PRINCIPLES OF ECONOMICS COURSE
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The Principles of Economics course contains 172 self-grading microlearning packages that you can upload to your Learning Management System (LMS).

Principles of Economics is designed for a two-semester principles of economics sequence. It has been developed to meet the scope and sequence of most introductory courses. At the same time, it includes a number of innovative features designed to enhance student learning. The course covers the breadth of economics topics and also provides the necessary depth to ensure that it is manageable for instructors and students alike. And to make it more applied, many current topics have been incorporated. Instructors can use each microlearning topic in order, or choose the ones that suit the approach that works best in their classroom.

  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems
  • Final Assessment
  • How Individuals Make Choices Based on Their Budget Constraint
  • The Production Possibilities Frontier and Social Choices
  • Confronting Objections to the Economic Approach
  • Final Assessment
  • Demand, Supply, and Equilibrium in Markets for Goods and Services
  • Shifts in Demand and Supply for Goods and Services
  • Changes in Equilibrium Price and Quantity: The Four-Step Process
  • Price Ceilings and Price Floors
  • Demand, Supply, and Efficiency
  • Final Assessment
  • Demand and Supply at Work in Labor Markets
  • Demand and Supply in Financial Markets
  • The Market System as an Efficient Mechanism for Information
  • Final Assessment
  • Price Elasticity of Demand and Price Elasticity of Supply
  • Polar Cases of Elasticity and Constant Elasticity
  • Elasticity and Pricing
  • Elasticity in Areas Other Than Price
  • Final Assessment
  • Consumption Choices
  • How Changes in Income and Prices Affect Consumption Choices
  • Labor-Leisure Choices
  • Intertemporal Choices in Financial Capital Markets
  • Final Assessment
  • Explicit and Implicit Costs, and Accounting and Economic Profit
  • The Structure of Costs in the Short Run
  • The Structure of Costs in the Long Run
  • Final Assessment
  • Perfect Competition and Why It Matters
  • How Perfectly Competitive Firms Make Output Decisions
  • Entry and Exit Decisions in the Long Run
  • Efficiency in Perfectly Competitive Markets
  • Final Assessment
  • How Monopolies Form: Barriers to Entry
  • How a Profit-Maximizing Monopoly Chooses Output and Price
  • Final Assessment
  • Monopolistic Competition
  • Oligopoly
  • Final Assessment
  • Corporate Mergers
  • Regulating Anticompetitive Behavior
  • Regulating Natural Monopolies
  • The Great Deregulation Experiment
  • Final Assessment
  • The Economics of Pollution
  • Command-and-Control Regulation
  • Market-Oriented Environmental Tools
  • The Benefits and Costs of U.S. Environmental Laws
  • International Environmental Issues
  • The Tradeoff between Economic Output and Environmental Protection
  • Final Assessment
  • Why the Private Sector Under Invests in Innovation
  • How Governments Can Encourage Innovation
  • Public Goods
  • Final Assessment
  • Drawing the Poverty Line
  • The Poverty Trap
  • The Safety Net
  • Income Inequality: Measurement and Causes
  • Government Policies to Reduce Income Inequality
  • Final Assessment
  • Unions
  • Employment Discrimination
  • Immigration
  • Final Assessment
  • The Problem of Imperfect Information and Asymmetric Information
  • Insurance and Imperfect Information
  • Final Assessment
  • How Businesses Raise Financial Capital
  • How Households Supply Financial Capital
  • How to Accumulate Personal Wealth
  • Final Assessment
  • Voter Participation and Costs of Elections
  • Special Interest Politics
  • Flaws in the Democratic System of Government
  • Final Assessment
  • Measuring the Size of the Economy: Gross Domestic Product
  • Adjusting Nominal Values to Real Values
  • Tracking Real GDP over Time
  • Comparing GDP among Countries
  • How Well GDP Measures the Well-Being of Society
  • Final Assessment
  • The Relatively Recent Arrival of Economic Growth
  • Labor Productivity and Economic Growth
  • Components of Economic Growth
  • Economic Convergence
  • Final Assessment
  • How the Unemployment Rate is Defined and Computed
  • Patterns of UnemploymentWhat Causes Changes in Unemployment over the Short Run
  • What Causes Changes in Unemployment over the Long Run
  • Final Assessment
  • Tracking Inflation
  • How Changes in the Cost of Living are Measured
  • How the U.S. and Other Countries Experience Inflation
  • The Confusion Over Inflation
  • Indexing and Its Limitations
  • Final Assessment
  • Measuring Trade Balances
  • Trade Balances in Historical and International Context
  • Trade Balances and Flows of Financial Capital
  • The National Saving and Investment Identity
  • The Pros and Cons of Trade Deficits and Surpluses
  • The Difference between Level of Trade and the Trade Balance
  • Final Assessment
  • Macroeconomic Perspectives on Demand and Supply
  • Building a Model of Aggregate Demand and Aggregate Supply
  • Shifts in Aggregate Supply
  • Shifts in Aggregate Demand
  • How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
  • Keynes’ Law and Say’s Law in the AD/AS Model
  • Final Assessment
  • Aggregate Demand in Keynesian Analysis
  • The Building Blocks of Keynesian Analysis
  • The Phillips Curve
  • The Keynesian Perspective on Market Forces
  • Final Assessment
  • The Building Blocks of Neoclassical Analysis
  • The Policy Implications of the Neoclassical Perspective
  • Balancing Keynesian and Neoclassical Models
  • Final Assessment
  • Defining Money by Its Functions
  • Measuring Money: Currency, M1, and M2
  • The Role of Banks
  • How Banks Create Money
  • Final Assessment
  • The Federal Reserve Banking System and Central Banks
  • Bank Regulation
  • How a Central Bank Executes Monetary Policy
  • Monetary Policy and Economic Outcomes
  • Pitfalls for Monetary Policy
  • Final Assessment
  • How the Foreign Exchange Market Works
  • Demand and Supply Shifts in Foreign Exchange Markets
  • Macroeconomic Effects of Exchange Rates
  • Exchange Rate Policies
  • Final Assessment
  • Government Spending
  • Taxation
  • Federal Deficits and the National Debt
  • Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
  • Automatic Stabilizers
  • Practical Problems with Discretionary Fiscal Policy
  • The Question of a Balanced Budget
  • Final Assessment
  • How Government Borrowing Affects Investment and the Trade Balance
  • Fiscal Policy, Investment, and Economic Growth
  • How Government Borrowing Affects Private Saving
  • Fiscal Policy and the Trade Balance
  • Final Assessment
  • The Diversity of Countries and Economies across the World
  • Improving Countries’ Standards of Living
  • Causes of Unemployment around the World
  • Causes of Inflation in Various Countries and Regions
  • Balance of Trade Concerns
  • Final Assessment
  • Absolute and Comparative Advantage
  • What Happens When a Country Has an Absolute Advantage in All Goods
  • Intra-industry Trade between Similar Economies
  • The Benefits of Reducing Barriers to International Trade
  • Final Assessment
  • Protectionism: An Indirect Subsidy from Consumers to Producers
  • International Trade and Its Effects on Jobs, Wages, and Working Conditions
  • Arguments in Support of Restricting Imports
  • How Trade Policy Is Enacted: Globally, Regionally, and Nationally
  • The Tradeoffs of Trade Policy
  • Final Assessment
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