When unemployment is persistently high, government may enact policies to bring it down; so, unemployment statistics matter. Students learn how these data are collected and how unemployment is measured in this short module.
Read about the great potential in Nigeria's economy which is not being met currently. With vast oil and gas reserves, Nigeria could have a strong economy, but find out from this article what the problems are. Information is from the U.S. State Dept. Background Notes.
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:
Calculate the annual rate of inflation
Explain and use index numbers and base years when simplifying the total quantity spent over a year for products
Calculate inflation rates using index numbers
By the end of this section, you will be able to:
Identify the causes and effects of inflation in various economic markets
Explain the significance of a converging economy
By the end of this section, you will be able to:
Explain the structure and organization of the U.S. Federal Reserve
Discuss how central banks impact monetary policy, promote financial stability, and provide banking services
By the end of this section, you will be able to:
Explain the various functions of money
Contrast commodity money and fiat money
By the end of this section, you will be able to:
Use the aggregate demand/aggregate supply model to show periods of economic growth and recession
Explain how unemployment and inflation impact the aggregate demand/aggregate supply model
Evaluate the importance of the aggregate demand/aggregate supply model
In this chapter, you will learn about:
Macroeconomic Perspectives on Demand and Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes’ Law and Say’s Law in the AD/AS Model
