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Macroeconomics

Macroeconomics Brue, McConnell, Flynn • 21st Edition • 978-1259915673

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Ch. 1 - Limits, Alternatives, and Choices

Introduction to Economics Three Key Economic Ideas Productive and Allocative Efficiency Factors of Production Positive and Normative Statements Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency PPF - Outward Shifts

Ch. 2 - The Market System and the Circular Flow

Circular Flow Diagram Graphing Review Percentage and Decimal Review Fractions Review

Ch. 3 - Demand, Supply, and Market Equilibrium

Introduction to Supply and Demand The Basics of Demand Individual Demand and Market Demand Shifting Demand The Basics of Supply Individual Supply and Market Supply Shifting Supply Big Daddy Shift Summary Supply and Demand Together: Equilibrium, Shortage, and Surplus Supply and Demand Together: One-sided Shifts Supply and Demand Together: Both Shift Price Ceilings, Price Floors, and Black Markets

Ch. 4 - Market Failures: Public Goods and Externalities

Consumer Surplus and WIllingness to Pay Producer Surplus and Willingness to Sell Economic Surplus and Efficiency Externalities: Social Benefits and Social Costs Public Solutions to Externalities Private Solutions to Externalities: The Coase Theorem Four Types of Goods and Two Characteristics The Free Rider Problem and the Tragedy of the Commons Public Goods: Demand Curve and Optimal Quantity

Ch. 5 - Government's Role and Government Failure

Budget Surplus and Budget Deficit Long Run Effects of Fiscal Policy Criticisms of Fiscal Policy

Ch. 6 - An Introduction to Macroeconomics

Introducing Concepts - Business Cycle Introducing Concepts - Nominal GDP and Real GDP Introducing Concepts - Unemployment and Inflation Introducing Concepts - Economic Growth Introducing Concepts - Savings and Investment

Ch. 7 - Measuring Domestic Output and National Income

Calculating GDP Detailed Explanation of GDP Components Nominal GDP and Real GDP Shortcomings of GDP Calculating GDP Using the Income Approach

Ch. 8 - Economic Growth

Productivity and the Per-Worker Production Function Institutions that Promote Economic Growth Growth Rates and the Rule of 70 PPF - Growth Analysis

Ch. 9 - Business Cycles, Unemployment, and Inflation

Consumer Price Index (CPI) Using CPI to Adjust for Inflation Labor Force and Unemployment Types of Unemployment Unemployment Trends Nominal Interest, Real Interest, and the Fisher Equation Nominal Income and Real Income Who is Affected by Inflation? Demand-Pull and Cost-Push Inflation Business Cycles and Their Characteristics

Ch. 10 - Basic Macroeconomic Relationships

The Consumption Function The Saving Function Determinants of Consumption and Saving Average Propensity to Consume and Save Multiplier Effect of Investment Spending

Ch. 11 - Aggregate Expenditures Model

Savings Equal Investment Aggregate Expenditures Model and Macroeconomic Equilibrium AE Model: Graphing Macroeconomic Equilibrium AE Model: Private Closed Economy AE Model: Private Open Economy AE Model and the Multiplier AE Model: Algebraic Approach

Ch. 12 - Aggregate Demand and Aggregate Supply

Aggregate Demand Shifting Aggregate Demand Long Run Aggregate Supply Short Run Aggregate Supply Shifting Short Run Aggregate Supply AD-AS Model: Equilibrium in the Short Run and Long Run AD-AS Model: Shifts in Aggregate Demand

Ch. 12 Appendix - Relationship of the Aggregate Demand Curve to the Aggregate Expenditures Model

Deriving Aggregate Demand from the AE Model

Ch. 13 - Fiscal Policy, Deficits, and Debt

Introduction to Fiscal Policy Expansionary and Contractionary Fiscal Policy Government Purchases and the Multiplier Effect Taxes, the Multiplier Effect, and Automatic Stabilizers Budget Surplus and Budget Deficit Long Run Effects of Fiscal Policy Criticisms of Fiscal Policy

Ch. 14 - Money, Banking, and Financial Institutions

The Functions of Money; The Kinds of Money Defining the Money Supply: M1 and M2 Introduction to the Federal Reserve The Federal Reserve and the Money Supply The Financial Crisis of 2007-2009 (The Great Recession)

Ch. 15 - Money Creation

Required Reserves and the Deposit Multiplier

Ch. 16 - Interest Rates and Monetary Policy

The Demand for Money The Money Supply on the Graph Monetary Policy and Aggregate Demand Expansionary and Contractionary Monetary Policy Taylor Rule

Ch. 17 - Financial Economics

Financial System Definitions Stocks, Bonds, and Mutual Funds Risk and Diversification Time Value of Money Calculations Calculating Bond and Stock Prices

Ch. 18 - Extending the Analysis of Aggregate Supply

Long Run Aggregate Supply Short Run Aggregate Supply AD-AS Model: Equilibrium in the Short Run and Long Run AD-AS Model: Shifts in Aggregate Demand Short Run Phillips Curve Long Run Phillips Curve Phillips Curve and Expected Inflation Phillips Curve and Supply Shocks Disinflation and Deflation The Laffer Curve

Ch. 19 - Current Issues in Macro Theory and Policy

Classical Model and Keynesian Model Monetarist Model Quantity Theory of Money New Classical Model Real Business Cycle Model

Ch. 20 - International Trade

PPF - Comparative Advantage and Absolute Advantage PPF - Comparative Advantage and Trade PPF - Price of the Trade Exporting and Importing Sources of Comparative Advantage Tariffs on Imports Import Quotas and VERs Arguments Against International Trade

Ch. 21 - The Balance of Payments, Exchange Rates, and Trade Deficits

Balance of Payments: Introduction Balance of Payments: Current Account Balance of Payments: Financial Account and Capital Account Balance of Trade; Trade Deficit and Trade Surplus Exchange Rates: Introduction Exchange Rates: Nominal and Real Exchange Rates: Equilibrium Exchange Rates: Shifts in Supply and Demand Exchange Rates and Net Exports Exchange Rates: Fixed, Flexible, and Managed Float Exchange Rates: Purchasing Power Parity

Ch. 22 - The Economics of Developing Countries

Industrially Advanced Countries (IACs) and Developing Countries (DVCs) Developing Countries: Obstacles to Development Vicious Circle of Poverty

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