whole economy, it looks at the main forces affecting growth, inflation, and unemployment by aggregating, or totaling, output (via the GDP) and prices (via a price index). Unlike microeconomics, which studies the demand and supply of individual goods and services, macroeconomics considers demand and supply for all goods and services in a national economy.

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Shifts in Aggregate Demand

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Short Run Aggregate Supply

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Long-Run Aggregate Supply

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Demand-Pull Inflation Under Johnson

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Real GDP Driving Price

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Cost Push Inflation

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Aggregate Demand/Supply, Business Cycles

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AD, AS, Monetary & Fiscal Policy

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Aggregate Demand & Aggregate Supply

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Principles of Macro: Aggregate Demand and Aggregat...

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Gross Domestic Product

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AS & AD Tests 1 & 2

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Aggregate Demand Video

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Inflationary and Recessionary Gaps Video #2

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Monetary Policy and the Economy

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Aggregate Demand Notes

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Principles of Macro: Consumption and the Aggregate...

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Demand-Pull Inflation Video

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Spending Multiplier Video

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Expenditure Multipliers Quiz

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Interactive Graph Links

Government and Fiscal Pol...

Unit description from Saylor.org: What effect does a government have on an economy? Through its ability to tax, a government takes away a proportion of its people’s income, but it also injects money into the economy by printing currency and purchasing public goods. What are the consequences of these actions? Clearly, government spending and taxing will have an effect on the equilibrium GDP, but by what magnitude? How do those policies affect inflation, unemployment, and economic growth? Macroeconomics studies these and other questions pertaining to the relationship between a government and an economy. In this unit, we will explore these issues and examine other government policies, such as budgets, debts, and deficits, discussing their respective effects on the economy as a whole.

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Tax Lever of Fiscal Policy

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Principles of Macro: Government and the Economy

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Chapter 9: Fiscal Policy

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Aggregate Demand Notes #2

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Principles of Macro: The Use of Fiscal Policy to S...

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Principles of Macro: Issues in Fiscal Policy

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Fiscal Policy Quiz

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Fiscal Policy: Tests 1 & 2

The Money Supply and Mone...

Unit description from Saylor.org: What is money? Most people probably think of bills and coins, but in this course, we will define it as the asset most commonly used to buy things, or the medium of exchange commonly used by buyers and sellers. In today’s economy, money can take many forms, from checks to electronic payments to e-money and a variety of other instruments that facilitate production and trade. Money is also a unit of account; it helps us measure value in an economy and is a store of purchasing power over time. The ways in which we define and measure money, in addition to the institutions we have built around it, help us understand the role of money and its importance in a well-functioning economic system.

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Full Reserve Banking

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Weaknesses of Fractional Reserve Lending

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Interest as Rent for Money

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Money Supply and Demand Impacting Interest Rates

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Overview of Fractional Reserve Banking

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Simple Fractional Reserve Accounting (Part 2)

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Simple fractional reserve accounting (part 1)

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Principles of Macro: Nature and Creation of Money

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Federal Reserve Statistical Release

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Monetary Policy and Balance Sheets

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Money and Markets: Soft Commodities

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FX Market & Balance of Payments Quiz

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Money supply: M0, M1, and M2

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History of the Federal Reserve

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Principles of Macro: The Federal Reserve System

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Money Reading

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Money Quiz

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Monetary Policy Reading

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Monetary Policy: Open Market Operations

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Monetary Policy Review Quiz

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Principles of Macro: Financial Markets and the Eco...

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Monetary Policy Review and Quiz

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Interactive Graph of Aggregate Demand Policies

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The Economic Meltdown

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Quantitative Easing, Explained

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Quantitative Easing Reading

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Interactive Graph of Aggregate Demand Policies #2

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Money Quiz

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Monetary Policy Quiz

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Multiplier Effect and the Money Supply

Labor Market

Unit description from Saylor.org: In microeconomics, the four factors of production are usually identified as land, capital, entrepreneurial talent, and labor. Using macroeconomics, we will now examine the labor factor, asking how wages affect the economy and how activities such as investment, consumption, and inflation impact the real wages of labor. In an ideal world, economies would make full use of available material and human resources. This unit explores how certain policies and practices often prevent the full employment of capital, land, and labor. In this unit, macroeconomics will help you study labor markets in order to determine optimum levels of employment and identify the strategies that make the best use of all available resources.

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Stagflation

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Phillips Curve

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Keynesian Economics

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Risks of Keynesian Thinking

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Unemployment and the Labor Market

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Macroeconomics Models and Issues

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Classical-Keynesian Controversy Reading

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Resource Markets: Sticky Wages

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Principles of Macro: Inflation and Unemployment

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Unemployment vs. Inflation

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Unemployment vs. Inflation Quiz

Economic Growth

Unit description from Saylor.org: What determines economic growth? Is it an increase in land use or capital? What role does productivity play in economic growth? What public policies are best for promoting economic growth – and which are worst? This is the stuff of newspaper headlines and public policy debates. In this unit, we will address these and other issues pertaining to economic growth. According to macroeconomics, an economic system refers to the process by which inputs (capital, land, and labor) are transformed into certain outputs (the goods and services people wish to purchase). The political and legal environment under which economic activity takes place largely determines whether or not the economy expands and grows.

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Economic Growth Reading

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Economic Growth Reading

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Costs of Economic Growth Reading

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Sources of Growth Reading

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Principles of Macro: Factors of Production

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Student Tutorial: Economic Growth

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US Economy Profile

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US Economic Outlook - Ben Bernanke (Speech)

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Economic Growth Quiz

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Economic Growth Theories

The Developing World

Unit description from Saylor.org: Less developed countries (LDCs) face a number of obstacles both in obtaining needed resources and in making better use of their current available resources. If a country is to improve the lot of its citizens, what is the best way to do it? Are the policies used by developed nations appropriate for LDCs? Because each country is different in size, natural endowments, history, and other critical factors, one set of policies may not fit all. But are there common indicators and approaches pointing a nation towards the improvement of the quality of life for its inhabitants? Is the government a better promoter of development than the marketplace? Should agriculture be given priority or should resources be used to build up industry?

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Principles of Macro: Economic Development in Less ...

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Poor Economics Video

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Principles of Macro: Keys to Economic Development

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Strategies for Economic Development

International Trade

Unit description from Saylor.org: The concept of “trade” is an important element in economics. As workers, we trade our time and effort for the goods and services our wages will buy. When we study international trade, the same logic applies: two people will not trade unless they both expect to gain; both sides must see profit, or they will refuse trade. Finally, people will not sell goods unless they want to buy other goods. This is true at an individual level and, more generally, for every nation. By trading with each other, trading partners benefit if they can buy a good or service more cheaply than they can produce it domestically. Macroeconomics uses accounting and other tools to measure trade and determine the effect that certain changes have on economic activity.

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Introduction to Trade Theory

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Absolute Advantage Reading

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Ricardian Trade Theory

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Hecksher-Ohlin-Samuelson Trade Theory

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Basic Analysis of a Tariff

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Basic Analysis of a Quota

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Trade Quiz

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International Trade Restrictions