NOTE: All links redirect to Lumen Learning’s Macroeconomics site
Module 1: Economic Thinking
- 1-1: Why It Matters: Economic Thinking
- 1-2: Understanding Economics & Scarcity
- 1-3: Labor, Markets, and Trade
- 1-4: Microeconomics & Macroeconomics
- 1-5: Economic Models
- 1-6: Purpose of Functions
- 1-7: Solving Simple Equations
- 1-8: Creating and Interpreting Graphs
- 1-9: Interpreting Slope
- 1-10: Types of Graphs
- 1-11: Putting It Together: Economic Thinking
Module 2: Choice in a World of Scarcity
- 2-1: Why It Matters: Choice in a World of Scarcity
- 2-2: Budget Constraints and Choices
- 2-3: Calculating Opportunity Cost
- 2-4: The Production Possibilities Frontier
- 2-5: Productive Efficiency and Allocative Efficiency
- 2-6: Rationality and Self-Interest
- 2-7: Marginal Analysis
- 2-8: Putting It Together: Choice in a World of Scarcity
Module 3: Supply and Demand
- 3-1: Why It Matters: Supply and Demand
- 3-2: Economic Systems
- 3-3: What Is Demand?
- 3-4: Factors Affecting Demand
- 3-5: What is Supply?
- 3-5: Factors Affecting Supply
- 3-6: Equilibrium, Surplus, and Shortage
- 3-7: Changes in Equilibrium
- 3-8: Finding Equilibrium
- 3-9: Changes in Supply and Demand
- 3-10: Putting It Together: Supply and Demand
Module 4: Applications of Supply and Demand
- 4-1: Why It Matters: Applications of Supply and Demand
- 4-2: Price Ceilings
- 4-3: Price Floors
- 4-4: A Closer Look at Price Controls
- 4-5: Trade and Efficiency
- 4-6: Consumer & Producer Surplus
- 4-7: Inefficiency of Price Floors and Price Ceilings
- 4-8: Labor and Financial Markets
- 4-9: Putting It Together: Applications of Supply and Demand
Module 5: Elasticity
- 5-1: Why It Matters: Elasticity
- 5-2: Elasticity of Demand
- 5-3: Examples of Elastic and Inelastic Demand
- 5-4: Calculating Elasticity and Percentage Changes
- 5-5: Calculating Price Elasticities Using the Midpoint Formula
- 5-6: Categories of Elasticity
- 5-7: Price Elasticity of Supply
- 5-8: Income Elasticity, Cross-Price Elasticity & Other Types of Elasticities
- 5-9: Elasticity and Total Revenue
- 5-10: Elasticity, Costs, and Customers
- 5-11: Tax Incidence
- 5-12: Putting It Together: Elasticity
Module 6: Macroeconomic Measures: GDP and Economic Growth
- 6-1: Why It Matters: GDP and Economic Growth
- 6-2: The Macroeconomic Perspective
- 6-3: What is Gross Domestic Product?
- 6-4: Calculating GDP
- 6-5: Alternative Ways to Measure the Economy
- 6-6: The Difference Between Nominal and Real Measurements
- 6-7: Comparing Nominal and Real GDP
- 6-8: Converting Nominal to Real GDP
- 6-9: Business Cycles
- 6-10: GDP and Standard of Living
- 6-11: Labor Productivity and Economic Growth
- 6-12: Measuring Productivity and Growth Rates
- 6-13: The Power of Sustained Economic Growth
- 6-14: Relatively Recent Economic Growth
- 6-15: A Healthy Climate for Economic Growth
- 6-16: Putting It Together: GDP and Economic Growth
Module 7: Macroeconomic Measures — Unemployment and Inflation
- 7-1: Why It Matters: Unemployment and Inflation
- 7-2: Who Counts in Unemployment?
