Understand what causes changes in unemployment over the short and long run. Lesson 8 — Inflation Learning Objectives Understand what inflation measures and how it is calculated.
Know how inflation has affected the U. Understand the causes and costs of inflation. Describe how trade balances are connected to flows of financial capital. Discuss the pros and cons of trade deficits and surpluses. Understand aggregate supply AS and explain how it differs in the long run and short run.
Describe how long run AD and AS explain periods of inflation and recession. Define the Phillips Curve and explain how it relates to Keynesian theory. Understand how fiscal policy affects the economy.
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Understand the criticisms of Keynesian Theory. Recognized and explain the difference between Keynesian and Neoclassical Perspectives. Lesson 13 — Money and Banking Learning Objectives Define what money is and explain its functions in the economy.
Understand fractional reserve banking and the money multiplier. Understand the role of banks. Understand the causes of the recession of and describe the roles banks and government played in the crisis. Understand the relationship between bank regulation and monetary policy. Understand and explain the difference between monetary and fiscal policy. Describe monetary policy and the impact the Fed can have. Explain the effects of demand and supply shifts in foreign exchange markets. Describe exchange rate policies and their effects. Understand how Federal, state, and local governments collect revenue.
Explain the Federal budget in terms of debt, deficits, and growth. Describe how fiscal policy is used to fight recessions, unemployment, and inflation.
List some of the challenges governments face when enacting fiscal policy. Lesson 17 - The Impacts of Government Borrowing Learning Objectives Explain the national saving and investment identity in terms of demand and supply.
Macroeconomics vs Microeconomics
Describe how fiscal policy can affect investment and economic growth. He focuses on the key topics that students need to know in order to be discerning media consumers, but he does not compromise the level at which he writes.
He also provides plenty of examples and applications from the media that enable students to hone their skills. Kennedy offers an imaginative and creative approach for serious students to learn and understand macroeconomics. Rather than setting abstract theory as the purpose of learning, he uses short stories as they might appear in the day's news to teach how economic variables are affected by events.
This is the book if you want a proven appraoch which invites active student participation to understand macroeconomic behavior as it enfolds day after day. This new edition exhibits the regular hallmarks of all of Peter Kennedy's instructional materials: direct, nontechnical language and presentations that are intellectually demanding; a careful focus on fundamental and enduring concepts, issues and applications; and a belief in, and systematic reliance on, intellectual curiosity and common-sense intuition as the bases for effective learning and teaching.
Kennedy offers an imaginative and creative approach to helping serious students learn and understand macroeconomics.
ECON Principles of Macroeconomics
Instead of asking students to learn abstract theories, he offers short stories as they might appear in the day's news to teach how economic variables are affected by events. If you want a proven appraoch which invites active student participation in understanding macroeconomic behavior as it unfolds day by day, this is the book. This macroeconomics textbook reads as easily as a novel. The lucid text is backed-up with lively examples from the news, provocative discussion questions, and helpful exercises.
No need to buy a seperate study guide. Kennedy's fresh, media-based appraoch to macroeconomics is a bell-ringer! His second edition emphasizes again, in example, how macroeconomics can be used to help interpret the often baffling changes in economic conditions and understand how these changes are reported in the media. Peter E. Households sell their labor as workers to firms in return for wages, salaries and benefits.
This is shown in the inner circle and represents the two sides of the labor market in which households supply and firms demand. This version of the circular flow model is stripped down to the essentials, but it has enough features to explain how the product and labor markets work in the economy.
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We could easily add details to this basic model if we wanted to introduce more real-world elements, like financial markets, governments, and interactions with the rest of the globe imports and exports. In any circular flow diagram, two flows are present, which can be thought of as two sides of the same coin. Skip to main content.