Course Learning Outcomes
I. Faculty Resources: Available with Login
1. Overview of Faculty Resources
2. Quiz Survey
II. Lesson 1: Economic Thinking
3. Why It Matters: Economic Thinking
4. Outcome: What Is Economics?
5. Video: Scarcity and Choice
6. Reading: Understanding Economics and Scarcity
7. Video: Resources
8. Reading: The Concept of Opportunity Cost
9. Reading: Labor, Markets, and Trade
10. Video: Micro vs. Macro
11. Reading: Microeconomics and Macroeconomics
12. Outcome: Economic Models
13. Reading: Using Economic Models
14. Outcome: Math in Economics
15. Reading: Purpose of Functions
16. Reading: Solving Simple Equations
17. Outcome: Graphs in Economics
18. Video: Graph Review
19. Reading: Creating and Interpreting Graphs
20. Reading: Interpreting Slope
21. Reading: Types of Graphs
22. Problem Set: Math in Economics
23. Problem Set: Graphs in Economics
24. Putting It Together: Economic Thinking
25. Glossary: Economic Thinking
26. Why It Matters: Choice in a World of Scarcity
27. Outcome: The Cost of Choices
28. Reading: Budget Constraints and Choices
29. Reading: Calculating Opportunity Cost
30. Outcome: The Production Possibilities Frontier
31. Video: Society’s Production Possibilities Curve
32. Reading: The Production Possibilities Frontier
33. Reading: Productive Efficiency and Allocative Efficiency
34. Outcome: Economic Rationality
35. Reading: Rationality and Self-Interest
36. Reading: Rationality in Action
37. Outcome: Marginal Analysis
38. Reading: Marginal Analysis
39. Outcome: Positive and Normative Statements
40. Video: Positive and Normative Analysis
41. Reading: Positive and Normative Statements
42. Problem Sets: Budget Constraints and Opportunity Cost
43. Problem Set: Marginal Analysis
44. Putting It Together: Choice in a World of Scarcity
45. Glossary: Choice in a World of Scarcity
46. Discussion: Is Economics a Science?
III. Lesson 2: Supply and Demand
47. Why It Matters: Supply and Demand
48. Outcome: Economic Systems
49. Reading: Economic Systems
50. Outcome: Demand
51. Reading: What Is Demand?
52. Video: Change in Demand vs. Change in Quantity Demanded
53. Reading: Factors Affecting Demand
54. Worked Example: Shift in Demand
55. Reading: Summary of Factors That Change Demand
56. Simulation: Demand for Food Trucks
57. Self Check: Demand
58. Outcome: Supply
59. Reading: What Is Supply?
60. Reading: Factors Affecting Supply
61. Worked Example: Shift in Supply
62. Reading: Summary of Factors That Change Supply
63. Simulation: Supply of Food Trucks
64. Self Check: Supply
65. Outcome: Equilibrium
66. Video: Market Equilibrium
67. Reading: Changes in Equilibrium
68. Simulation: Food Trucks and Changes in Equilibrium
69. Self Check: Equilibrium
70. Problem Set: Supply and Demand 1
71. Problem Set: Supply and Demand 2
72. Problem Set: Supply and Demand 3
73. Putting It Together: Supply and Demand
74. Glossary: Supply and Demand
75. Discussion: Supply and Demand
IV. Lesson 3: Changes in the Market and Market Intervention
76. Reading: Equilibrium, Surplus, and Shortage
77. Reading: Shift in both Supply and Demand
78. Outcome: Price Ceilings
79. Reading: Price Ceilings
80. Outcome: Price Floors
81. Reading: Price Floors
82. Case in Point: Organic Foods
83. Self Check: Impact of Binding Price Ceilings or Price Floors
84. A Worked Example: Price Controls
85. Why It Matters: Surplus
86. Outcome: Consumer, Producer, and Total Surplus
87. Reading: Surplus
88. Outcome: Surplus and Inefficiency
89. Reading: Inefficiency of Price Floors and Price Ceilings
90. Putting It Together: Surplus
91. Glossary: Surplus
92. Discussion: Efficiency of Free Markets
V. Lesson 4: Public Sector
