• What Is Economics, and Why Is It Important?
• 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

• 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

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• 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