How Changes in Income and Prices Affect Consumption Choices

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

Polar Cases of Elasticity and Constant Elasticity

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

Automatic Stabilizers

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

Defining Money by Its Functions

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

  • Explain the various functions of money
  • Contrast commodity money and fiat money

The Difference between Level of Trade and the Trade Balance

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

  • Identify three factors that influence a country's level of trade
  • Differentiate between balance of trade and level of trade

How Government Borrowing Affects Private Saving

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

Adjusting Nominal Values to Real Values

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

  • Contrast nominal GDP and real GDP
  • Explain GDP deflator
  • Calculate real GDP based on nominal GDP values

The Tradeoffs of Trade Policy

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

Microeconomics and Macroeconomics

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

  • Describe microeconomics
  • Describe macroeconomics
  • Contrast monetary policy and fiscal policy

How Banks Create Money

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

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