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1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

1. Introduction to Macroeconomics

Introduction to Economics

Macroeconomics

1. Introduction to Macroeconomics

Introduction to Economics

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Multiple Choice

Economics can be best defined as the study of

Profit maximization

Predicting inflation patterns

Income distribution and the effects of poverty

How society manages its scarce resources

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Verified step by step guidance

Begin by understanding the fundamental definition of economics. Economics is the study of how individuals and societies allocate their limited resources to satisfy their unlimited wants.

Recognize that economics is not solely about profit maximization, predicting inflation, or income distribution, although these are important aspects within the field.

Consider the concept of scarcity, which is central to economics. Scarcity means that resources are limited and cannot meet all human wants and needs.

Explore how societies make decisions about resource allocation. This involves choices about what to produce, how to produce, and for whom to produce.

Conclude that economics is broadly concerned with the management of scarce resources, which encompasses various activities and decisions made by individuals, businesses, and governments.