By the end of this section, you will be able to do the following: Analyze GDP per capita as a measure of the diversity of international standards of living; Identify what classifies a country as low-income, middle-income, or high-income; and Explain how standards of living are influenced by geography, demographics, industry structure, and economic institutions.

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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 GDP per capita as a measure of the diversity of international standards of living
Identify what classifies a country as low-income, middle-income, or high-income
Explain how geography, demographics, industry structure, and economic institutions influence standards of living

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

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

Explain how productivity growth changes the aggregate supply curve
Explain how changes in input prices change the aggregate supply curve

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

Explain how we can use GDP to compare the economic welfare of different nations
Calculate the conversion of GDP to a common currency by using exchange rates
Calculate GDP per capita using population data

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

Discuss how productivity influences the standard of living
Explain the limitations of GDP as a measure of the standard of living
Analyze the relationship between GDP data and fluctuations in the standard of living