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Acknowledgements
About This Book
1.0 Introduction
1.1 Economics
1.2 Microeconomics & Macroeconomics
1.3 Scarcity and the Fundamental Economic Questions
1.4 Choices
1.5 Social Science & Policy Tool
1.6 Economic Model
1.7 Key Terms
2.0 Introduction
2.1 Economic Model
2.2 Circular Flow Model
2.3 Production Possibility Model
2.4 Economic Growth
2.5 PPF and International Trade
2.6 Gains from Trade
2.7 Key Terms
3.0 Introduction
3.1 Demand
3.2 Changes in Demand
3.3 Supply
3.4 Changes in Supply
3.5 Demand, Supply and Equilibrium
3.6 Shifts in Demand and Supply
3.7 Summary
3.8 Key Terms
4.0 Introduction
4.1 GDP Measured by Components of Demand
4.2 Value Added Approach
4.3 Goods not in GDP (Shortcomings of GDP measure)
4.4 Income Approach to measuring GDP
4.5 Nominal and Real GDP
4.6 GDP Deflator
4.7 GNP – An alternative measure of Output
4.8 Business Cycles
4.9 GDP and Human Happiness
4.10 Key Terms
5.0 Introduction
5.1 The Labour Force
5.2 Labour Force Indicators
5.3 Other Classifications of Employment and Shortcomings of the Unemployment Measure
5.4 Types of Unemployment
5.5 Inflation
5.6 Why Do We Care About Inflation?
5.7 Understanding How Inflation Changes the Value of the Dollar
5.8 Price Indexes: Consumer Price Index and Inflation Rate
5.9 The Flaws in the Consumer Price Index
5.10 CPI and Core Inflation
5.11 Other Price Indexes
5.12 Real vs Nominal Interest Rates
5.13 Key Terms
6.0 Introduction
6.1 Global Economic Growth
6.2 Measuring Economic Growth
6.3 The Significance of Economic Growth
6.4 Growth in Output or real GDP per Capita
6.5 The "Rule of 70" and Differences in Growth Rates
6.6 Determinants of Economic Growth in the Long Run
6.7 Measuring Productivity
6.8 Economic Convergence and Catch-Up
6.9 Key Terms
7.0 Introduction
7.1 Financial Markets
7.2 Savings and Investment
7.3 Government Budgets
7.4 The Loanable Funds Market
7.5 Shifts in Demand and Supply for Loanable Funds
7.6 Key Terms
8.0 Introduction
8.1 Defining Aggregate Expenditure
8.2 The Components of Aggregate Expenditure
8.3 Putting It Together: The Aggregate Expenditure Function
8.4 The Multiplier
8.5 Key Terms
9.0 Introduction
9.1 Aggregate Supply
9.2 Aggregate Demand
9.3 Equilibrium in the AD-AS Model
9.4 Restoring Long-Run Macroeconomic Equilibrium
9.5 Output Gaps and Public Policy
9.6 Key Terms
10.0 Introduction
10.1 The Functions of Money
10.2 Commodity vs Fiat Money
10.3 Measuring Money: M1 and M2
10.4 Banks and Other Financial Intermediaries
10.5 Bank of Canada
10.6 The Overnight Rate and its Implications for the Economy
10.7 The Equation of Exchange
10.8 Key Terms
11.0 Introduction
11.1 Goals of Monetary Policy
11.2 Monetary Policy Targets
11.3 Demand for Money
11.4 Supply of Money
11.5 The Money Market and Equilibrium
11.6 Key Terms
12.0 Introduction
12.1 The Government of Canada and its Budget
12.2 Fiscal Policy Tools
12.3 The Government Purchases (Spending) Multiplier
12.4 The Tax-Cut Multiplier
12.5 Possible Obstacles to Fiscal Policy Measures
12.6 Supply-Side Effects of Fiscal Policy
12.7 Covid 19 and Fiscal Policy
12.8 Key Terms
References
Ancillary Resources
Version History
8.0 Introduction 8.1 Defining Aggregate Expenditure 8.2 The Components of Aggregate Expenditure 8.3 Putting It Together: The Aggregate Expenditure Function 8.4 The Multiplier 8.5 Key Terms
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Principles of Macroeconomics Copyright © 2023 by Sharmistha Nag is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.