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  • PRINCIPLES OF ECONOMICS COURSE


    This comprehensive course contains 34 sections with 172 self-grading lessons, including final assessments. The first section is available to try for free.

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  • Welcome to Economics!


  • Welcome to Economics! - Final Assessment


    This is the final assessment for Welcome to Economics! (Available when you subscribe.)

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      • Choice in a World of Scarcity


        2.1 How Individuals Make Choices Based on Their Budget Constraint
        2.2 The Production Possibilities Frontier and Social Choices
        2.3 Confronting Objections to the Economic Approach
        Final Assessment


        • Demand and Supply


          3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
          3.2 Shifts in Demand and Supply for Goods and Services
          3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
          3.4 Price Ceilings and Price Floors
          3.5 Demand, Supply, and Efficiency
          Final Assessment

          • Labor and Financial Markets


            4.1 Demand and Supply at Work in Labor Markets
            4.2 Demand and Supply in Financial Markets
            4.3 The Market System as an Efficient Mechanism for Information
            Final Assessment

            • Elasticity


              5.1 Price Elasticity of Demand and Price Elasticity of Supply
              5.2 Polar Cases of Elasticity and Constant Elasticity
              5.3 Elasticity and Pricing
              5.4 Elasticity in Areas Other Than Price
              Final Assessment


              • Consumer Choices


                6.1 Consumption Choices
                6.2 How Changes in Income and Prices Affect Consumption Choices
                6.3 Behavioral Economics: An Alternative Framework for Consumer Choice
                Final Assessment

                • Production, Costs, and Industry Structure


                  7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
                  7.2 Production in the Short Run
                  7.3 Costs in the Short Run
                  7.4 Production in the Long Run
                  7.5 Costs in the Long Run
                  Final Assessment

                  • Perfect Competition


                    8.1 Perfect Competition and Why It Matters
                    8.2 How Perfectly Competitive Firms Make Output Decisions
                    8.3 Entry and Exit Decisions in the Long Run
                    8.4 Efficiency in Perfectly Competitive Markets
                    Final Assessment

                    • Monopoly


                      9.1 How Monopolies Form: Barriers to Entry
                      9.2 How a Profit-Maximizing Monopoly Chooses Output and Price
                      Final Assessment


                      • Monopolistic Competition and Oligopoly


                        10.1 Monopolistic Competition
                        10.2 Oligopoly
                        Final Assessment

                        • Monopoly and Antitrust Policy


                          11.1 Corporate Mergers
                          11.2 Regulating Anticompetitive Behavior
                          11.3 Regulating Natural Monopolies
                          11.4 The Great Deregulation Experiment
                          Final Assessment

                          • Environmental Protection and Negative Externalities


                            12.1 The Economics of Pollution
                            12.2 Command-and-Control Regulation
                            12.3 Market-Oriented Environmental Tools
                            12.4 The Benefits and Costs of U.S. Environmental Laws
                            12.5 International Environmental Issues
                            12.6 The Tradeoff between Economic Output and Environmental Protection
                            Final Assessment

                            • Positive Externalities and Public Goods


                              13.1 Why the Private Sector Underinvests in Innovation
                              13.2 How Governments Can Encourage Innovation
                              13.3 Public Goods
                              Final Assessment

                              • Labor Markets and Income


                                14.1 The Theory of Labor Markets
                                14.2 Wages and Employment in an Imperfectly Competitive Labor Market
                                14.3 Market Power on the Supply Side of Labor Markets: Unions
                                14.4 Bilateral Monopoly
                                14.5 Employment Discrimination
                                14.6 Immigration
                                Final Assessment

                                • Poverty and Economic Inequality


                                  15.1 Drawing the Poverty Line
                                  15.2 The Poverty Trap
                                  15.3 The Safety Net
                                  15.4 Income Inequality: Measurement and Causes
                                  15.5 Government Policies to Reduce Income Inequality
                                  Final Assessment

                                  • Information, Risk, and Insurance


                                    16.1 The Problem of Imperfect Information and Asymmetric Information
                                    16.2 Insurance and Imperfect Information
                                    Final Assessment


                                    • Financial Markets


                                      17.1 How Businesses Raise Financial Capital
                                      17.2 How Households Supply Financial Capital
                                      17.3 How to Accumulate Personal Wealth
                                      Final Assessment

                                      • Public Economy


                                        18.1 Voter Participation and Costs of Elections
                                        18.2 Special Interest Politics
                                        18.3 Flaws in the Democratic System of Government
                                        Final Assessment


                                        • The Macroeconomic Perspective


                                          19.1 Measuring the Size of the Economy: Gross Domestic Product
                                          19.2 Adjusting Nominal Values to Real Values
                                          19.3 Tracking Real GDP over Time
                                          19.4 Comparing GDP among Countries
                                          19.5 How Well GDP Measures the Well-Being of Society
                                          Final Assessment


                                          • Economic Growth


                                            20.1 The Relatively Recent Arrival of Economic Growth
                                            20.2 Labor Productivity and Economic Growth
                                            20.3 Components of Economic Growth
                                            20.4 Economic Convergence
                                            Final Assessment

