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Intro to Macroeconomics

Macroeconomics is concerned with the economy as a whole, focusing on economic aggregates such as the total output of goods and services, inflation, and unemployment.

28 Modules

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Economics is traditionally divided into two broad areas − microeconomics and macroeconomics. Microeconomics is concerned with the behavior of individual consumers, firms, industries, and markets. For example, a microeconomist may study the market for smartphones and develop a model explaining the factors that underly demand, supply, and market price. However, modern economies are highly complex entities, comprising many consumers, firms, industries, and markets that make billions of economic decisions on consumption and production every year. These decisions and their interactions determine the overall level of economic activity. The complexity of this decision-making process is such that we cannot hope to describe the economy in every detail. Hence, the need for macroeconomists to abstract from much of this detail by using models that highlight the most important relationships in the economy.

Macroeconomics is concerned with the economy as a whole, focusing on economic aggregates such as the total output of goods and services, inflation, and unemployment. Goods such as smartphones, automobiles, food, and clothing are aggregated into a single good called the economy's output (or GDP, as it's better known). Likewise, individual prices for these goods are averaged into an economy-wide price level that we refer to as inflation. While there is some necessary theory in this course, the emphasis where possible is on the practical applications of various economic concepts. Those of you with limited or no knowledge of macroeconomics will discover a course that provides a solid grounding in the key topics, while the more experienced among you can use the course as a refresher for some fundamental concepts.

Know the basics of GDP
Understand how to measure GDP as Income, Expenditure & Output
What is Real vs. Nominal GDP
Theory of Income Determination
Understand the basics of Inflation, what causes inflation & it’s impacts
Unemployment theories, basics, costs & types
Balance of Payments components and the balancing act
Monetary Policy and the Economy

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