Principles of Macroeconomics
Macroeconomics introduces classic macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits in a way that keeps students focused on the material at hand. By the end of the course, students should be able to understand introductory macroeconomic theory, solve basic macroeconomic problems, and use these techniques to think about a number of policy questions relevant to the operation of the real economy.
Topics are introduced with short, engaging videos. Text readings and practice activities provide detail and enable applied learning.
You’ll know how much time your students are spending learning, what material they’re working with, and when they lose engagement, so you can keep them on-track.
Easy to Use
All material is loaded and ready-to-go, including video, textbook, discussion boards, in-class presentation, quizzes and practice activities.
Junction courses are 80+% less expensive than alternatives. No extras needed. Honest.
Meet the Subject Matter Expert
Susan Bell, Ph.D. is a Professor of Economics at Seminole State College. She has 25+ years experience teaching 4-year and community college students in both in-person and online courses. She has degrees from Duke University, Florida International University and American University.
Suitable for: Principles of Macroeconomics courses at 2-year and 4-year Institutions.
Great for: In-person, online or blended learning.
- Developed by a Professor of Economics and an expert in the field
- Lessons are built around the way students today learn- video first, reinforced by content and assessment
- Select from 20 lessons with curated and sequenced activities
- Each lesson contains introductory video, textbook readings from OpenStax, one discussion-board, one in-class presentation and one quiz
- Students can take notes and message classmates right in the application
- Web-based and accessible through our iPad app
- Professor grade book and student engagement reports
- Student notifications about upcoming quizzes
- All-in-one design means no pop-ups, plug-ins, installing components or extra windows
- Instructor resources are incorporated into the instructors course- no need for CD’s, DVD’s or downloads
Accessible: Available on the web, iPad app or as a direct link from your LMS. No downloads, plug-ins or pop-ups necessary.
Onboarding Support: Training videos and access to actual humans to get your course launched smoothly.
Easy to Purchase: Students simply register and buy, and we can work with your bookstore as needed.
Lesson 1 — Introduction to Economics
- Understand the importance of using economic thinking.
- Understand the difference between Micro and Macroeconomics.
- Define economics and understand the key ideas of scarcity, choice, and exchange.
- Understand how economists analyze the economy using theories and models.
Lesson 2 — Basic Terms and Concepts
- Understand and explain opportunity costs.
- Define the Production Possibilities Frontier and social choice.
- Describe comparative advantage and understand its role in trade.
- Understand and explain the differences between positive and normative economics.
- Understand how the market system operates and explain the ‘invisible hand’.
Lesson 3 — Demand, Supply and Market Equilibrium
- Define demand and explain how it can change.
- Define supply and explain how it can change.
- Understand market equilibrium and explain how the changes in supply and demand affect equilibrium prices and quantities.
Lesson 4 — Labor and Financial Markets
- Predict shifts in the demand and supply curves of the labor market.
- Explain price floors in the labor market such as minimum wage or a living wage.
- Understand the application of supply and demand to the financial market.
Lesson 5 - The Macroeconomic Perspective
- Define GDP and explain how it is used to measure national income.
- Understand the difference between real and nominal variables and why the difference is important.
- Describe how to track real GDP over time.
- Explain why GDP is not the only measure of an economy’s health.
Lesson 6 — Economic Growth
- Understand the history of economic growth.
- Identify and explain the conditions needed for economic growth to occur.
- Explain economic convergence and analyze the arguments for and against.
- Understand the conditions necessary for long term growth.
Lesson 7 — Unemployment
- Define what is meant by the unemployment rate and understand how it is calculated.
- Be able to identify the different types of unemployment.
- Understand what causes changes in unemployment over the short and long run.
Lesson 8 — Inflation
- Understand what inflation measures and how it is calculated.
- Define the Consumer Price Index (CPI) and understand how it is measured.
- Know how inflation has affected the U.S. and other countries’ economies and politics.
- Understand the causes and costs of inflation.
Lesson 9 — International Trade and Capital Flows
- Understand how trade balances are measured.
- Describe how trade balances are connected to flows of financial capital.
- Discuss the pros and cons of trade deficits and surpluses.
Lesson 10 — Aggregate Demand and Aggregate Supply
- Understand the definition of aggregate demand (AD) and explain the formula for constructing AD.
- Understand aggregate supply (AS) and explain how it differs in the long run and short run.
- Describe how long run AD and AS explain periods of inflation and recession.
- Explain the three stages of the short run aggregate supply curve: Keynesian, Intermediate, and Say’s/Classical.
Lesson 11 — Keynesian Theory
- Explain Keynesian theory and understand the multiplier effect.
- Define the Phillips Curve and explain how it relates to Keynesian theory.
- Understand how fiscal policy affects the economy.
- Understand the criticisms of Keynesian Theory.
Lesson 12 — Neoclassical Theories
- Understand the underlying principles of the Neoclassical Perspective.
- Recognized and explain the difference between Keynesian and Neoclassical Perspectives.
Lesson 13 — Money and Banking
- Define what money is and explain its functions in the economy.
- Understand fractional reserve banking and the money multiplier.
- Understand the role of banks.
- Understand the causes of the recession of 2007-2008 and describe the roles banks and government played in the crisis.
Lesson 14 - Monetary Policy and Bank Regulation
- Define the Federal Reserve and describe its three major functions.
- Understand the relationship between bank regulation and monetary policy.
- Understand and explain the difference between monetary and fiscal policy.
- Describe monetary policy and the impact the Fed can have.
Lesson 15 — Exchange Rates and International Capital Flows
- Describe how the foreign exchange market works.
- Explain the effects of demand and supply shifts in foreign exchange markets.
- Describe exchange rate policies and their effects.
Lesson 16 — Government Budgets and Fiscal Policy
- Understand how Federal, state, and local governments spend.
- Understand how Federal, state, and local governments collect revenue.
- Explain the Federal budget in terms of debt, deficits, and growth.
- Describe how fiscal policy is used to fight recessions, unemployment, and inflation.
- List some of the challenges governments face when enacting fiscal policy.
Lesson 17 - The Impacts of Government Borrowing
- Explain the national saving and investment identity in terms of demand and supply.
- Describe how fiscal policy can affect investment and economic growth.
- Explain how government borrowing affects private saving.
- Explain the relationship between fiscal policy and the trade balance.
Lesson 18 - Macroeconomic Policy Around the World
- Analyze GDP per capita as a measure of the diversity of international standards of living.
- Analyze the growth policies of low and middle-income countries seeking to improve standards of living.
- Explain the nature and causes of unemployment around the world.
- Identify the causes and effects of inflation in various economic markets.
Lesson 19 - International Trade
- Define absolute absolute and comparative advantage.
- Describe what happens when a country has an absolute advantage in all goods.
- Understand intra-industry trade between similar economies.
- Describe the benefits of reducing barriers to international trade.
Lesson 20 - Globalization and Protectionism
- Understand what is meant by “Protectionism”.
- Describe international trade and its effects on jobs, wages and working conditions.
- Analyze the arguments in support of restricting imports.
- Understand how trade policy is enacted.