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Ultimate
Review Packet
Created by Jacob Clifford

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Macroeconomics Concepts and Videos
Unit 1: Basic Economic Concepts
UNIT 1 Overview- Introduction
! Scarcity
! Microeconomics vs. Macroeconomics
! Positive vs. Normative Economics
! Self-Interest and Incentives
! Marginal Analysis
! Opportunity Cost and Trade-offs
! Four Factors of Production
! Capital Goods and Future Growth
VIDEO 1.1- Production Possibilities Curve
! Efficiency
! Straight vs. Bowed PPC
! Law of Increasing Opportunity Costs
VIDEO 1.2- Shifting the PPC
! Shifters of the PPC
VIDEOS 1.3/1.4- Specialization and Trade
! Absolute and Comparative Advantage
! Terms of Trade
VIDEO 1.5- Comparative Advantage
! Output and Input Questions
VIDEO 1.6- Economic Systems
! Free-Market Economy
! Centrally Planned Economy
VIDEO 1.7- Circular Flow Model
! Product and Factor Markets
! Private and Public Sector
! Factor Payments
! Transfer Payments
VIDEO 2.1- Demand
! Law of Demand
! 5 Shifters (Determinants) of Demand
! Substitutes and Complements
! Normal Goods vs. Inferior Goods
VIDEO 2.2- Supply and Equilibrium
! Law of Supply
! 6 Shifters (Determinants) of Supply
VIDEO 2.3/2.4- Shifting Demand and Supply
! Equilibrium Price and Equilibrium Quantity
! Disequilibrium: Surplus and Shortage
VIDEO 2.5- Double Shifts
! Double Shift Rule
VIDEO 2.6- Price Controls and Efficiency
! Price Floors and Ceilings
Unit 2: Macro Measures
VIDEO 2.1/2.2- Gross Domestic Product (GDP)
! National Income Accounting
! Percent change in GDP and GDP per Capita
! Investment
! Intermediate Goods
! Household production
! Income Approach and Factor Payments
! Expenditures Approach (C+I+G+Xn)
! Nominal vs. Real GDP
VIDEO 2.3- Measuring Unemployment
! Labor force and Unemployment rate
! Frictional Unemployment
! Structural Unemployment
! Cyclical Unemployment
! Natural Rate of Unemployment (NRU)
! Full Employment Output
! Discouraged Workers
! Underemployed Workers
VIDEO 2.4- Inflation
! Purchasing power
! Inflation, Deflation, and Disinflation
! Helped vs. hurt by unanticipated
! Demand Pull and Cost Push Inflation
! Quantity Theory of Money
! Velocity of Money
VIDEO 2.5- Measuring Inflation
! Consumer Price Index (CPI)
VIDEO 2.6- GDP Deflator Practice
! GDP Deflator
VIDEO 2.7- The Business Cycle
! Four Phases of the Business Cycle
Unit 3: AD, AS, Fiscal Policy, and
Growth
VIDEO 3.1- Aggregate Demand
! Aggregates and Price Level
! Wealth, Interest Rate, Foreign Trade Effects
! Shifter of Aggregate Demand
VIDEO 3.2- Aggregate Supply
! Shifters of Aggregate Supply
! Productivity
VIDEO 3.3- AD/AS in Short and Long-Run
! Long-Run Aggregate Supply (LRAS)

VIDEO 3.4- The Phillips Curve
! Inflation and Unemployment
! Long-Run Phillips Curve
! Connect to AD/AS Model
VIDEO 3.5- Graphing Practice
! Graphing Recessionary and Inflationary Gaps
VIDEO 3.6- Cost Push and Demand Pull Inflation
! Negative and Positive Supply Shocks
! Stagflation
VIDEO 3.7-Fiscal Policy
! Discretionary vs. Non-Discretionary
! Expansionary vs. Contractionary
! Autonomous Consumption
! Disposable Income and Dissaving
VIDEO 3.8- Keynesian vs. Classical Economics
! John Maynard Keynes
! Sticky Wages and Deficit Spending
! Three Ranges of Aggregate Supply
VIDEO 3.9/3.10/3.11/3.12- The Multiplier Effect
! Marginal Propensity to Consumer (MPC)
! Marginal Propensity to Save (MPS)
! Simple Spending Multiplier
! Tax multiplier
VIDEO 3.13- Problems with Fiscal Policy
! Deficit Spending and the National Debt
! Time Lags
! Crowding Out
! Net Export Effect
! Inflationary Expectations
VIDEO 3.14- Economic Growth
! Long-Run Adjustments
! Economic Growth
! Capital Stock
Unit 4: Money, Banking, and
Monetary Policy
VIDEO 4.1- The Financial Sector
! Financial Sector, Assets, Liabilities
VIDEO 4.2- The Functions of Money
! Barter System and Coincidence of Wants
! Commodity vs. Fiat Money
! Exchange, Unit of Account, Store of Value
VIDEO 4.3- Time Value of Money
! Time Value of Money
VIDEO 4.4- Nominal vs. Real Interest Rates
! Nominal and Real Interest Rates
g gg g pp y ( )
! Recessionary Gap
! Inflationary Gap
VIDEO 4.5- The Federal Reserve (FED)
! The Role of the Central Bank
! Expansionary Monetary Policy
! Contractionary Monetary Policy
VIDEO 4.6/4.7- The Money Market
! Liquidity
! Asset Demand and Transaction Demand
! Demand and Supply of Money
! Shifters of Money Supply
VIDEO 4.8- Money Creation
! The Money Multiplier
! Fractional Reserve Banking
! Required Reserves and Excess Reserves
! Discount Rate and Open Market Operations
! Federal Funds Rate
VIDEO 4.9/4.10/4.11/4.12- Monetary Policy
! Graphing Monetary Policy
VIDEO 4.13- Bank Balance Sheets
! Balance Sheets With Assets and Liabilities
! Demand Deposits and Owners Equity
VIDEO 4.14- Loanable Funds Market
! Loanable Funds Shifters
! Crowding Out and Investment
Unit 5: Trade and Foreign Exchange
VIDEO 5.1- Balance of Payments
! Current Account and Financial Account
! Balance of Trade- Trade Surplus and Deficit
! Foreign Direct Investment
! Net Capital Outflow
VIDEO 5.2/5.3- Foreign Exchange (FOREX)
! Exchange Rates
! Appreciation vs. Depreciation
! Shifters of Currency Demand and Supply
! Effect on Net Exports
VIDEO 5.4- Exchange Rate Regimes
! Floating and Fixed Exchange Rates
Key Graphs
Production Possibilities Curve
Market Demand and Supply
Aggregate Demand and Supply and LRAS
The Philips Curve
The Money Market
Bank Balance Sheets
The Loanable Funds Market
! Maturity and Bond Prices Foreign Exchange (FOREX)

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