In this video, we use the PPCs for two different countries that each produce two goods in order to create an output table based on the data in the graph. We then use the output table to determine the opportunity costs of producing each good. Finally, we determine which country has a comparative advantage in each good.

Big picture of how money enters circulation and how lending can increase the money supply. Created by Sal Khan.

The shape of a production possibility curve (PPC) reveals important information about the opportunity cost involved in producing two goods. When the PPC is a straight line, opportunity costs are the same no matter how far you move along the curve. When the PPC is concave (bowed out), opportunity costs increase as you move along the curve. When the PPC is convex (bowed in), opportunity costs are decreasing.

In this video, we break down GDP into its components to better understand what's counted in GDP and what's not counted. Created by Sal Khan.

Analysis of how well average inflation-adjusted after-tax income for the bottom 90% has tracked per capital GDP over the past 70 years. Created by Sal Khan.

In 1958, economist Bill Phillips described an apparent inverse relationship between unemployment and inflation. Later economists researching this idea dubbed this relationship the "Phillips Curve". Learn about the curve that launched a thousand macroeconomic debates in this video. Created by Sal Khan.

More choices as to when you get your money. Created by Sal Khan.

Complements are goods that are consumed together. Substitutes are goods where you can consume one in place of the other. The prices of complementary or substitute goods also shift the demand curve. When the price of a good that complements a good decreases, then the quantity demanded of one increases and the demand for the other increases. When the price of a substitute good decreases, the quantity demanded for that good increases, but the demand for the good that it is being substituted for decreases. Take a deeper dive into how changes in the prices of complements and substitutes affect the demand curve in this video. Created by Sal Khan.

Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.

Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.

Recognizing that a course in economics may seem daunting to some students, we have tried to make the writing clear and engaging. Clarity comes in part from the intuitive presentation style, but we have also integrated a number of pedagogical features that we believe make learning economic concepts and principles easier and more fun. These features are very student-focused. The chapters themselves are written using a “modular” format. In particular, chapters generally consist of three main content sections that break down a particular topic into manageable parts. Each content section contains not only an exposition of the material at hand but also learning objectives, summaries, examples, and problems. Each chapter is introduced with a story to motivate the material and each chapter ends with a wrap-up and additional problems. Our goal is to encourage active learning by including many examples and many problems of different types.

Word Count: 37597

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

This course provides an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed. Important policy debates such as, the sub-prime crisis, social security, the public debt, and international economic issues are critically explored. The course introduces basic models of macroeconomics and illustrates principles with the experience of the U.S. and foreign economies.

The purpose of this course is to provide the student with a fundamental understanding of the principles of macroeconomics. Macroeconomists study how a country's economy works and try to determine the best choices to improve the overall wellbeing of a nation. Typical topics include inflation (the overall level of prices), employment, fiscal policy (government taxing and spending), and money and banking (interest rates and lending policies). By studying macroeconomics and understanding the critical ideas and tools used to measure economic data, the student will have a better perspective on the issues and problems discussed in contemporary economics. Upon successful completion of this course, the student will be able to: Discuss key macroeconomic concerns, including national income accounting, saving and investment, and market forces; Describe the determinants of total output and the ways to measure nominal Gross Domestic Product (GDP) as well as real GDP; Compare and contrast definitions of total employment and unemployment, the three forms of unemployment, and inflation; Explain different ways of computing the general movement in prices, and define the relationship between inflation and unemployment; Explain the model of aggregate demand and aggregate supply; Analyze the government's role in the economy and examine how it uses its fiscal policy and monetary policy to influence macroeconomic variables in order to enable macro and micro economic stability; Describe the mechanics of money supply in detail. They will specifically be able to identify different types of money; explain the money creation process, the money multiplier, and the process of interest rate determination; and discuss the role of the Federal Reserve System and its tools of monetary policy; Identify and analyze major theories of economic growth; Analyze various strategies for developing of less-developed nations; Present the concepts behind international trade. (Economics 102; See also: Business Administration 201)

Word Count: 34991

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

This course provides an overview of the following macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed, as are public debt and international economic issues. This course also introduces basic models of macroeconomics and illustrates principles with the experience of the United States and other economies.

The objective of this course is to provide an introduction to the study of the economic system from a macro or aggregate perspective. We will do an analysis of unemployment, inflation and the impact of government policies on the level of economic activity.

Principles of Macroeconomics covers the scope and sequence requirements of most introductory macroeconomics courses. The text also includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to both Keynesian and classical views, and to the theory and application of economics concepts.