93. Why It Matters: Government Action
94. Outcome: Tax Incidence
95. Reading: Tax Incidence
96. Outcome: Taxation
97. Reading: Financing Government
98. Reading: Types of Taxes
99. Reading: Taxation
100. Outcome: The Federal Budget
101. Reading: Introduction to Government Budgets and Fiscal Policy
102. Reading: Federal Government Spending
103. Reading: Federal Taxes
104. Outcome: State and Local Budgets
105. Reading: State and Local Government Spending
106. Reading: State and Local Taxes
107. Putting It Together: Government Action
108. Glossary: Government Action
109. Discussion: Junk Food and Government Action
VI. Lesson 5: Macroeconomic Measures: GDP
110. Why It Matters: GDP and Unemployment
111. Outcome: Economic Indicators
112. Reading: The Macroeconomic Perspective
113. Outcome: Calculating GDP
114. Reading: Calculating GDP
115. Reading: Measuring Total Output
116. Outcome: GDP and Income
117. Reading: Alternative Ways to Measure the Economy
118. Reading: Gross National Product: An Alternative Measure of Output
119. Glossary: Macroeconomic Measures of Performance
120. Discussion: State of the Macroeconomy
VII. Lesson 6: Business Cycles, Aggregate Demand and Aggregate Supply
121. Why It Matters: Macro Workings
122. Outcome: The Business Cycle
123. Reading: Tracking Real GDP Over Time
124. Reading: Phases of the Business Cycle
125. Reading: Overheating and Stagflation
126. Video: The Business Cycle
127. Self Check: The Business Cycle
128. Outcome: The Aggregate Demand-Aggregate Supply Model
129. Reading: The Aggregate Demand-Aggregate Supply Model
130. Reading: Macroeconomic Perspectives on Demand and Supply
131. Video: Overview of Aggregate Demand-Aggregate Supply Model
132. Reading: Building a Model of Aggregate Supply and Aggregate Demand
133. Reading: Aggregate Demand
134. Reading: Shifts in Aggregate Supply
135. Reading: The Long Run and the Short Run
136. Reading: Shifts in Aggregate Demand
137. Reading: Growth and Recession in the AS–AD Diagram
138. Reading: The AS–AD Model and Economic Growth
139. Simulation: Spend or Save—Government Edition
140. Self Check: The AD-AS Model and Growth, Recession, Expansion, and Inflation
141. Putting It Together: Macro Workings
142. Glossary: Macro Workings
143. Discussion: Business Cycle
VIII. Lesson 7: Unemployment and Inflation
144. Outcome: The Unemployment Rate
145. Reading: Unemployment
146. Reading: Calculating Unemployment
147. Reading: Criticisms of Measuring Unemployment
148. Reading: Difficulties Measuring Unemployment
149. Outcome: Types of Unemployment
150. Reading: Types of Unemployment
151. Reading: Patterns of Unemployment
152. Reading: Changes in Unemployment over the Short Run
153. Reading: Changes in Unemployment over the Long Run
154. Why It Matters: Inflation and Price Indexes
155. Outcome: Rate of Inflation
156. Reading: Introduction to Inflation
157. Reading: Computing the Rate of Inflation
158. Reading: Tracking Inflation
159. Reading: How Changes in the Cost of Living are Measured
160. Outcome: Consequences of Price Instability
161. Reading: The Confusion Over Inflation
162. Reading: Why Care about Inflation?
163. Outcome: Price Indexes
164. Reading: Price Indexes
165. Reading: The CPI and PCE
166. Outcome: Price Indexes and Real Data
167. Reading: Nominal and Real Values
168. Reading: Computing Real Values Using Price Indexes
169. Outcome: Defining the GDP Price Index
170. Reading: The Implicit Price Deflator
171. Outcome: Nominal and Real GDP
172. Reading: Real GDP
173. Reading: Converting Nominal to Real GDP
174. Putting It Together: Inflation and Price Indexes
175. Putting It Together: Macroeconomic Measures of Performance
