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MACROECONOMICS: I. WHAT IS ECONOMICS? 1. Economic Issues and Concepts. The Complexity of the Modern Economy. Scarce Resources. Who Makes the Choices and How? Is There an Alternative to the Market Economy? 2. How Economists Work. Positive and Normative Advice. Economic Theories. Testing Theories. Economic Data. Graphing Economic Theories. II. AN INTRODUCTION TO DEMAND AND SUPPLY. 3. Demand, Supply, and Price. Demand. Supply. The Determination of Price. 4. Elasticity. Price Elasticity of Demand. Price Elasticity of Supply. An Important Example Where Elasticity Matters. Other Demand Elasticities. Appendix to Chapter 4: More Details About Demand Elasticity. VII. AN INTRODUCTION TO MACROECONOMICS. 19. What Macroeconomics Is All About. Key Macroeconomic Variables. Growth Versus Fluctuations. 20. The Measurement of National Income. National Output and Value Added. National Income Accounting: The Basics. National Income Accounting: Some Extra Issues. VIII. THE ECONOMY IN THE SHORT RUN. 21. The Simplest Short-Run Macro Model. Desired Aggregate Expenditure. Equilibrium National Income. Changes in Equilibrium National Income. 22. Adding Government and Trade to the Simple Macro Model. Introducing Government. Introducing Foreign Trade. Equilibrium National Income. Changes in Equilibrium National Income. Demand-Determined Output. Appendix to Chapter 22: An Algebraic Exposition of the Simple Macro Model 23. Output and Prices in the Short Run. The Demand Side of the Economy The Supply Side of the Economy Short-Run Macroeconomic Equilibrium IX. THE ECONOMY IN THE LONG RUN. 24. From the Short Run to the Long Run: The Adjustment of Factor Prices. Output Gaps and Factor Prices. Demand and Supply Shocks. Fiscal Policy and the Business Cycle. 25. The Difference Between Short-Run and Long-Run Macroeconomics.
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