Understand types of economic systems and their historical development
Describe capitalism and socialism both in theory and in practice
Discussion how functionalists, conflict theorists, and symbolic interactionists view the economy and work

Define globalization and describe its manifestation in modern society
Discuss the pros and cons of globalization from an economic standpoint

Describe the current U.S. workforce and the trend of polarization
Explain how women and immigrants have changed the modern U.S. workforce
Understand the basic elements of poverty in the United States today

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:

Analyze arguments against economic approaches to decision-making
Interpret a tradeoff diagram
Contrast normative statements and positive statements

By the end of this section, you will be able to:

Calculate and graph budget constraints
Explain opportunity sets and opportunity costs
Evaluate the law of diminishing marginal utility
Explain how marginal analysis and utility influence choices

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:

Identify equilibrium price and quantity through the four-step process
Graph equilibrium price and quantity
Contrast shifts of demand or supply and movements along a demand or supply curve
Graph demand and supply curves, including equilibrium price and quantity, based on real-world examples

By the end of this section, you will be able to:
Contrast consumer surplus, producer surplus, and social surplus
Explain why price floors and price ceilings can be inefficient
Analyze demand and supply as a social adjustment mechanism

By the end of this section, you will be able to:

Explain demand, quantity demanded, and the law of demand
Identify a demand curve and a supply curve
Explain supply, quantity supplied, and the law of supply
Explain equilibrium, equilibrium price, and equilibrium quantity

By the end of this section, you will be able to:

Explain price controls, price ceilings, and price floors
Analyze demand and supply as a social adjustment mechanism

By the end of this section, you will be able to:

Identify factors that affect demand
Graph demand curves and demand shifts
Identify factors that affect supply
Graph supply curves and supply shifts

By the end of this section, you will be able to:

Discuss the components of economic growth, including physical capital, human capital, and technology
Explain capital deepening and its significance
Analyze the methods employed in economic growth accounting studies
Identify factors that contribute to a healthy climate for economic growth