1st Edition
ECON 1113: Principles of economics: Macro
School: The University of Oklahoma (OU )
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Pages: 2Addresses an article from the Wall Street Journal. Discusses the general behavior of the business cycle as well as it realistic trend based on history.
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Pages: 3Explains basic GDP as well as the meaning and calculations behind nominal GDP and real GDP. Discusses consumer price index and unemployment rate and their calculations along with how the Bureau of Labor Statistics is involved in each.
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Pages: 3Explains tax burdens (or incidence) to convey who actually pays taxes. Discusses the aspects and consequences of per-unit excise tax through various possibilities.
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Pages: 3Gives explanatory examples of the use of price controls. Further discusses the effect of changes in supply and demand as well as how total expenditure and total revenue are involved. Defines various types of elasticity.
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Pages: 3Discusses and plots supply and demand curves and their relation to equilibrium. Defines legal price controls. Lists reasons for changes in demand and supply.
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Pages: 3Poses a hypothetical example regarding the production possibilities of China and the USA and how current choices will affect the future of each economy differently. Explains the circular flow of income in economies. Introduces concepts of price determination through principles of demand.
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Pages: 3Explains the concept of production possibilities and the associate curves and tables that illustrate the prinicples