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Principles of Macroeconomics

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An OpenStax Ally

Principles of Macroeconomics

Built in collaboration with contributing instructors across the country, this title introduces students to fundamental economics concepts through multimodal instruction, personalized practice, and automated assessments.

Emphasis on current social and policy concerns with integration of the latest data enables students to think critically about economics both within a global framework and in the context of their own personal and financial decisions.

Students also have access to basic mathematics remediation in the first chapter, which is designed to target math skill gaps in topics such as graphing, solving equations, and calculating area.

Formats: Software, Textbook, eBook, Guided Notebook

Product ISBN
Software + eBook 978-1-64277-278-4
Software + eBook + Guided Notebook 978-1-64277-353-8
Software + eBook + Textbook 978-1-64277-454-2

Table of Contents

  1. Chapter 0: Review
    1. 0.1 Addition and Subtraction
    2. 0.2 Multiplication and Division
    3. 0.3 Order of Operations
    4. 0.4 Algebraic Expressions
    5. 0.5 Basics of Percent
    6. 0.6 Linear Equations
    7. 0.7 Graphing
    8. 0.8 Calculating Area
    9. Chapter Review
  2. Chapter 1: Welcome to Economics!
    1. 1.1 What Is Economics, and Why Is It Important?
    2. 1.2 Economic Theories, Models, and Systems
    3. Chapter Review
  3. Chapter 2: Choice in a World of Scarcity
    1. 2.1 How Individuals Make Choices Based on Their Budget Constraint
    2. 2.2 The Production Possibilities Frontier and Social Choices
    3. 2.3 Confronting Objections to the Economic Approach
    4. Chapter Review
  4. Chapter 3: Demand and Supply
    1. 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
    2. 3.2 Shifts in Demand and Supply for Goods and Services
    3. 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
    4. 3.4 Price Ceilings and Price Floors
    5. 3.5 Demand, Supply, and Efficiency
    6. Chapter Review
  5. Chapter 4: Labor and Financial Markets
    1. 4.1 Demand and Supply at Work in Labor Markets
    2. 4.2 Demand and Supply in Financial Markets
    3. 4.3 The Market System as an Efficient Mechanism for Information
    4. Chapter Review
  6. Chapter 5: Elasticity
    1. 5.1 Price Elasticity of Demand and Price Elasticity of Supply
    2. 5.2 Polar Cases of Elasticity and Constant Elasticity
    3. 5.3 Elasticity and Pricing
    4. 5.4 Elasticity in Areas Other Than Price
    5. Chapter Review
  7. Chapter 6: The Macroeconomic Perspective
    1. 6.1 Measuring the Size of the Economy: Gross Domestic Product
    2. 6.2 Adjusting Nominal Values to Real Values
    3. 6.3 Comparing GDP among Countries
    4. 6.4 How Well GDP Measures the Well-Being of Society
    5. Chapter Review
  8. Chapter 7: Economic Growth
    1. 7.1 The Relatively Recent Arrival of Economic Growth
    2. 7.2 Labor Productivity and Economic Growth
    3. 7.3 Components of Economic Growth
    4. 7.4 Economic Convergence
    5. Chapter Review
  9. Chapter 8: Unemployment
    1. 8.1 How Economists Define and Compute Unemployment Rate
    2. 8.2 Patterns of Unemployment
    3. 8.3 What Causes Changes in Unemployment over the Short Run
    4. 8.4 What Causes Changes in Unemployment over the Long Run
    5. Chapter Review
  10. Chapter 9: Inflation
    1. 9.1 Tracking Inflation
    2. 9.2 How to Measure Changes in the Cost of Living
    3. 9.3 How the U.S. and Other Countries Experience Inflation
    4. 9.4 The Confusion over Inflation
    5. 9.5 Indexing and Its Limitations
    6. Chapter Review
