Topic 1: Introduction to Macroeconomics
Key Points
- Review basic economic principles
- Understand that macroeconomics is the study of long-run growth and short-run economic fluctuations
- Describe the major macroeconomic markets – goods market, labor market, credit market (financial market) – and the price variables for each market
- Introduce the major forces driving long-run growth in output per worker and determine long-run trend growth
- Define demand shocks and their role in generating short-run economic fluctuations.
- Understand the role of the price mechanism in creating efficient economic outcomes
Overview Video
Introduction to Macroeconomics
Videos
Overview of Macroeconomic Markets and Data
Long-run Growth and Short-run Fluctuations
Markets and the Price Mechanism