Uploaded byDale DeBoer
Econ 2020, Topic 1
This document provides an introduction to macroeconomics, including the following key points: - It outlines the topics to be covered in the course, including the basics of the syllabus, required readings from a textbook and Wall Street Journal, and use of an online learning platform. - It defines macroeconomics as the study of how individual choices combine to determine the "big three" of inflation, unemployment, and output/growth in an economy. - It introduces some basic economic models that will be used, including the Production Possibilities Frontier to illustrate scarcity and tradeoffs, and the Circular Flow model to show interconnections in the economy.
Econ 2020, Topic 1
- 1. Introduction to Macroeconomics Spring 2013 Topic 1
- 2. Course Basics Syllabus Schedule is tentative Grading policy
- 3. Course Basics Syllabus Readings Book Wall Street Journal
- 4.
- 5.
- 6. What is economics? Scarcity Limited resources, unlimited wants
- 7. What is economics? Scarcity Economicsis the study of the choices made due to scarcity
- 8. What is macroeconomics? Microeconomics Individual choices Individual markets
- 9. What is macroeconomics? Microeconomics Macroeconomics How individual choices combine to determine the macroeconomic BIG THREE
- 10. What are thebig three? Inflation Nov. 2012 1.8%
- 11. What are thebig three? Inflation Unemployment Dec. 2012 7.8%
- 12. What are thebig three? Inflation Unemployment Output and growth 3rd quarter, 2012 estimate $15.811 trillion 3.1%
- 13. How economists work Thescientific method Observational versus experimental
- 14. How economists work Thescientific method Economic models The role of assumptions
- 15. How economists work Thescientific method Economic models Positive vs. normative economics
- 16. A first model:PPF Production Possibilities Frontier Models what the economy is capable of producing
- 17. A first model:PPF Production Possibilities Frontier Factors of production Physical capital Labor Natural resources Technological knowledge
- 18. A second model:the Circular Flow Models the interconnections in the economy Models how much of the productive potential the economy will use