• Chapter 1: Limits, Alternatives, and ChoicesChapter 1: Limits, Alternatives, and Choices

    Introduction Economics defined: Economic wants exceed productive capacity. A social science concerned with making optimal choices under conditions of scarcity.

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  • Chapter 17: International Trade (2)Chapter 17: International Trade (2)

    Trade Balances Imports: goods and services purchased from foreign sources. Exports: goods and services sold to foreign buyers. Imports and exports are seldom equal. The trade balance is the difference between exports and imports: Trade balance = Exports – Imports

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  • Chapter 16: Theory and RealityChapter 16: Theory and Reality

    Macroeconomics: Policy Tools Policy tools for macroeconomics: Fiscal policy. Monetary policy. Supply-side policy.

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  • Chapter 15: Economic GrowthChapter 15: Economic Growth

    The Nature of Growth Economic growth refers to increases in the output of goods and services (real GDP) – an expansion of production possibilities. Improvements in output may result from: Increased use of existing capacity. OR Increases in that capacity itself.

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  • Chapter 14: Monetary PolicyChapter 14: Monetary Policy

    The Federal Reserve System The Federal Reserve System (the Fed) was created in 1913 as the central banking system of the United States. A central responsibility of the Federal Reserve is monetary policy: the use of money and credit controls to influence macroeconomic activity.

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  • Chapter 13: Money and BanksChapter 13: Money and Banks

    Primitive economies had to resort to barter, a very inefficient method of trade. Barter first requires you to “want what the other person has” and the other person to “want what you have.” Once that is established, then the arguing about the terms of trade (how much of one for the other) begins.

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  • Chapter 12: Fiscal PolicyChapter 12: Fiscal Policy

    Fiscal Policy Fiscal policy is the use of government taxes and spending to alter macroeconomic outcomes. The premise of fiscal policy is that the aggregate demand (AD) for goods and services will not always be compatible with economic stability.

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  • Chapter 11: Aggregate Supply and DemandChapter 11: Aggregate Supply and Demand

    Macro Outcomes Macroeconomics is the study of the aggregate economy Macro outcomes include: Output: the total volume of goods and services produced (real GDP). Jobs: the levels of employment and unemployment. Prices: the average prices of goods and services.

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  • Chapter 10: The Business CycleChapter 10: The Business Cycle

    Macroeconomics Macroeconomics is the study of aggregate economic behavior, of the economy as a whole. A basic purpose of macroeconomic theory is to explain the business cycle. Macro policy tries to control the business cycle.

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  • Chapter 9: Government InterventionChapter 9: Government Intervention

    Laissez Faire Adam Smith coined the phrase laissez faire in the late 1700s as a doctrine of “leave it alone,” or nonintervention by government in the market mechanism. Adam Smith wanted to establish the presumption of market efficiency.

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