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1. Introduction to Macroeconomics
Chapter worksheet
Introduction to Economics
Three Key Economic Ideas
Productive and Allocative Efficiency
Factors of Production
Positive and Normative Statements
Circular Flow Diagram
Graphing Review
Percentage and Decimal Review
Fractions Review
2. Introductory Economic Models
Chapter worksheet
Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
PPF - Outward Shifts
PPF - Comparative Advantage and Absolute Advantage
PPF - Comparative Advantage and Trade
PPF - Price of the Trade
3. Supply and Demand
Chapter worksheet
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
Overview of Supply and Demand Shifts
Supply and Demand Together: Equilibrium, Shortage, and Surplus
Supply and Demand Together: One-sided Shifts
Supply and Demand Together: Both Shift
Supply and Demand: Quantitative Analysis
4. Elasticity
Chapter worksheet
Percentage Change and Price Elasticity of Demand
Elasticity and the Midpoint Method
Price Elasticity of Demand on a Graph
Determinants of Price Elasticity of Demand
Total Revenue Test
Total Revenue Along a Linear Demand Curve
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Price Elasticity of Supply
Price Elasticity of Supply on a Graph
Elasticity Summary
5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Chapter worksheet
WIllingness to Pay and Consumer Surplus
Willingness to Sell and Producer Surplus
Economic Surplus and Efficiency
Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
Price Ceilings, Price Floors, and Black Markets
Quantitative Analysis of Price Ceilings and Floors: Finding Points
Quantitative Analysis of Price Ceilings and Floors: Finding Areas
6. Introduction to Taxes
Chapter worksheet
Introducing Taxes and Tax Incidence
Effects of Taxes on a Market
Elasticity and Taxes
Subsidies
The Laffer Curve
Quantitative Analysis of Taxes
7. Externalities
Chapter worksheet
Externalities: Social Benefits and Social Costs
Public Solutions to Externalities
8. The Types of Goods
Chapter worksheet
Four Types of Goods and Two Characteristics
The Free Rider Problem and the Tragedy of the Commons
Public Goods: Demand Curve and Optimal Quantity
9. International Trade
Chapter worksheet
Exporting and Importing
Sources of Comparative Advantage
Tariffs
Import Quotas and VERs
Arguments Against International Trade
10. Measuring National Output and Income
Chapter worksheet
Expenditure Approach for Measuring GDP
Detailed Explanation of GDP Components
Nominal GDP and Real GDP
Calculating GDP Using the Income Approach
Value Added Method for Measuring GDP
Shortcomings of GDP
Other Measures of Total Production and Total Income
11. Unemployment and Inflation
Chapter worksheet
Labor Force and Unemployment
Types of Unemployment
Unemployment: Minimum Wage Laws and Efficiency Wages
Inflation and Consumer Price Index (CPI)
Using CPI to Adjust for Inflation
Problems with the Consumer Price Index (CPI)
Nominal Income and Real Income
Nominal Interest, Real Interest, and the Fisher Equation
Who is Affected by Inflation?
Demand-Pull and Cost-Push Inflation
Costs of Inflation: Shoe-leather Costs and Menu Costs
12. Productivity and Economic Growth
Chapter worksheet
Long-Run Economic Growth
Productivity and the Per-Worker Production Function
Institutions that Promote Economic Growth
Growth Rates and the Rule of 70
New Growth Theory
PPF - Growth Analysis
Business Cycles and Their Characteristics
13. The Financial System
Chapter worksheet
Investment, Savings, and the Financial System
Savings Equal Investment
Market for Loanable Funds
Shifts in the Market for Loanable Funds
Stocks, Bonds, and Mutual Funds
Risk and Insurance
Risk and Diversification
Time Value of Money Calculations
Calculating Bond and Stock Prices
14. Income and Consumption
Chapter worksheet
The Consumption Function
The Saving Function
Determinants of Consumption and Saving
Average Propensity to Consume and Save
Multiplier Effect of Investment Spending
15. Deriving the Aggregate Expenditures Model
Chapter worksheet
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
Deriving the Multiplier Algebraically
16. Aggregate Demand and Aggregate Supply Analysis
Chapter worksheet
Aggregate Demand
Deriving Aggregate Demand from the Aggregate Expenditure Model
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
17. The Monetary System
Chapter worksheet
The Functions of Money; The Kinds of Money
Defining the Money Supply: M1 and M2
Required Reserves and the Deposit Multiplier
Introduction to the Federal Reserve
The Federal Reserve and the Money Supply
History of the US Banking System
The Financial Crisis of 2007-2009 (The Great Recession)
18. Monetary Policy
Chapter worksheet
Monetary vs Fiscal Policy
Goals of Monetary Policy
The Demand for Money
The Money Supply on the Graph
Monetary Policy and Aggregate Demand
Expansionary and Contractionary Monetary Policy
Taylor Rule
Quantity Theory of Money
Federal Reserve Policies during the 2007-2009 Recession
19. Fiscal Policy
Chapter worksheet
Introduction to Fiscal Policy
Expansionary and Contractionary Fiscal Policy
Government Purchases and the Multiplier Effect
Taxes, the Multiplier Effect, and Automatic Stabilizers
Long Run Effects of Fiscal Policy
Criticisms of Fiscal Policy
20. Tradeoffs Between Inflation and Unemployment
Chapter worksheet
Short Run Phillips Curve
Long Run Phillips Curve
Phillips Curve and Expected Inflation
Phillips Curve and Supply Shocks
Sacrifice Ratio
Disinflation and Deflation
21. Open-Economy Macroeconomics
Chapter worksheet
Balance of Payments: Introduction
Balance of Payments: Current Account
Balance of Payments: Financial Account and Capital Account
Net Exports Equal Net Foreign Investment
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: Purchasing Power Parity
The Gold Standard
The Bretton Woods System
22. Macroeconomic Schools of Thought
Chapter worksheet
Classical Model and Keynesian Model
Monetarist Model
Quantity Theory of Money
New Classical Model
Real Business Cycle Model
Austrian Model
Communism and Karl Marx
23. Dynamic AD/AS Model
Chapter worksheet
Dynamic AD-AS Model: Introduction
Dynamic AD-AS Model: Inflation and Recession
Dynamic AD-AS Model: Fiscal Policy
Dynamic AD-AS Model: Monetary Policy
20. Tradeoffs Between Inflation and Unemployment
Disinflation and Deflation
20. Tradeoffs Between Inflation and Unemployment
Disinflation and Deflation
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