Microeconomic transactions

Lecture Chapter 10: Externalities, In this chapter you will: An externality occurs when a market transaction affects a third party. If the transaction yields negative externalities (e.g., pollution), the market quantity exceeds the socially optimal quantity. If the externality is positive (e.g., technology spillovers), the market quantity falls short of the social optimum.

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Lecture Microeconomics - Chapter 15: Gross Domestic Product. After studying this section will help you understand: what is gross domestic product, what does GDP measure, what is gross national product (GNP), what are intermediate goods,...

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Lecture 6 - Economic Growth – 1(B). The main contents of the chapter consist of the following: An increase in the saving rate leads to higher output in the long run, faster growth temporarily, but not faster steady state growth.

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Lecture 2: The data of macroeconomics - GDP, unemployment & inflation - I. These are three of the most important economic statistics. Policymakers and businesspersons use them to monitor the economy and formulate appropriate policies. Economists use them to develop and test theories about how the economy works. Because we’ll be learning many of these theories, it’s worth spending some time now to really understand what these statistics mean, and how they are measured.

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Lecture 9 - Unemployment. The main contents of the chapter consist of the following: Natural rate of unemployment, why is there unemployment? job search, wage rigidity.

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Lecture 4 - National Income: Where it Comes From and Where it Goes - I. This is a particularly important chapter for your students to master. Many subsequent chapters in this book develop models that incorporate the material in this chapter and build on it. Your students should know at the outset that the time they invest mastering this chapter will yield returns throughout the semester by making subsequent material much easier to learn.

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Lecture 6 - Economic Growth 1(A). After completing this unit, you should be able to: Learn the closed economy Solow model, see how a country’s standard of living depends on its saving and population growth rates.

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Lecture 1 - The science of macroeconomics. The main contents of the chapter consist of the following: The issues macroeconomists study, the tools macroeconomists use, some important concepts in macroeconomic analysis.

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Lecture 3 - The data of Macroeconomics - GDP, unemployment & inflation - II. The main contents of the chapter consist of the following: Shortcomings of GDP, the consumer price index (CPI), the unemployment rate.

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After completing this chapter, students will be able to: Learn how net exports measure the international flow of goods and services, learn how net foreign investment measures the international flow of capital, consider why net exports must always equal net foreign investment,...

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Lecture 18 Aggregate Supply. The main contents of the chapter consist of the following: Three models of aggregate supply in which output depends positively on the price level in the short run; the short-run tradeoff between inflation and unemployment known as the Phillips curve.

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Lecture 5 - National income: Where it comes from and where it goes - II. The main contents of the chapter consist of the following: Consider why an economy’s total income equals its total expenditure, learn how gross domestic product (GDP) is defined and calculated, see the breakdown of GDP into its four major components, learn the distinction between real GDP and nominal GDP, consider whether GDP is a good measure of economic well-being.

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Lecture 32 - Monetary and fiscal policy. In this chapter you will learn the theory of liquidity preference as a short-run theory of the interest rate, analyze how monetary policy affects interest rates and aggregate demand, analyze how fiscal policy affects interest rates and aggregate demand, discuss the debate over whether policymakers should try to stabilize the economy.

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Lecture 10: Money and Inflation - I. After studying this chapter you will be able to understand: The definition and causes of economic growth, the nature and cause of the business cycle, the nature of unemployment and its measurement, the definition of inflation and how it is measured, the redistribution effects of inflation the output effects of inflation.

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Chapter 16: Aggregate demand – I-B. This chapter sets up the IS-LM model, which chapter 11 then uses extensively to analyze the effects of policies and economic shocks. This chapter also introduces students to the Keynesian Cross and Liquidity Preference models, which underlie the IS curve and LM curve, respectively.

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Lecture 17 Aggregate demand – II. The main contents of the chapter consist of the following: How policies and shocks affect income and the interest rate in the short run when prices are fixed, derive the aggregate demand curve, explore various explanations for the great depression.

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Lecture 19 - Five debates over macroeconomic policy. After reading this chapter, you should be able to answer the following questions: Should monetary and fiscal policymakers try to stabilize the economy? Should monetary policy be made by rule rather than by discretion? Should the central bank aim for zero inflation? Should the government balance its budget? Should the tax laws be reformed to encourage saving?

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Lecture 20 - Advances in business cycle theory. This chapter presents the following content: The theory of real business cycles, shocks in the crusoe island economy, economic fluctuations as optimal responses to shocks, the labor market, technology shocks,...

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Lecture Macroeconomics - Lecture 21: Consumption - I. This chapter presents the following content: John Maynard Keynes: consumption and current income; Irving Fisher and Intertemporal Choice; deriving the intertemporal budget constraint;...

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Lecture 30 - Agriculture. The main contents of the chapter consist of the following: Agriculture sector, agricultural policies, two leading successes of Pakistani Agriculture, recent performance, salient features, series of major problems,...

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