176. Glossary: Inflation and Price Indexes
IX. Lesson 8 Classical and NeoClassical Model
177. Why It Matters: Classical and NeoClassical Model
178. Outcome: Classical/Neoclassical Economics and the AD-AS Model
179. Reading: The Neoclassical Perspective and Aggregate Demand and Supply
180. Reading: Introduction to the Classical/Neoclassical Perspective
181. Reading: Say’s Law and the Macroeconomics of Supply
182. Reading: The Neoclassical Perspective and Flexible Prices
X. Lesson 9: Keynesian Model
183. Why It Matters: Keynesian Economics
184. Outcome: Keynesian Economics and the AD-AS Model
185. Reading: Introduction to the Keynesian Perspective
186. Reading: Keynes’ Law and Demand
187. Reading: Aggregate Demand in Keynesian Analysis
188. Reading: The Building Blocks of Keynesian Analysis
189. Reading: The GDP Gap
190. Reading: The Keynesian Perspective on Market Forces
191. Outcome: The Expenditure Output Model
192. Reading: The Expenditure-Output Model
193. Reading: Using an Algebraic Approach to the Expenditure-Output Model
194. Reading: Equilibrium and The Expenditure-Output Model
195. Reading: The Multiplier Effect
196. Outcome: Applying the Keynesian and Neoclassical Perspectives
197. Reading: Keynes’ Law and Say’s Law in the AD/AS Model
198. Video: Macroeconomic Perspectives
199. Reading: Speed of Macroeconomic Adjustment
200. Reading: Balancing Keynesian and Neoclassical Models
201. Putting It Together: Keynesian and Neoclassical Economics
202. Glossary: Keynesian and Neoclassical Economics
203. Discussion Topic: Keynesian vs. Neoclassical Economics
XI. Lesson 10: Money and Financial Markets
204. Outcome: Defining Money
205. Reading: Introduction to Money and Banking
206. Reading: Defining Money by Its Functions
207. Reading: Measuring Money: Currency, M1, and M2
208. Video: What is Money?
209. Self Check: Defining Money
210. Outcome: Defining Credit
211. Reading: Credit
212. Outcome: Banks
213. Reading: The Role of Banks
214. Outcome: Lending and Money Creation
215. Reading: How Banks Create Money
216. Reading: Money Creation
XII. Lesson 11: Federal Reserve and Monetary Policy
217. Why It Matters: Monetary Policy
218. Outcome: The Federal Reserve
219. Reading: The Federal Reserve Banking System and Central Banks
220. Reading: The Money Multiplier and a Multi-Bank System
221. Outcome: Defining Monetary Policy
222. Reading: Monetary Policy
223. Reading: Goals of Monetary Policy
224. Reading: Tools of Monetary Policy
225. Outcome: Interest Rates
226. Reading: Defining Interest Rates
227. Reading: Federal Funds, Prime, and Discount Interest Rates
228. Outcome: The Equilibrium Rate
229. Reading: Demand and Supply in Financial Markets
230. Reading: The Demand for Money
231. Outcome: Open Market Operations
232. Reading: Monetary Policy and Interest Rates
233. Outcome: Monetary Policy and GDP
234. Reading: Monetary Policy and Aggregate Demand
235. Putting It Together: Monetary Policy
236. Glossary: Monetary Policy
237. Discussion: Impact of Low Interest Rates on Monetary Policy
XIII. Lesson 12: Other Models and Policy
238. Why It Matters: Fiscal Policy
239. Reading: The Phillips Curve
240. Outcome: Fiscal Policy and Tax Rates
241. Reading: Fiscal Policy
242. Outcome: Expansionary and Contractionary Fiscal Policies
243. Reading: Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
244. Outcome: Discretionary and Automatic Fiscal Policy
245. Reading: Fiscal Policy and Stabilizers
246. Reading: Counterbalancing Recession and Boom
247. Reading: The Standardized Employment Deficit or Surplus
248. Outcome: Changes in Tax and Spending
249. Reading: Tax Changes
250. Video: Tax Cuts During the Recession
