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1. About This Course
2. Course Contents at a Glance
3. Learning Outcomes
4. Request Access
5. Why It Matters: Economic Thinking
6. The Concept of Opportunity Cost
7. Labor, Markets, and Trade
8. Microeconomics and Macroeconomics
9. Economic Models
10. Purpose of Functions
11. Solving Simple Equations
12. Interpreting Slope
13. Types of Graphs
14. Putting It Together: Economic Thinking
15. Discussion: Is Economics a Science?
16. Assignment: Problem Set — Economic Thinking
17. Why It Matters: Choice in a World of Scarcity
18. Budget Constraints and Choices
19. Calculating Opportunity Cost
20. The Production Possibilities Frontier
21. Productive Efficiency and Allocative Efficiency
22. Rationality and Self-Interest
23. Marginal Analysis
24. Positive and Normative Statements
25. Putting It Together: Choice in a World of Scarcity
26. Discussion: Making Irrational Choices
27. Assignment: Guns or Butter?
28. Assignment Solution: Guns or Butter?
29. Assignment: Problem Set — Choice in a World of Scarcity
30. Why It Matters: Supply and Demand
31. Economic Systems
32. What Is Demand?
33. Factors Affecting Demand
34. What is Supply?
35. Factors Affecting Supply
36. Equilibrium, Surplus, and Shortage
37. Changes in Equilibrium
38. Finding Equilibrium
39. Changes in Supply and Demand
40. Putting It Together: Supply and Demand
41. Discussion: Supply and Demand
42. Assignment: Supply and Demand of Coffee
43. Assignment: Problem Set — Supply and Demand
44. Assignment Solution: Supply and Demand of Coffee
45. Why It Matters: Applications of Supply and Demand
46. Price Ceilings
47. Understanding Economics and Scarcity
48. Price Floors
49. A Closer Look at Price Controls
50. Trade and Efficiency
51. Consumer & Producer Surplus
52. Inefficiency of Price Floors and Price Ceilings
53. Labor and Financial Markets
54. Creating and Interpreting Graphs
55. Putting It Together: Applications of Supply and Demand
56. Discussion: Price Controls
57. Assignment: Price Controls After a Storm
58. Assignment Solution: Price Controls After a Storm
59. Assignment: Problem Set — Applications of Supply and Demand
60. Why It Matters: Elasticity
61. Elasticity of Demand
62. Examples of Elastic and Inelastic Demand
63. Calculating Elasticity and Percentage Changes
64. Calculating Price Elasticities Using the Midpoint Formula
65. Categories of Elasticity
66. Price Elasticity of Supply
67. Income Elasticity, Cross-Price Elasticity & Other Types of Elasticities
68. Elasticity and Total Revenue
69. Elasticity, Costs, and Customers
70. Tax Incidence
71. Putting It Together: Elasticity
72. Discussion: Junk Food and Elasticity
73. Assignment: Elasticity and Tuition
74. Assignment Solution: Elasticity and Tuition
75. Assignment: Problem Set — Elasticity
76. Why It Matters: GDP and Economic Growth
77. The Macroeconomic Perspective
78. What is Gross Domestic Product?
79. Calculating GDP
80. Alternative Ways to Measure the Economy
81. The Difference Between Nominal and Real Measurements
82. Comparing Nominal and Real GDP
83. Converting Nominal to Real GDP
84. Business Cycles
85. GDP and Standard of Living
86. Labor Productivity and Economic Growth
87. Measuring Productivity and Growth Rates
88. The Power of Sustained Economic Growth
89. Relatively Recent Economic Growth
90. A Healthy Climate for Economic Growth
91. Putting It Together: GDP and Economic Growth
92. Discussion: GDP and Economic Growth
93. Assignment: Data Project Part 1
94. Assignment: Problem Set — GDP and Economic Growth
95. Why It Matters: Unemployment and Inflation
96. Who Counts in Unemployment?
97. Calculating the Unemployment Rate
98. Patterns of Unemployment
99. Cyclical Unemployment
100. Frictional and Structural Unemployment
101. The Natural Rate of Unemployment
102. Inflation
103. Calculating Inflation with Index Numbers
104. The Consumer Price Index
105. Shortcomings of the Consumer Price Index as a Measure of the Cost of Living
106. The GDP Deflator and Other Major Price Indices
107. Problems with Inflation
108. Benefits of Low Inflation
109. Putting It Together: Inflation and Unemployment
110. Discussion: How is the Economy?
111. Assignment: The State of the Macro Economy
112. Assignment Solution: The State of the Macro Economy
113. Assignment: Data Project Part 2
114. Assignment: Problem Set — Unemployment and Inflation
115. Why It Matters: The Aggregate Demand-Aggregate Supply Model
116. The Aggregate Demand-Aggregate Supply Model
117. Building a Model of Aggregate Supply and Aggregate Demand
118. Interpreting the AD-AS Model
119. Shifts in Aggregate Demand
120. Shifts in Aggregate Supply
121. Business Cycles and Growth in the AD–AS Model
122. Putting It Together: The Aggregate Demand-Aggregate Supply Model
123. Discussion: The Business Cycle and the AD-AS Model
124. Assignment: Analysis of a Demand/Supply Shock using the AD-AS Model
125. Assignment Solution: Analysis of a Demand/Supply Shock using the AD-AS Model
126. Assignment: Problem Set — The Aggregate Demand-Aggregate Supply Model
127. Why It Matters: Keynesian and Neoclassical Economics
128. Aggregate Demand in Keynesian Analysis
129. The Core of Keynesian Analysis
130. The Expenditure Multiplier Effect
