Economics 102: Macroeconomics

This Economics 102: Macroeconomics course helps you learn key macroeconomics principles. Watch macroeconomics video lessons and learn about supply and demand, inflation, unemployment, and fiscal policy. 

About the Course

Examine macroeconomic concepts like economic scarcity and supply and demand through the brief video lessons in this course. You'll learn to calculate opportunity cost, differentiate between comparative and absolute advantage and adjust wages for inflation, as well as examine basic functions of money and types of financial assets. The video lessons, written transcripts and self-assessment quizzes in this course were developed by professional educators with economics experience.

Course Topics

Scarcity, Choice, and The Production Possibilities Curve Study economic scarcity and the function of choice, opportunity cost and how to calculate it, applying the production possibilities model and shifts in the production possibilities curve.
Comparative Advantage, Specialization and Exchange Learn about comparative advantages, gains from trade and the benefit of specialization, absolute advantage in trade, and differentiating between comparative and absolute advantage.
Demand, Supply and Market Equilibrium Find out about market demand schedule, market supply schedule, the law of the downward sloping demand curve, and the upward sloping supply curve. Also, study how to calculate market equilibrium and how changes in supply and demand affect market equilibrium.
Measuring the Economy Learn about the circular flow of economic activity, gross domestic product, the income and expenditure approaches, intermediate goods, and final goods. Also, take a look at investment vs. investments in economics.
Inflation Measurement and Adjustment Examine the consumer price index, the GDP deflator, the substitution bias, and real GDP. Study how to adjust wages for the inflation rate and calculate real GDP growth rates. Also, learn about the multiplier effect and cost-push inflation.
Understanding Unemployment Examine how to define and measure the unemployment rate, why the unemployment rate decreases and increases, the three types of unemployment, the natural rate of unemployment, and the effect of minimum wage on unemployment.
Aggregate Demand and Supply Examine the Keynesian model and the classical model of the economy. Take a look at supply and demand curves, Keynes' economic theory of aggregate demand, shifts in labor supply and labor demand, marginal propensity to consume, sticky wages and prices, and aggregate supply.
Macroeconomic Equilibrium Take a look at real output, expansionary gap, contractionary gap, full employment GDP, and economic performance over time. Additionally, learn about recession vs. depression.
Inflation and Unemployment Examine inflation with a look at the Phillips Curve Model and factors that shift the Phillips Curve.
Economic Growth and Productivity Learn about economic growth and how real GDP per capita affects the standard of living. Also find out about productivity, investment in human capital, and physical capital.
Money, Banking and Financial Markets Study types of financial assets, the four basic functions of money, the fractional reserve system, money demand and interest rates. Find out about calculating the time value of money and measuring the money supply.
Central Bank and the Money Supply Take a look at topics relevant to money, such as the Federal Reserve system, open market operations , quantity theory of money, and the velocity of money. Also look at how the reserve ratio affects the money supply, how banks borrow money from the Federal Reserve, and how the Federal Reserve changes the money supply.
Fiscal and Monetary Policies Find out about concepts that include the Keynesian Revolution, economic stabilization, fiscal policy tools, expansionary fiscal policy, aggregate demand, contractionary fiscal policy, supply-side economics, contractionary gap, and expansionary gap.
Foreign Exchange and the Balance of Payments Study foreign currency exchange. Learn about currency appreciation and depreciation, how fiscal and monetary policies affect the exchange rate, and how currency changes affect imports and exports.
Inflows, Outflows, and Restrictions Find out about net exports, capital flows, trade balance, financial markets, goods markets, tariffs, and trade restrictions.

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