Lessons in Macroeconomics

Economics 102: Macroeconomics is designed to be used to prepare you to earn real college credit by passing the Principles of Macroeconomics CLEP exam. This course covers topics that are included on the exam, such as comparative advantage, supply and demand, measuring the economy, inflation and unemployment rates. Use it to help you learn what you need to know about macroeconomics topics so you can succeed on the exam.

The economics instructors are experienced and knowledgeable educators, who have put together comprehensive video lessons in categories ranging from the definition opportunity cost and how to calculate it to the concept of economic scarcity. Each category is broken down into smaller chapters that will cover topics more in-depth. These video lessons make learning fun and interesting. You get the aid of self-graded quizzes and practice tests to allow you to gauge how much you have learned.

CategoryObjectives
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, final goods and GDP. 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, 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, banks can borrow money from the Federal Reserve and 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 & depreciation and 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.

Education Portal Instructors

Education Portal's 53 instructors bring a diverse array of experience and expertise to each course. From teaching philosophy in Athens, Greece, to exploring the mystery of genetics, each instructor is uniquely qualified to bring students the best online learning experience possible. Meet them now!

Jessica Bayliss, M.S.

Jessica Bayliss Jessica is our Director of Education and leads the development of Education Portal's free courses. She has 10 years of experience in education and online teaching. Her work with students of all age levels drives her belief in the power of free online resources to make higher education more affordable and efficient. Jessica's favorite part of the day is reading feedback from Education Portal's students. She has a bachelor's degree from the University of Illinois and a master's degree in instructional technology from Texas A&M - Kingsville.

Greg Chin, Ph.D.

Greg Chin, Ph.D.Greg has taught genetics, molecular biology, and general biology to high school, collegiate, and post-graduate students at Stanford University, the University of California, Los Angeles, Santa Clara University and the Dolan DNA Learning Center at Cold Spring Harbor Laboratory. He has also taught science workshops for the general public and led biology teacher enrichment workshops throughout the U.S. He received a B.S. in Genetics from the University of California, Davis, and a Ph.D. from Stanford University. Find out how your genes work in Greg's introduction to genetics video lesson!

Max Pfingsten, M.Ed.

Max Pfingsten, M.A. & M.Ed.Max has taught classics, history and philosophy at a variety of levels at the Dikemes Academy in Athens, the Boulder Valley School District, University of Colorado at Boulder and the Illinois Mathematics and Science Academy (IMSA). His work is noteworthy for its synthesis of technology and simulation with more traditional teaching approaches. He received a B.A. in Classics from Depauw University, a M.A. in Classics from University of Colorado at Boulder, and a M.Ed. from Jones International University. See Socrates come to life in Max's lesson on the life, death, and philosophy of the great Socrates.
Meet all 53 of our instructors

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The videos were a great study tool. I aced the CLEP exam and earned 3 college credits! 

Claire Steiner, Nursing Student More success stories
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