                                            • Unemployment


                                              21.1 How Economists Define and Compute Unemployment Rate
                                              21.2 Patterns of Unemployment
                                              21.3 What Causes Changes in Unemployment over the Short Run
                                              21.4 What Causes Changes in Unemployment over the Long Run
                                              Final Assessment

                                              • Inflation


                                                22.1 Tracking Inflation
                                                22.2 How to Measure Changes in the Cost of Living
                                                22.3 How the U.S. and Other Countries Experience Inflation
                                                22.4 The Confusion Over Inflation
                                                22.5 Indexing and Its Limitations
                                                Final Assessment


                                                • The International Trade and Capital Flows


                                                  23.1 Measuring Trade Balances
                                                  23.2 Trade Balances in Historical and International Context
                                                  23.3 Trade Balances and Flows of Financial Capital
                                                  23.4 The National Saving and Investment Identity
                                                  23.5 The Pros and Cons of Trade Deficits and Surpluses
                                                  23.6 The Difference between Level of Trade and the Trade Balance
                                                  Final Assessment

                                                  • The Aggregate Supply–Aggregate Demand Model


                                                    24.1 Macroeconomic Perspectives on Demand and Supply
                                                    24.2 Building a Model of Aggregate Demand and Aggregate Supply
                                                    24.3 Shifts in Aggregate Supply
                                                    24.4 Shifts in Aggregate Demand
                                                    24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
                                                    24.6 Keynes’ Law and Say’s Law in the AD/AS Model
                                                    Final Assessment

                                                    • The Keynesian Perspective


                                                      25.1 Aggregate Demand in Keynesian Analysis
                                                      25.2 The Building Blocks of Keynesian Analysis
                                                      25.3 The Phillips Curve
                                                      25.4 The Keynesian Perspective on Market Forces
                                                      Final Assessment

                                                      • The Neoclassical Perspective


                                                        26.1 The Building Blocks of Neoclassical Analysis
                                                        26.2 The Policy Implications of the Neoclassical Perspective
                                                        26.3 Balancing Keynesian and Neoclassical Models
                                                        Final Assessment

                                                        • Money and Banking


                                                          27.1 Defining Money by Its Functions
                                                          27.2 Measuring Money: Currency, M1, and M2
                                                          27.3 The Role of Banks
                                                          27.4 How Banks Create Money
                                                          Final Assessment

                                                          • Monetary Policy and Bank Regulation


                                                            28.1 The Federal Reserve Banking System and Central Banks
                                                            28.2 Bank Regulation
                                                            28.3 How a Central Bank Executes Monetary Policy
                                                            28.4 Monetary Policy and Economic Outcomes
                                                            28.5 Pitfalls for Monetary Policy
                                                            Final Assessment

                                                            • Exchange Rates and International Capital Flows


                                                              29.1 How the Foreign Exchange Market Works
                                                              29.2 Demand and Supply Shifts in Foreign Exchange Markets
                                                              29.3 Macroeconomic Effects of Exchange Rates
                                                              29.4 Exchange Rate Policies
                                                              Final Assessment

                                                              • Government Budgets and Fiscal Policy


                                                                30.1 Government Spending
                                                                30.2 Taxation
                                                                30.3 Federal Deficits and the National Debt
                                                                30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
                                                                30.5 Automatic Stabilizers
                                                                30.6 Practical Problems with Discretionary Fiscal Policy
                                                                30.7 The Question of a Balanced Budget
                                                                Final Assessment

                                                                • The Impacts of Government Borrowing


                                                                  31.1 How Government Borrowing Affects Investment and the Trade Balance
                                                                  31.2 Fiscal Policy and the Trade Balance
                                                                  31.3 How Government Borrowing Affects Private Saving
                                                                  31.4 Fiscal Policy, Investment, and Economic Growth
                                                                  Final Assessment

                                                                  • Macroeconomic Policy around the World


                                                                    32.1 The Diversity of Countries and Economies across the World
                                                                    32.2 Improving Countries’ Standards of Living
                                                                    32.3 Causes of Unemployment around the World
                                                                    32.4 Causes of Inflation in Various Countries and Regions
                                                                    32.5 Balance of Trade Concerns
                                                                    Final Assessment

                                                                    • International Trade


                                                                      33.1 Absolute and Comparative Advantage
                                                                      33.2 What Happens When a Country Has an Absolute Advantage in All Goods
                                                                      33.3 Intra-industry Trade between Similar Economies
                                                                      33.4 The Benefits of Reducing Barriers to International Trade
                                                                      Final Assessment

                                                                      • Globalization and Protectionism


                                                                        34.1 Protectionism: An Indirect Subsidy from Consumers to Producers
                                                                        34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
                                                                        34.3 Arguments in Support of Restricting Imports
                                                                        34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
                                                                        34.5 The Tradeoffs of Trade Policy
                                                                        Final Assessment

                                                                        • Appendix A: The Use of Mathematics in Principles of Economics


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