  11. Chapter 10: The International Trade and Capital Flows
    1. 10.1 Measuring Trade Balances
    2. 10.2 Trade Balances and Flows of Financial Capital
    3. 10.3 The National Saving and Investment Identity
    4. 10.4 The Pros and Cons of Trade Deficits and Surpluses
    5. 10.5 The Difference between Level of Trade and the Trade Balance
    6. Chapter Review
  12. Chapter 11: The Aggregate Demand/Aggregate Supply Model
    1. 11.1 Building a Model of Aggregate Demand and Aggregate Supply
    2. 11.2 Shifts in Aggregate Supply
    3. 11.3 Shifts in Aggregate Demand
    4. 11.4 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
    5. 11.5 Keynes' Law and Say's Law in the AD/AS Model
    6. Chapter Review
  13. Chapter 12: The Keynesian Perspective
    1. 12.1 Aggregate Demand in Keynesian Analysis
    2. 12.2 The Building Blocks of Keynesian Analysis
    3. 12.3 The Phillips Curve
    4. 12.4 Keynesian Policy and the Keynesian Perspective on Market Forces
    5. Chapter Review
  14. Chapter 13: The Neoclassical Perspective
    1. 13.1 The Building Blocks of Neoclassical Analysis
    2. 13.2 The Policy Implications of the Neoclassical Perspective
    3. 13.3 Balancing Keynesian and Neoclassical Models
    4. Chapter Review
  15. Chapter 14: Money and Banking
    1. 14.1 Defining Money by Its Functions
    2. 14.2 Measuring Money: Currency, M1, and M2
    3. 14.3 The Role of Banks
    4. 14.4 How Banks Create Money
    5. Chapter Review
  16. Chapter 15: Monetary Policy and Bank Regulation
    1. 15.1 The Federal Reserve Banking System and Central Banks
    2. 15.2 Bank Regulation
    3. 15.3 How a Central Bank Executes Monetary Policy
    4. 15.4 Monetary Policy and Economic Outcomes
    5. 15.5 Pitfalls for Monetary Policy
    6. Chapter Review
  17. Chapter 16: Exchange Rates and International Capital Flows
    1. 16.1 How the Foreign Exchange Market Works
    2. 16.2 Demand and Supply Shifts in Foreign Exchange Markets
    3. 16.3 Macroeconomic Effects of Exchange Rates
    4. 16.4 Exchange Rate Policies
    5. Chapter Review
  18. Chapter 17: Government Budgets and Fiscal Policy
    1. 17.1 Government Spending
    2. 17.2 Taxation
    3. 17.3 Federal Deficits and the National Debt
    4. 17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
    5. 17.5 Automatic Stabilizers
    6. 17.6 Practical Problems with Discretionary Fiscal Policy
    7. 17.7 The Question of a Balanced Budget
    8. Chapter Review
  19. Chapter 18: The Impacts of Government Borrowing
    1. 18.1 How Government Borrowing Affects Investment and the Trade Balance
    2. 18.2 Fiscal Policy and the Trade Balance
    3. 18.3 How Government Borrowing Affects Private Saving
    4. 18.4 Fiscal Policy, Investment, and Economic Growth
    5. Chapter Review
  20. Chapter 19: Macroeconomic Policy Around the World
    1. 19.1 The Diversity of Countries and Economies across the World
    2. 19.2 Improving Countries' Standards of Living
    3. 19.3 Causes of Unemployment and Inflation around the World
    4. 19.4 Balance of Trade Concerns
    5. Chapter Review
  21. Chapter 20: International Trade
    1. 20.1 Absolute and Comparative Advantage
    2. 20.2 What Happens When a Country Has an Absolute Advantage in All Goods
    3. 20.3 Intra-industry Trade between Similar Economies
    4. 20.4 The Benefits of Reducing Barriers to International Trade
    5. Chapter Review
  22. Chapter 21: Globalization and Protectionism
    1. 21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
    2. 21.2 International Trade and its Effects on Jobs, Wages, and Working Conditions
    3. 21.3 Arguments in Support of Restricting Imports
    4. 21.4 Trade Policy
    5. Chapter Review