This course covers macroeconomics. Course 1A and 1B may be taken in either order. Analysis of the economy as a whole; determinants of the level of income, employment and prices; money and banking, economic fluctuations, international trade, economic development; the role of public policy.
Introduction to Macroeconomics
Lecture 1: We went over administrative details, production possibilities frontiers, budget constraints, specialization, and gains from trade.
Choice, Scarcity and Tradeoffs in Economics
We went over the fundamental choice framework of microeconomics including consumer choice and budget constraints. We also examined trade offs and choice over time by looking at interest rates and compound interest. Finally, we addressed macro level trade offs by examining the Production Possibilities Frontier (PPF).
PPFs, Supply, and Demand
This lecture finished the section on production possibilities curves and budget constraints. It then started the supply and demand section by examining demand curves and demand curve shifters.
Supply and Demand Continued
Today's lecture continued to examine the model of supply and demand. The supply curve was looked at in more detail. Then the mechanisms of equilibrium in markets were addressed through the model, as well as the particulars of finding market equilibrium with supply and demand curves and how price and quantity are determined. Finally, the effects of both price ceilings and price floors were examined.
Gross Domestic Product and Economic Growth
Today we went over what Gross Domestic Product (GDP) measures and how to calculate GDP. We also went over the GDP deflator. And we talked about how GDP can be used to measure economic growth.
GDP and Economic Growth Continued
Today we continued our examination of GDP and economic growth. We learned to adjust GDP for changes in prices over time and and between countries. We also talked about how to measure economic growth and concluded with a discussion of what causes economic growth.