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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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Lesson Contents
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Unit 1: The Macroeconomy |
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Unit 2: Macro Problems |
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Unit 3: Business Cycles |
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Unit 4: Policies |
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Unit 5: Issues | |
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Macro Basics
In lesson, we move into the formal study of macroeconomics, laying the groundwork for lessons to come. In particular, this lesson introduces several important macroeconomics concepts and notions. Among the list of more important notions are the role an economy plays in the study of macroeconomics, the two key macroeconomic problems of inflation and unemployment, how these problems are related business-cycle instability, and economic stabilization policies designed to correct these problems. - The first unit of this lesson lays the foundation of for the study of macroeconomics, introducing the nature of an economy and providing a little information about the U.S. economy.
- In the second unit, we examine some of the more notable macroeconomics problems, especially production, unemployment, and inflation.
- We then take a look at the importance of business cycles in the macroeconomy, including recent trends in business cycle activity and a few potential business cycle causes.
- The fourth unit then examines the role that economic policies play in the macroeconomy.
- The firth unit wraps up this lesson with a few thoughts about the connection between political philosophies, economic policies, and economic theories.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"I learned about the strength you can get from a close family life. I learned to keep going, even in bad times. I learned not to despair, even when my world was falling apart. I learned that there are no free lunches. And I learned the value of hard work. " -- Lee Iacocca
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NNP
Net National Product
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