Economics
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Flashcards
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The course includes
668
Lecture Slides
154
Tests
1,439
High Quality Questions
1,351
Flashcards
Course Overview

Lrnr has integrated the OpenStax Principles of Economics textbook with intuitive personal learning tools, adaptive assessments, instructor-contributed content and actionable analytics to make studying and learning OpenStax Principles of Economics more efficient, effective and engaging – with measurably improved student outcomes.

Lrnr guides each student through a personalized learning process, orchestrating the presentation of Principles of Economics in a way that is paced, sequenced and optimized for each student based on their individual knowledge, needs, and abilities. Lrnr also provides accurate real-time learning analytics that help instructors pinpoint student problem areas and provide relevant remediation. Lrnr is a cloud-based educational content delivery and personalization platform that runs in a web browser.

Course Content

Welcome to Economics
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37
01
What Is Economics, and Why Is It Important?
Microeconomics and Macroeconomics
How Economists Use Theories and Models to Understand Economic Issues
How Economies Can Be Organized: An Overview of Economic Systems
Choice in a World of Scarcity
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07
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25
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37
02
How Individuals Make Choices Based on Their Budget Constraint
The Production Possibilities Frontier and Social Choices
Confronting Objections to the Economic Approach
Demand and Supply
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35
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03
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35
03
Demand, Supply, and Equilibrium in Markets for Goods and Services
Shifts in Demand and Supply for Goods and Services
Changes in Equilibrium Price and Quantity: The Four-Step Process
Price Ceilings and Price Floors
Demand, Supply, and Efficiency
Labor and Financial Markets
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15
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45
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39
04
Demand and Supply at Work in Labor Markets
Demand and Supply in Financial Markets
The Market System as an Efficient Mechanism for Information
Elasticity
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17
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51
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31
05
Price Elasticity of Demand and Price Elasticity of Supply
Polar Cases of Elasticity and Constant Elasticity
Elasticity and Pricing
Elasticity in Areas Other Than Price
Consumer Choices
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24
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43
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58
06
Consumption Choices
How Changes in Income and Prices Affect Consumption Choices
Labor-Leisure Choices
Intertemporal Choices in Financial Capital Markets
Cost and Industry Structure
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25
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46
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40
07
Explicit and Implicit Costs, and Accounting and Economic Profit
The Structure of Costs in the Short Run
The Structure of Costs in the Long Run
Perfect Competition
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21
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39
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63
08
Perfect Competition and Why It Matters
How Perfectly Competitive Firms Make Output Decisions
Entry and Exit Decisions in the Long Run
Efficiency in Perfectly Competitive Markets
Monopoly
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32
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How Monopolies Form: Barriers to Entry
How a Profit-Maximizing Monopoly Chooses Output and Price
Monopolistic Competition and Oligopoly
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38
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31
10
Monopolistic Competition
Oligopoly
Monopoly and Antitrust Policy
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28
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51
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36
11
Corporate Mergers
Regulating Anticompetitive Behavior
Regulating Natural Monopolies
The Great Deregulation Experiment
Environmental Protection and Negative Externalities
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26
2
48
3
05
4
31
12
The Economics of Pollution
Command-and-Control Regulation
Market-Oriented Environmental Tools
The Benefits and Costs of U.S. Environmental Laws
International Environmental Issues
The Tradeoff between Economic Output and Environmental Protection
Positive Externalities and Public Goods
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21
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46
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36
13
Why the Private Sector Under Invests in Innovation
How Governments Can Encourage Innovation
Public Goods
Poverty and Economic Inequality
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27
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29
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54
14
Drawing the Poverty Line
The Poverty Trap
The Safety Net
Income Inequality: Measurement and Causes
Government Policies to Reduce Income Inequality
Issues in Labor Markets: Unions, Discrimination, Immigration
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31
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39
15
Unions
Employment Discrimination
Immigration
Information, Risk, and Insurance
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35
3
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34
16
The Problem of Imperfect Information and Asymmetric Information
Insurance and Imperfect Information
Financial Markets
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17
How Businesses Raise Financial Capital
How Households Supply Financial Capital
How to Accumulate Personal Wealth
Public Economy
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42
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18
Voter Participation and Costs of Elections
Special Interest Politics
Flaws in the Democratic System of Government
The Macroeconomic Perspective
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33
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41
19
Measuring the Size of the Economy: 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
Economic Growth
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39
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45
20
The Relatively Recent Arrival of Economic Growth
Labor Productivity and Economic Growth
Components of Economic Growth
Economic Convergence
Unemployment
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32
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05
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55
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How the Unemployment Rate is Defined and Computed
Patterns of Unemployment
What Causes Changes in Unemployment over the Short Run
What Causes Changes in Unemployment over the Long Run
Inflation
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25
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41
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03
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59
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Tracking Inflation
How Changes in the Cost of Living are Measured
How the U.S. and Other Countries Experience Inflation
The Confusion Over Inflation
Indexing and Its Limitations
The International Trade and Capital Flows
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24
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37
3
05
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36
23
Measuring Trade Balances
Trade Balances in Historical and International Context
Trade Balances and Flows of Financial Capital
The National Saving and Investment Identity
The Pros and Cons of Trade Deficits and Surpluses
The Difference between Level of Trade and the Trade Balance
The Aggregate Demand/Aggregate Supply Model
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17
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46
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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
The Keynesian Perspective
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Aggregate Demand in Keynesian Analysis
The Building Blocks of Keynesian Analysis
The Phillips Curve
The Keynesian Perspective on Market Forces
The Neoclassical Perspective
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21
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49
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The Building Blocks of Neoclassical Analysis
The Policy Implications of the Neoclassical Perspective
Balancing Keynesian and Neoclassical Models
Money and Banking
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28
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27
Defining Money by Its Functions
Measuring Money: Currency, M1, and M2
The Role of Banks
How Banks Create Money
Monetary Policy and Bank Regulation
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33
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The Federal Reserve Banking System and Central Banks
Bank Regulation
How a Central Bank Executes Monetary Policy
Monetary Policy and Economic Outcomes
Pitfalls for Monetary Policy
Exchange Rates and International Capital Flows
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29
How the Foreign Exchange Market Works
Demand and Supply Shifts in Foreign Exchange Markets
Macroeconomic Effects of Exchange Rates
Exchange Rate Policies
Government Budgets and Fiscal Policy
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41
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30
Government Spending
Taxation
Federal Deficits and the National Debt
Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
Automatic Stabilizers
Practical Problems with Discretionary Fiscal Policy
The Question of a Balanced Budget
The Impacts of Government Borrowing
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How Government Borrowing Affects Investment and the Trade Balance
Fiscal Policy, Investment, and Economic Growth
How Government Borrowing Affects Private Saving
Fiscal Policy and the Trade Balance
Macroeconomic Policy Around the World
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22
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42
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32
The Diversity of Countries and Economies across the World
Improving Countries’ Standards of Living
Causes of Unemployment around the World
Causes of Inflation in Various Countries and Regions
Balance of Trade Concerns
International Trade
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44
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Absolute and Comparative Advantage
What Happens When a Country Has an Absolute Advantage in All Goods
Intra-industry Trade between Similar Economies
The Benefits of Reducing Barriers to International Trade
Globalization and Protectionism
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Protectionism: An Indirect Subsidy from Consumers to Producers
International Trade and Its Effects on Jobs, Wages, and Working Conditions
Arguments in Support of Restricting Imports
How Trade Policy Is Enacted: Globally, Regionally, and Nationally
The Tradeoffs of Trade Policy