The Use of Mathematics in Principles of Economics

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

Introduction to Globalization and Protectionism

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:

• Apply Ricardian equivalence to evaluate how government borrowing affects private saving
• Interpret a graphic representation of ...
  Science and Technology OpenStaxCollege 957 2014-12-29 02:28:38

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:

• Asses the complexity of international trade
• Discuss why a market-oriented economy is so affected by international ...
  Science and Technology OpenStaxCollege 710 2014-12-29 02:28:36

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:

• Utilize the money multiplier formulate to determine how banks create money
• Analyze and create T-account balance ...
  Science and Technology OpenStaxCollege 1028 2014-12-29 02:28:34

Command-and-Control Regulation

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

• Explain command-and-control regulation
• Evaluate the effectiveness of command-and-control regulation

Measuring the Size of the Economy: Gross Domestic Product

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

• Identify the components of GDP on the demand side and on the supply side
• Evaluate how gross domestic product ...
  Science and Technology OpenStaxCollege 1799 2014-12-29 02:28:29

Tracking Real GDP over Time

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

• Explain recessions, depressions, peaks, and troughs
• Evaluate the importance of tracking real GDP over time
• Analyze the impact of economic ...
  Science and Technology OpenStaxCollege 919 2014-12-29 02:28:26