Brief Introduction
Learn how a national economy works, including the determination of equilibrium levels of national income and prices
Description
In this economics course, you will learn some of the major concepts of macroeconomics, such as gross domestic product, price level, inflation, unemployment, economic growth and the balance of payments.
You will see that macroeconomics is not that different from microeconomics, in that the interaction of supply and demand provides the basic organizing framework for analyzing the workings of a national economy. You will learn how the equilibrium levels of national income and prices are determined at the intersection of aggregate supply and aggregate demand curves, just as the equilibrium quantity of transaction and price of an individual commodity is determined at the intersection of supply and demand curves.
This is an introductory course at the most elementary level so no prior knowledge of economics is required.
Knowledge
- Determination of national income and price level
- How to interpret and understand macroeconomic events such as unemployment, inflation and the balance of payments
- How to analyze the workings of a national economy
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