This is presentation of some basic economic ideas for the beginning community college student.

15.015 Macro and International Economics focuses on the policy and economic environment of firms. This subject divided in three parts. The first part of the course is a study of the closed economy and how monetary and fiscal policy interacts with employment, GNP, inflation, and interest rates. Next, the course provides an examination of national economic strategies for development and growth and recent financial and currency crises in emerging markets. Finally, the course addresses the problems faced by transition economies and the role of institutions both as the engine of growth, and as the constraints for policy.

Macroeconomics provides an introduction to economic principles and market forces including supply and demand, unemployment, inflation, international trade and capital flows, monetary policy and banking, fiscal policy and globalization.

Microeconomics provides an introduction to economic principles and market forces including supply and demand, labor and financial markets, elasticity, consumer choices, cost and industry structure, competition, monopoly, negative and positive externalities, economic inequality, financial markets, international trade, globalization and protectionism.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:

Calculate the annual rate of inflation
Explain and use index numbers and base years when simplifying the total quantity spent over a year for products
Calculate inflation rates using index numbers

By the end of this section, you will be able to:

Identify the causes and effects of inflation in various economic markets
Explain the significance of a converging economy

By the end of this section, you will be able to:

Explain the structure and organization of the U.S. Federal Reserve
Discuss how central banks impact monetary policy, promote financial stability, and provide banking services

By the end of this section, you will be able to:

Explain the various functions of money
Contrast commodity money and fiat money

By the end of this section, you will be able to:

Use the aggregate demand/aggregate supply model to show periods of economic growth and recession
Explain how unemployment and inflation impact the aggregate demand/aggregate supply model
Evaluate the importance of the aggregate demand/aggregate supply model

In this chapter, you will learn about:
Macroeconomic Perspectives on Demand and Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes’ Law and Say’s Law in the AD/AS Model