131. Keynesian Economic Policy
132. The Neoclassical Perspective
133. The Neoclassical Perspective and Potential GDP
134. Flexible Prices and Graphing in the Neoclassical Model
135. Policy Implications of the Neoclassical Perspective
136. Speed of Macroeconomic Adjustment
137. Say's Law versus Keynes' Law
138. Neoclassical and Keynesian Perspectives in the AD-AS Model
139. Balancing Keynesian and Neoclassical Models
140. Putting It Together: Keynesian and Neoclassical Economics
141. Discussion: Keynesian vs. Neoclassical Economics
142. Assignment Solution: Keynesian and Neoclassical Economics
143. Assignment: Keynesian and Neoclassical Economics
144. Assignment: Problem Set — Keynesian and Neoclassical Economics
145. Why It Matters: The Income-Expenditure Model
146. The Key Role of Aggregate Expenditure
147. Aggregate Expenditure: Consumption
148. Aggregate Expenditure: Investment, Government Spending, and Net Exports
149. Equilibrium in the Income-Expenditure Model
150. Finding Equilibrium Using Algebra
151. Recessionary and Inflationary Gaps in the Income-Expenditure Model
152. Real Aggregate Supply in the Income-Expenditure Model
153. The Spending Multiplier in the Income-Expenditure Model
154. The Spending Multiplier and Changes in Government Spending
155. Putting It Together: The Income-Expenditure Model
156. Discussion: The Income-Expenditure Model
157. Assignment: The Income-Expenditure Model
158. Assignment Solution: The Income-Expenditure Model
159. Assignment: Problem Set — The Income-Expenditure Model
160. Why It Matters: Fiscal Policy
161. Fiscal Policy and the Federal Budget
162. Government Spending
163. State and Local Government Spending
164. Taxation
165. Federal Budgets and National Debt
166. The Question of a Balanced Budget
167. Automatic Stabilizers
168. Expansionary and Contractionary Fiscal Policy
169. Neoclassical Fiscal Policy and Supply-Side Economics
170. Fiscal Policy, Investment, and Crowding Out
171. Putting It Together: Fiscal Policy
172. Discussion: Fiscal Policy
173. Assignment: Economic Impact of Lower Corporate Tax Rate
174. Assignment Solution: Economic Impact of Lower Corporate Tax Rate
175. Assignment: Problem Set — Fiscal Policy
176. Why It Matters: Money and Banking
177. Defining Money by Its Functions
178. Measuring Money: Currency, M1, and M2
179. Credit
180. Financial Markets and Assets
181. Financial Markets, Supply and Demand, and Interest
182. The Commercial Banking System
183. Banking Assets and Liabilities
184. How Banks Create Money
185. Discussion: Money and Banking
186. Putting It Together: Money and Banking
187. Assignment: Baby Boomers
188. Assignment Solution: Baby Boomers
189. Assignment: Problem Set — Money and Banking
190. Why It Matters: Monetary Policy
191. Banks, Loan Finance, and the Payments System
192. The Federal Reserve System and Central Banks
193. Bank Regulation
194. Monetary Policy and Open Market Operations
195. Monetary Policy
196. Monetary Policy and Aggregate Demand
197. Monetary Policy and Interest Rates
198. Federal Reserve Actions and Quantitative Easing
199. Putting It Together: Monetary Policy
200. Discussion: Impact of Low Interest Rates on Monetary Policy
201. Assignment: Chair the Fed
202. Assignment Solution: Chair the Fed
203. Assignment: Problem Set — Monetary Policy
204. Why It Matters: Policy Applications
205. Viewpoints on Government Policy
206. The Phillips Curve
207. Policy Implications: No Phillips Curve Tradeoff in the Long Run
208. Rational Expectations
209. Ricardian Equivalence
210. Practical Problems with Discretionary Fiscal and Monetary Policy
211. Policy Implications: Dampening Business Cycles vs. Laissez-Faire
212. Policy Implications: Supply Shocks and Economic Growth
213. Putting It Together: Policy Application
214. Discussion: Macropolicy
215. Assignment: Policy Response to a Macro Shock
216. Assignment Solution: Policy Response to a Macro Shock
217. Assignment: Problem Set — Policy Applications
218. Why It Matters: Globalization and International Trade
219. Absolute and Comparative Advantage
220. Comparative Advantage and the Gains from Trade
221. Intra-Industry Trade
222. Demand and Supply Analysis of International Trade
223. Protectionism
224. The Tradeoffs of International Trade
225. The Role of the GATT in Reducing Barriers to Trade
226. Trade Policy: Organizations and Agreements
227. Putting It Together: Globalization and International Trade
228. Discussion: Absolute and Comparative Advantage
229. Assignment: Absolute and Comparative Advantage
230. Assignment Solution: Comparative Advantage
231. Assignment: Problem Set — Globalization and Trade
232. Why It Matters: Exchange Rates and International Finance
233. The Foreign Exchange Market
234. Strengthening and Weakening Currency
235. Macroeconomic Effects of Exchange Rates
236. Demand and Supply Shifts in Foreign Exchange Markets
237. Exchange-Rate Policies
238. Putting It Together: Exchange Rates and International Finance
239. Discussion: Global Currencies
240. Assignment: Exchange Rates and International Finance
241. Assignment Solution: Exchange Rates and International Finance
242. Assignment: Problem Set — Exchange Rates and International Finance
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