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Economics is the study of how people allocate their limited resources to satisfy their unlimited wants. The ultimate purpose of economics is to understand the choices we make. Microeconomics is the part of economic analysis that studies individual decision making undertaken by individuals (or households) and by firms. Some of the terms we look at in this course are part of microeconomic analysis but our focus is on macroeconomics. Macroeconomics is the part of economic analysis that studies the behavior of the economy as a whole. It deals with economy-wide phenomena such as changes in unemployment, the general price level and national income. Our topics this semester are divided into five parts:
Part #1 The Fundamentals of Economics (If you've already taken Micro, this section should reinforce the basic concepts you've already learned.) Economics Microeconomics vs Macroeconomics Economic Behavior Economics as a Science Positive vs Normative Economics Economic Resources Economic Goods & Services Economic Wants & Needs Scarcity Opportunity Cost The Production Possibilities Curve Specialization Demand Supply Demand & Supply The Price System The Functions of Government Public Choice Theory
Part #2 The Fundamentals of Macroeconomics Unemployment Inflation The Circular Flow National Income Accounting Economic Growth Economic Development
Part #3 Theory & Policy Real GDP & Price Level Classical & Keynesian Analysis Fiscal Policy Government Deficits
Part #4 Monetarism Money The US Banking System Monetary Policy Active versus Passive Policymaking
Part #5 International Economics Growth Trade
Part #6 Review
Those topics are found on the pages linked above. Too, I have included a really good summary of most of the topics in the course on the Lecture Review page linked above. It might be worth your time to look at that review before starting the course ... it will give you a good overview of where we're headed. On-line Resources DOL STATISTICS DOL STATISTICS - GENERAL Internet Economist Just for fun: PERSONAL FINANCE WORKSHEETS SMART MONEY
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