It is found by dividing real GDP by the size of the population. The resulting number is then compared in percentage terms with that of the previous period.
At least one semester of principles of economics and one semester of calculus. You already know quite a lot about economic issues—some from direct experience but mostly from the news media, politicians, and family.
The good news is that you have accumulated a more extensive base of economic information than you probably realize. But the bad news is that this information is likely to be a hodgepodge of slogans, sound bites, and half-truths, an unstable mixture of incomplete logic, partial facts, and wishful thinking.
To make it worse, much of your misinformation reflects the rhetorical skill of various interest groups enhancing their agenda and income at your expense. The bottom line is that what you now think of as basic economic common sense could be the biggest obstacle to acquiring a reliable, practical understanding of economic issues.
This course will help you substitute analysis logic and evidence for slogans and ideology in examining the economic impacts of various events and policies on the overall economy. This won't come easily or painlessly.
This course will shift the focus away from the contentious and confusing surface of popular economics to a straightforward and practical analytical framework for understanding the basic cause-and-effect linkages in the overall economy. This is applied macroeconomic theory—a process of combining clues from the past with careful logic and whatever ingenuity we can muster to try to understand the impact of major economic events and policies on our material well-being.
Economic models, by design, are highly simplified representations of complex processes. Simplification, often called abstraction, is what makes them manageable and thereby practical.
The fact that models are only a representation of reality leads many to dismiss them as "only theories," especially if the model's predictions don't support their own beliefs or preconceptions. This common but very damaging attitude implies that a better alternative exists—some simple, direct way to get insights without having to think very long or very hard.
Unfortunately, but not surprisingly, easy answers are seldom found to important economic questions. Those who try to avoid 'theory' in favor of what they think are practical approaches—slogans, sound bites, rules-of-thumb, and so-called common sense—are also using theories, just very simplistic and hence impractical ones.
Put another way, any time we make a statement about economic policy what it should or shouldn't bewe're making a statement about cause-and-effect. Those who pretend otherwise are unknowingly using an implicit and unexamined model, probably a very simplistic one that gives them the answer they think they want or that appears to support their own self-interest.
So this is a course in applied theory—with equal emphasis on both words. Using an explicit model of important cause-and-effect linkages, it examines such issues as unemployment, inflation, economic growth, and globalization. Along the way we encounter such topics as interest rates and monetary policy, fiscal policy and government borrowing, international trade and trade deficits, as well as the crucial capital market dynamics linking consumption, saving, and investment to economic growth.
A modest investment in basic theory and models will give you the foundation for a practical and lasting understanding of the events and policy alternatives that create the economic environment within which you will be forced to make economic choices, each and every day of your life.
By the end of this course I hope you'll be thoroughly convinced that there's nothing as practical as good theory!
Since I want my students to improve their writing and, with it, their thinkingall my exams and quizzes are in essay format. And, like life itself, all are open-book and open-notes.
This practice, more than anything else, structures the way I organize and present ideas and information.
This requires attention to building and maintaining your interest in both the specific topics and the larger subject area of the course. My real goal, however, is to help you develop a thoughtful and inquiring approach to life.Policy on Missed Midterms: If you can provide documentation from a physician that you were unable to take an exam due to an unexpected medical problem then .
Technology is the processes a firm uses to produce goods and services. In the economic sense, a firm's technology depends on many factors, such as the skill of its managers, the training of its workers, and the speed and efficiency of its machinery and equipment.
Study guide Essay. whiteness is a racial identity Discuss the evidence of improvement and continuing inequality of minority groups in the United States today Describe the intersection of race, gender, and class inequality in the United States today Chapter 10 Study Guide What are .
Microeconomics Term Paper Ideas: A List Of Twenty Amazing Topics. Microeconomics is a sub-class of economics. In micro, you will analyze the market trends and behaviors of consumers and businesses in an structured attempt to understand the decisions of the consumers and businesses.
Macroeconomics Midterm Exam Practice $5 trillion minus both payments for intermediate goods and taxes paid by households and businesses. e. $5 trillion minus the sum of total rent, total profit and total interest. Midterm: Macroeconomics and Government Essay EC Open-Book Midterm Exam (Weight points) 1.
(7 points) How are. Intermediate Macroeconomics Midterm Exam March 6, Answer KEY. Answer the following essay questions in three to four blue book pages or less.
Be sure to fully explain your answers using economic reasoning and any equations and/or graphs needed to make your point.