By the end of this section, you will be able to:
Identify the components of GDP on the demand side and on the supply side
Evaluate how economists measure gross domestic product (GDP)
Contrast and calculate GDP, net exports, and net national product
By the end of this section, you will be able to:
Explain recessions, depressions, peaks, and troughs
Evaluate the importance of tracking real GDP over time
By the end of this section, you will be able to:
Evaluate how neoclassical economists and Keynesian economists react to recessions
Analyze the interrelationship between the neoclassical and Keynesian economic models
By the end of this section, you will be able to:
Explain the importance of potential GDP in the long run
Analyze the role of flexible prices
Interpret a neoclassical model of aggregate demand and aggregate supply
Evaluate different ways for measuring the speed of macroeconomic adjustment
By the end of this section, you will be able to:
Discuss why and how economists measure inflation expectations
Analyze the impacts of fiscal and monetary policy on aggregate supply and aggregate demand
Explain the neoclassical Phillips curve, noting its tradeoff between inflation and unemployment
Identify clear distinctions between neoclassical economics and Keynesian economics
By the end of this section, you will be able to:
Calculate the labor force participation rate and the unemployment rate
Explain hidden unemployment and what it means to be in or out of the labor force
Evaluate the collection and interpretation of unemployment data
By the end of this section, you will be able to:
Explain historical patterns of unemployment in the U.S.
Identify trends of unemployment based on demographics
Evaluate global unemployment rates
By the end of this section, you will be able to:
Explain frictional and structural unemployment
Assess relationships between the natural rate of employment and potential real GDP, productivity, and public policy
Identify recent patterns in the natural rate of employment
Propose ways to combat unemployment
By the end of this section, you will be able to:
Analyze cyclical unemployment
Explain the relationship between sticky wages and employment using various economic arguments
Apply supply and demand models to unemployment and wages
By the end of this section, you will be able to:
Interpret a circular flow diagram
Explain the importance of economic theories and models
Describe goods and services markets and labor markets
By the end of this section, you will be able to:
Describe microeconomics
Describe macroeconomics
Contrast monetary policy and fiscal policy
This course will illustrate the ways in which the practice of management evolves as firms grow in size. Historically, middle managers have served as so-called ŇgatekeepersÓ who collect, analyze, and pass information up and down the management chain within an organization. But two recent developments at the turn of the 21st century Đ namely, low-cost data manipulation in computers and the emergence of widespread, real-time communication (in the forms of inexpensive, long-distance global calling, email, text messaging, and social media) Đ have reduced the need for these middle-manager gatekeepers, and companies have eliminated thousands of such positions. The goal? To speed the flow of information and decision-making and reduce the number of layers that separate the customer from the leadership of an organization.
