📖 Macroeconomics 211 Notes

📚 Table of Contents

🔹 Chapter 1: First Principles

• I. Principles of Individual Choice

  • 1. Scarcity & Choice
  • 2. Opportunity Cost
  • 3. Marginal Analysis
  • 4. Incentives Matter

• II. Interaction of Individual Choices

  • 5. Gains from Trade
  • 6. Markets Move Toward Equilibrium
  • 7. Efficient Resource Use
  • 8. Markets Lead to Efficiency (Most of the Time)

• III. Economy-Wide Interactions

  • 9. Spending Drives the Economy
  • 10. Government Policy Can Influence Spending
  • 11. Economic Growth Increases Living Standards

• Practice Questions

🔹 Chapter 3: Supply and Demand

• Competitive Markets

  • Five Key Elements

• Demand

  • Shifts in Demand Curve
  • Movement Along vs. Shift in Demand
  • Factors That Shift Demand

• Supply

  • Shifts in Supply Curve
  • Movement Along vs. Shift in Supply
  • Factors That Shift Supply

• Market Equilibrium

  • Price Adjustments

• Shifts in Market Equilibrium

  • Simultaneous Shifts

• Practice Questions

🔹 Chapter 6: Macroeconomics - The Big Picture

• The Nature of Macroeconomics

  • Micro vs. Macro Questions

• Macroeconomics as a Whole

• Macroeconomic Theory & Policy

  • Monetary vs. Fiscal Policy
  • Great Depression vs. Great Recession

• The Business Cycle

  • Recessions & Expansions
  • Smoothing the Business Cycle

• Long-Run Economic Growth

• Inflation & Deflation

  • Causes of Inflation & Deflation
  • Economic Effects

• International Trade & Imbalances

  • Trade Deficit vs. Trade Surplus

• Practice Questions