ECON102 (2024.B.01): Phillips Curve

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Watch this video on the Phillips Curve and the macroeconomic debates this concept has stirred over time.

Source: Khan Academy, https://youtu.be/v7ZWTZ9NgU4
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License.

Last modified: Tuesday, May 14, 2024, 1:34 PM

COURSE INTRODUCTION

Course Syllabus

Unit 1: What is Macroeconomics?

1.1: The Economic Way of Thinking

What Is Economics, and Why Is It Important?

Microeconomics and Macroeconomics

How Economists Use Theories and Models to Understand Economic Issues

How to Organize Economies: An Overview of Economic Systems

Hypotheses, Theories, and Models

1.2: Scarcity and Production Choices

Choice in a World of Scarcity

Resources, Scarcity, and Choice

How Individuals Choose Based on Budget Constraints

1.3: The Production Possibilities Curve

The Production Possibilities Frontier and Social Choices

Objections to the Economic Approach

The Production Possibilities Curve (PPC)

1.4: Opportunity Cost

Opportunity Cost

1.5: Demand, Supply, and Market Equilibrium

Demand, Supply, and Equilibrium in Markets for Goods and Services

More on Demand

More on Supply

Market Equilibrium

Shifts in Demand and Supply for Goods and Services

1.6: Market Equilibrium

Changes in Equilibrium Price and Quantity: The Four-Step Process

The Circular Flow of Income and Expenditures

1.7: Price Ceilings and Price Floors

Price Ceilings and Price Floors

More on Price Ceilings and Price Floors

Demand, Supply, and Efficiency

1.8: Labor and Financial Markets

Labor and Financial Markets

Demand and Supply in Financial Markets

The Market System as an Efficient Mechanism for Information

Unit 1 Assessment

Unit 1 Assessment

Unit 2: Gross Domestic Product, Inflation, and Unemployment

2.1: Defining GDP

The Macroeconomic Perspective

Measuring the Size of the Economy: Gross Domestic Product

Gross Domestic Product

Adjusting Nominal Values to Real Values

Tracking Real GDP over Time

Comparing GDP among Countries

How Well GDP Measures the Well-Being of Society

2.2: Defining Business Cycles

Business Cycles

2.3: Economic Growth

The Relatively Recent Arrival of Economic Growth

Labor Productivity and Economic Growth

Components of Economic Growth

Economic Convergence

Economic Growth Questions

2.4: Real GDP and Nominal GDP

GDP Deflator

Calculating Real GDP with a Deflator Example

2.5: Defining Inflation

Inflation

More on Inflation

Measuring Changes in the Cost of Living

Inflation and Price Indexes

How the United States and Other Countries Experience Inflation

Hyperinflation

The Confusion Over Inflation

Indexing and Its Limitations

Economic Commentary on the Costs of Inflation

2.6: Unemployment

Unemployment

Patterns of Unemployment

What Causes Changes in Unemployment over the Short Run

What Causes Changes in Unemployment over the Long Run

More on Unemployment

The Natural Rate of Unemployment

Unit 2 Assessment

Unit 2 Assessment

Unit 3: Aggregate Demand, Supply, and Equilibrium

3.1: Aggregate Demand

The Aggregate Supply–Aggregate Demand Model