Principles of Macroeconomics 2e covers the scope and sequence of most introductory …
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.
By the end of this section, you will be able to: Interpret …
By the end of this section, you will be able to:
Interpret production possibilities frontier graphs Contrast a budget constraint and a production possibilities frontier Explain the relationship between a production possibilities frontier and the law of diminishing returns Contrast productive efficiency and allocative efficiency Define comparative advantage
By the end of this section, you will be able to: Explain …
By the end of this section, you will be able to:
Explain how inflation can cause redistributions of purchasing power Identify ways inflation can blur the perception of supply and demand Explain the economic benefits and challenges of inflation
By the end of this section, you will be able to: Explain …
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: Contrast …
By the end of this section, you will be able to:
Contrast traditional economies, command economies, and market economies Explain gross domestic product (GDP) Assess the importance and effects of globalization
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