- 7-3: Calculating the Unemployment Rate
- 7-4: Patterns of Unemployment
- 7-5: Cyclical Unemployment
- 7-6: Frictional and Structural Unemployment
- 7-7: The Natural Rate of Unemployment
- 7-8: Inflation
- 7-9: Calculating Inflation with Index Numbers
- 7-10: The Consumer Price Index (CPI)
- 7-11: Shortcomings of the CPI as a Measure of the Cost of Living
- 7-12: The GDP Deflator and Other Major Price Indices
- 7-13: Problems with Inflation
- 7-14: Benefits of Low Inflation
- 7-15: Putting It Together: Inflation and Unemployment
Module 8: The Aggregate Demand-Aggregate Supply Model
- 8-1: Why It Matters: The Aggregate Demand-Aggregate Supply Model
- 8-2: The Aggregate Demand-Aggregate Supply Model
- 8-3: Building a Model of Aggregate Supply and Aggregate Demand
- 8-4: Interpretung the AD-AS Model
- 8-5: Shifts in Aggregate Demand
- 8-6: Shifts in Aggregate Supply
- 8-7: Business Cycles and Growth in the AD-AS Model
- 8-8: Putting It Together: The Aggregate Demand-Aggregate Supply Model
Module 9: Keynesian and Neoclassical Economics
- 9-1: Why It Matters: Keynesian and Neoclassical Economics
- 9-2: Aggregate Demand in Keynesian Analysis
- 9-3: The Core of Keynesian Analysis
- 9-4: The Expenditure Multiplier Effect
- 9-5: Keynesian Economic Policy
- 9-6: The Neoclassical Perspective
- 9-7: The Neoclassical Perspective and Potential GDP
- 9-8: Flexible Prices and Graphing in the Neoclassical Model
- 9-9: Speed of Macroeconomic Adjustment
- 9-10: Policy Implications of the Neoclassical Perspective
- 9-11: Say’s Law versus Keynes’ Law
- 9-12: Neoclassical and Keynesian Perspectives in the AD-AS Model
- 9-13: Balancing Keynesian and Neoclassical Models
- 9-14: Putting It Together: Keynesian and Neoclassical Economics
Module 10: Keynesian Economics and the Income Expenditure Model
- 10-1: Why It Matters: The Income-Expenditure Model
- 10-2: The Key Role of Aggregate Expenditure
- 10-3: Aggregate Expenditure: Consumption
- 10-4: Aggregate Expenditure: Investment, Government Spending, and Net Exports
- 10-5: Equilibrium in the Income-Expenditure Model
- 10-6: Finding Equilibrium Using Algebra
- 10-7: Recessionary and Inflationary Gaps in the Income-Expenditure Model
- 10-8: Real Aggregate Supply in the Income-Expenditure Model
- 10-9: The Spending Multiplier in the Income-Expenditure Model
- 10-10: The Spending Multiplier and Changes in Government Spending
- 10-11: Putting It Together: The Income-Expenditure Model
Module 11: Fiscal Policy
- 11-1: Why It Matters: Fiscal Policy
- 11-2: Fiscal Policy and the Federal Budget
- 11-3: Government Spending
- 11-4: State and Local Government Spending
- 11-5: Taxation
- 11-6: Federal Budgets and National Debt
- 11-7: The Question of a Balanced Budget
- 11-8: Automatic Stabilizers
- 11-9: Expansionary and Contractionary Fiscal Policy
- 11-10: Neoclassical Fiscal Policy and Supply-Side Economics
- 11-11: Fiscal Policy, Investment, and Crowding Out
- 11-12: Putting It Together: Fiscal Policy
Module 12: Money and Banking
- 12-1: Why It Matters: Money and Banking
- 12-2: Defining Money by Its Functions
- 12-3: Measuring Money: Currency, M1, and M2
- 12-4: Credit
- 12-5: Financial Markets and Assets
- 12-6: Financial Markets, Supply and Demand, and Interest
- 12-7: The Commercial Banking System
- 12-8: Banking Assets and Liabilities
- 12-9: How Banks Create Money
- 12-10: Putting It Together: Money and Banking
Module 13: Monetary Policy
- 13-1: Why It Matters: Monetary Policy
- 13-2: Banks, Loan Finance, and the Payments System
- 13-3: The Federal Reserve System and Central Banks
- 13-4: Bank Regulation
- 13-5: Monetary Policy
- 13-6: Monetary Policy and Open Market Operations
- 13-7: Monetary Policy and Interest Rates
- 13-8: Monetary Policy and Aggregate Demand
- 13-9: Federal Reserve Actions and Quantitative Easing
- 13-10: Putting It Together: Monetary Policy
Module 14: Policy Applications
- 14-1 Why It Matters: Policy Applications
- 14-2: Viewpoints on Government Policy
- 14-3: The Phillips Curve
- 14-4: Policy Implications: No Phillips Curve Tradeoff in the Long Run
- 14-5: Rational Expectations
- 14-6: Ricardian Equivalence
- 14-7: Practical Problems with Discretionary Fiscal and Monetary Policy
- 14-8: Policy Implications: Dampening Business Cycles vs. Laissez-Faire
- 14-9: Policy Implications: Supply Shocks and Economic Growth
- 14-10: Putting It Together: Policy Application
Module 15: Globalization and Trade
- 15-1: Why It Matters: Globalization and International Trade
- 15-2: Absolute and Comparative Advantage
- 15-3: Comparative Advantage and the Gains from Trade
- 15-4: Intra-Industry Trade
- 15-5: Demand and Supply Analysis of International Trade
- 15-6: Protectionism
- 15-7: The Tradeoffs of International Trade
- 15-8: The Role of the GATT in Reducing Barriers to Trade
- 15-9: Trade Policy: Organizations and Agreements
- 15-10: Putting It Together: Globalization and International Trade
Module 16: Exchange Rates and International Finance
- 16-1: Why It Matters: Exchange Rates and International Finance
- 16-2: The Foreign Exchange Market
- 16-3: Strengthening and Weakening Currency
- 16-4: Demand and Supply Shifts in Foreign Exchange Markets
- 16-5: Macroeconomic Effects of Exchange Rates
- 16-6: Exchange-Rate Policies
- 16-7: Putting It Together: Exchange Rates and International Finance