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    This course is concurrent to Principles of Economics.

  • Welcome to Economics!

  • Welcome to Economics! - Final Assessment

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

    • This topic

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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

              • The Macroeconomic Perspective

                6.1 Measuring the Size of the Economy: Gross Domestic Product
                6.2 Adjusting Nominal Values to Real Values
                6.3 Tracking Real GDP over Time
                6.4 Comparing GDP among Countries
                6.5 How Well GDP Measures the Well-Being of Society
                Final Assessment

                • Economic Growth

                  7.1 The Relatively Recent Arrival of Economic Growth
                  7.2 Labor Productivity and Economic Growth
                  7.3 Components of Economic Growth
                  7.4 Economic Convergence
                  Final Assessment

                  • Unemployment

                    8.1 How Economists Define and Compute Unemployment Rate
                    8.2 Patterns of Unemployment
                    8.3 What Causes Changes in Unemployment over the Short Run
                    8.4 What Causes Changes in Unemployment over the Long Run
                    Final Assessment

                    • Inflation

                      9.1 Tracking Inflation
                      9.2 How to Measure Changes in the Cost of Living
                      9.3 How the U.S. and Other Countries Experience Inflation
                      9.4 The Confusion Over Inflation
                      9.5 Indexing and Its Limitations
                      Final Assessment

                      • The International Trade and Capital Flows

                        10.1 Measuring Trade Balances
                        10.2 Trade Balances in Historical and International Context
                        10.3 Trade Balances and Flows of Financial Capital
                        10.4 The National Saving and Investment Identity
                        10.5 The Pros and Cons of Trade Deficits and Surpluses
                        10.6 The Difference between Level of Trade and the Trade Balance
                        Final Assessment

                          • The Aggregate Demand/Aggregate Supply Model

                            11.1 Macroeconomic Perspectives on Demand and Supply
                            11.2 Building a Model of Aggregate Demand and Aggregate Supply
                            11.3 Shifts in Aggregate Supply
                            11.4 Shifts in Aggregate Demand
                            11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
                            11.6 Keynes’ Law and Say’s Law in the AD/AS Model
                            Final Assessment

                            • The Keynesian Perspective

                              12.1 Aggregate Demand in Keynesian Analysis
                              12.2 The Building Blocks of Keynesian Analysis
                              12.3 The Phillips Curve
                              12.4 The Keynesian Perspective on Market Forces
                              Final Assessment

                              • The Neoclassical Perspective

                                13.1 The Building Blocks of Neoclassical Analysis
                                13.2 The Policy Implications of the Neoclassical Perspective
                                13.3 Balancing Keynesian and Neoclassical Models
                                Final Assessment

                                • Money and Banking

                                  14.1 Defining Money by Its Functions
                                  14.2 Measuring Money: Currency, M1, and M2
                                  14.3 The Role of Banks
                                  14.4 How Banks Create Money
                                  Final Assessment

                                  • Monetary Policy and Bank Regulation

                                    15.1 The Federal Reserve Banking System and Central Banks
                                    15.2 Bank Regulation
                                    15.3 How a Central Bank Executes Monetary Policy
                                    15.4 Monetary Policy and Economic Outcomes
                                    15.5 Pitfalls for Monetary Policy
                                    Final Assessment

                                    • Exchange Rates and International Capital Flows

                                      16.1 How the Foreign Exchange Market Works
                                      16.2 Demand and Supply Shifts in Foreign Exchange Markets
                                      16.3 Macroeconomic Effects of Exchange Rates
                                      16.4 Exchange Rate Policies
                                      Final Assessment

                                      • Government Budgets and Fiscal Policy

                                        17.1 Government Spending
                                        17.2 Taxation
                                        17.3 Federal Deficits and the National Debt
                                        17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
                                        17.5 Automatic Stabilizers
                                        17.6 Practical Problems with Discretionary Fiscal Policy
                                        17.7 The Question of a Balanced Budget
                                        Final Assessment

                                        • The Impacts of Government Borrowing

                                          18.1 How Government Borrowing Affects Investment and the Trade Balance
                                          18.2 Fiscal Policy and the Trade Balance
                                          18.3 How Government Borrowing Affects Private Saving
                                          18.4 Fiscal Policy, Investment, and Economic Growth
                                          Final Assessment

                                            • Macroeconomic Policy Around the World

                                              19.1 The Diversity of Countries and Economies across the World
                                              19.2 Improving Countries’ Standards of Living
                                              19.3 Causes of Unemployment around the World
                                              19.4 Causes of Inflation in Various Countries and Regions
                                              19.5 Balance of Trade Concerns
                                              Final Assessment

                                              • International Trade

                                                20.1 Absolute and Comparative Advantage
                                                20.2 What Happens When a Country Has an Absolute Advantage in All Goods
                                                20.3 Intra-industry Trade between Similar Economies
                                                20.4 The Benefits of Reducing Barriers to International Trade
                                                Final Assessment

                                                • Globalization and Protectionism

                                                  21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
                                                  21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
                                                  21.3 Arguments in Support of Restricting Imports
                                                  21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
                                                  21.5 The Tradeoffs of Trade Policy
                                                  Final Assessment

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

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