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Core Principles and Models in Macroeconomics: Study Notes

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Three Key Economic Ideas

  • Guided course
    Marginal Analysis
    09:36
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    People Are Rational
    02:02
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    Economic Incentives
    01:40

Positive and Normative Statements

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Factors of Production

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    Human Capital and Entrepreneurship
    02:08
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    Land, Labor, and Physical Capital
    03:09

Circular Flow Diagram

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    Households and Firms
    01:32
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    The Circular Flow Diagram
    04:20

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

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    Understanding the PPF
    06:23
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    PPF - Attainable and Efficient
    04:48

PPF - Comparative Advantage and Absolute Advantage

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    Opportunity Costs and Comparative Advantage
    04:36
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    Different PPFs and Absolute Advantage
    02:03

PPF - Comparative Advantage and Trade

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    Comparative Advantage and Specialization in Trade
    05:30

Introduction to Supply and Demand

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    Perfect Competition
    03:23

The Basics of Demand

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    The Basics of Demand
    06:02

Shifting Demand

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    Substitute and Complementary Goods
    01:27
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    Shifting Demand
    03:59
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    Consumer Preferences
    01:44

The Basics of Supply

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    The Basics of Supply
    02:43

Shifting Supply

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    Shifting Supply
    01:56
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    Nature
    01:00
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    Technology
    01:39

Supply and Demand Together: Equilibrium, Shortage, and Surplus

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    Equilibrium
    02:41
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    Law of Supply and Demand
    02:43
  • Surplus and Shortage
    02:56

Expenditure Approach for Measuring GDP

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    Calculating GDP Using the Expenditure Approach
    02:31

Detailed Explanation of GDP Components

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    Government Purchases and Net Exports
    02:12
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    Consumption
    02:38
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    Investment
    02:01

Shortcomings of GDP

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    Shortcomings of GDP
    02:21

Nominal GDP and Real GDP

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    Nominal GDP and Real GDP
    09:15
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    Inflation and the GDP Deflator
    03:04

Other Measures of Total Production and Total Income

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    Other Measures of Total Production and Total Income
    05:10

Labor Force and Unemployment

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    Problems with Measuring Unemployment
    04:35
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    Labor Force and Unemployment
    05:58

Types of Unemployment

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    Frictional, Structural, and Cyclical Unemployment
    05:44
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    Definition of Full Employment
    02:44

Inflation and Consumer Price Index (CPI)

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    Calculating CPI and Inflation Rate
    08:35
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    Consumer Price Index (CPI)
    04:40
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    Inflation
    03:34

Problems with the Consumer Price Index (CPI)

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    Problems with CPI
    05:24

Nominal Income and Real Income

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    Nominal Income and Real Income
    06:07

Nominal Interest, Real Interest, and the Fisher Equation

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    Nominal Interest, Real Interest, and the Fisher Equation
    05:05

Long-Run Economic Growth

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    Economic Growth
    02:07

Investment, Savings, and the Financial System

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    Investment and Savings
    02:01
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    The Financial System
    02:10

Introduction to Fiscal Policy

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    Introduction; Discretionary Policy and Automatic Stabilizers
    09:33

Expansionary and Contractionary Fiscal Policy

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    Contractionary Fiscal Policy
    03:48
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    Expansionary Fiscal Policy
    05:24

Taxes, the Multiplier Effect, and Automatic Stabilizers

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    Taxes as an Automatic Stabilizer
    03:50
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    Taxes and the GDP Multiplier
    05:11

Government Purchases and the Multiplier Effect

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    Government Purchases GDP Multiplier
    08:02

Long Run Effects of Fiscal Policy

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    Persistent Budget Deficit
    03:39
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    Long Run Tax Policy
    02:40

Phillips Curve and Expected Inflation

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    Shifting the Phillip's Curve
    07:46
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    Expectations of Future Inflation
    09:52

Short Run Phillips Curve

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    Short Run Phillips Curve
    09:33

Long Run Phillips Curve

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    Long Run Phillips Curve
    06:07