251. Putting It Together: Fiscal Policy
252. Self Check: Changes in Tax and Spending
253. Glossary: Fiscal Policy
254. Discussion: Economic Impact of Lower Corporate Tax Rate
255. Why It Matters: Policy Application
256. Outcome: Keynesian Policy Prescriptions
257. Reading: Keynesian View on Changes in Government Spending and Taxation
258. Reading: Liquidity Trap
259. Reading: The Expenditure Multiplier
260. Reading: Crowding Out
261. Outcome: Neoclassical Policy Prescriptions
262. Reading: Effects of Tax and Spending Policy from a Neoclassical Perspective
263. Reading: Supply-Side Economics
264. Reading: Policy Implications of the Neoclassical Perspective: Policy Lags
265. Reading: Policy Implications: No Phillips Curve Tradeoff
266. Reading: New Classical Economics and Rational Expectations
267. Reading: Ricardian Equivalence: How Government Borrowing Affects Private Saving
268. Reading: Policy Implications: Inflation, Recession, and Unemployment
269. Outcome: Real World Macro Policy Options
270. Reading: Introduction to Real World Macro Policy Options
271. Reading: Lessons from the 1970s
272. Reading: Crowding Out Revisited
273. Video: Modern Monetary Theory
274. Reading: Modern Monetary Theory
275. Middle Out Policy
276. Reading: Practical Problems with Discretionary Fiscal Policy
277. Putting It Together: Policy Application
278. Glossary: Policy Application
279. Discussion: Macropolicy
XIV. Lesson 13: Economic Growth
280. Outcome: Defining Economic Growth
281. Reading: Introduction to Economic Growth
282. Reading: Economic Growth
283. Reading: The Significance of Economic Growth
284. Reading: Rule of Law and Economic Growth
285. Reading: Labor Productivity and Economic Growth
286. Reading: The “New Economy” Controversy
287. Reading: Components of Economic Growth
288. Reading: Determinants of Economic Growth
289. Self Check: Sources of Economic Growth
XV. Lesson 14: Globalization, Trade and Finance
290. Why It Matters: Globalization, Trade and Finance
291. Outcome: Comparative and Absolute Advantage
292. Reading: Introduction to International Trade
293. Reading: Absolute and Comparative Advantage
294. Reading: Absolute Advantage
295. Reading: Intra-Industry Trade
296. Reading: Reducing Barriers to Trade
297. Outcome: Impact of International Trade
298. Reading: Demand and Supply Analysis of International Trade
299. Outcome: Impact of Government Regulations
300. Reading: Restrictions on International Trade
301. Reading: Justifications for Trade Restriction
302. Video: Types of Trade Restrictions
303. Case in Point: Outsourcing, Insourcing, and Employment
304. Outcome: Trade Policy and Agreements
305. Reading: The Tradeoffs of Trade Policy
306. Reading: How Trade Policy Is Enacted
307. Videos: Trade Agreements
308. Self Check: Trade Policy and Agreements
309. Outcome: Exchange Rates and International Finance
310. Reading: Exchange Rates and International Capital Flows
311. Reading: The Foreign Exchange Market
312. Reading: Strengthening and Weakening Currency
313. Reading: Demand and Supply Shifts in Foreign Exchange Markets
314. Outcome: The Balance of Trade
315. Reading: Macroeconomic Effects of Exchange Rates
316. Reading: Exchange-Rate Policies
317. Outcome: Globalization
318. Reading: Introduction to Globalization
319. Reading: Trade Winds
320. Simulation: International Trade
321. Putting It Together: Globalization, Trade and Finance
322. Self Check: Globalization
323. Glossary: International Trade
324. Discussion: Absolute and Comparative Advantage
References
Attributions
ACC Principles of Macroeconomics by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.