In this economics tutorial, you as a producer have to determine how much of a given product you should make.
- Subject:
- Financial Literacy
- Social Studies
- Material Type:
- Lesson Plan
- Provider:
- University of Nebraska Omaha
- Date Added:
- 12/01/2023
In this economics tutorial, you as a producer have to determine how much of a given product you should make.
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:
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:
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:
Differentiate between infinite and zero elasticity
Analyze graphs in order to classify elasticity as constant unitary, infinite, or zero
By the end of this section, you will be able to:
Calculate the price elasticity of demand
Calculate the price elasticity of supply
By the end of this section, you will be able to:
Explain supply and demand for exchange rates
Define arbitrage
Explain purchasing power parity's importance when comparing countries.
By the end of this section, you will be able to:
Explain protectionism and its three main forms
Analyze protectionism through concepts of demand and supply, noting its effects on equilibrium
Calculate the effects of trade barriers
By the end of this section, you will be able to:
Explain crowding out and its effect on physical capital investment
Explain the relationship between budget deficits and interest rates
Identify why economic growth is tied to investments in physical capital, human capital, and technology
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, and graph supply curves and supply shifts.