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Business & Commerce
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Khan Academy
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Macroeconomics

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Level: Beginner

Course Description:

Macroeconomics is a comprehensive course that delves into the study of national economies, focusing on the overall economic performance and policies that influence key indicators such as GDP, inflation, unemployment, and economic growth. This course aims to equip students with a deep understanding of the macroeconomic theories, models, and policy tools used to analyze and address broad economic challenges at the national and global levels.

Course Objectives:

  1. Introduction to Macroeconomics: Students will be introduced to the fundamental concepts of macroeconomics, including the measurement of macroeconomic variables, circular flow models, and the three major macroeconomic goals: economic growth, price stability, and full employment.

  2. Aggregate Demand and Aggregate Supply: This section will focus on the determination of output and price levels in the economy through the interaction of aggregate demand and aggregate supply. Students will analyze factors influencing these curves and the impact of shifts on business cycles.

  3. Fiscal Policy: Students will explore the role of government in influencing economic activity through fiscal policy. They will learn about government spending, taxation, budget deficits, and how fiscal policy can be used to stabilize the economy during periods of recession or inflation.

  4. Monetary Policy: This segment will concentrate on the role of central banks in controlling the money supply and interest rates to achieve macroeconomic objectives. Students will analyze the effects of monetary policy on inflation, output, and employment.

  5. Economic Growth and Development: Students will study the determinants of long-term economic growth and the challenges faced by developing countries in achieving sustainable economic development.

  6. Unemployment and Inflation: The course will examine the causes, consequences, and measurement of unemployment and inflation. Students will explore different types of unemployment and inflation and how they affect economic stability.

  7. Exchange Rates and International Trade: Students will gain insight into the determination of exchange rates, balance of payments, and the impact of exchange rate fluctuations on international trade and capital flows.

  8. Open Economy Macroeconomics: This section will delve into the analysis of an open economy, exploring the effects of international trade, capital flows, and government policies in an interconnected global economy.

  9. Economic Indicators and Business Cycles: Students will learn how to interpret and analyze economic indicators, such as GDP, CPI, and unemployment rates, to understand the phases of the business cycle and predict economic trends.

  10. Macroeconomic Models: The course will introduce students to various macroeconomic models, such as the IS-LM model and the AD-AS model, to facilitate the analysis of economic phenomena and policy responses.

By the end of the course, students will have developed a comprehensive understanding of the functioning of national economies and the policies that influence economic performance. They will be equipped with analytical tools to assess macroeconomic challenges and formulate appropriate policy responses to foster stable and sustainable economic growth.

Basic economics concepts

1
Introduction to economics
9:59
2
Scarcity
5:44
3
Normative and positive statements
5:00
4
Economic models
6:50
5
Command and market economies
9:44
6
Production possibilities curve
10:59
7
Opportunity cost
5:48
8
Increasing opportunity cost
6:26
9
PPCs for increasing, decreasing and constant opportunity cost
5:25
10
Production Possibilities Curve as a model of a country's economy
6:49
11
Comparative advantage, specialization, and gains from trade
8:56
12
Comparative advantage and absolute advantage
10:15
13
Opportunity cost and comparative advantage using an output table
9:55
14
Terms of trade and the gains from trade
9:56
15
Input approach to determining comparative advantage
8:51
16
When there aren't gains from trade
6:50
17
Comparative advantage worked example
9:48
18
Law of demand
8:16
19
Price of related products and demand
5:48
20
Change in expected future prices and demand
4:34
21
Changes in income, population, or preferences
3:33
22
Normal and inferior goods
5:56
23
Change in demand versus change in quantity demanded
8:27
24
Law of supply
8:24
25
Factors affecting supply
6:58
26
Change in supply versus change in quantity supplied
6:15
27
Market equilibrium
10:17
28
Changes in market equilibrium
9:05
29
Changes in equilibrium price and quantity when supply and demand change
6:16

Economic indicators and the business cycle

1
Circular flow of income and expenditures
8:58
2
Parsing gross domestic product
11:59
3
More on final and intermediate GDP contributions
2:50
4
Investment and consumption
7:32
5
Income and expenditure views of GDP
4:49
6
Value added approach to calculating GDP
5:15
7
Components of GDP
4:58
8
Expenditure approach to calculating GDP examples
8:06
9
Examples of accounting for GDP
5:57
10
Limitations of GDP
7:54
11
Unemployment rate primer
9:47
12
Natural, cyclical, structural, and frictional unemployment rates
5:39
13
Introduction to inflation
7:32
14
Actual CPI-U basket of goods
7:27
15
Inflation data
3:30
16
Deflation
3:10
17
Example question calculating CPI and inflation
7:45
18
Stagflation
2:56
19
Deflationary spiral
3:51
20
Winners and losers from inflation and deflation
6:14
21
Real GDP and nominal GDP
8:04
22
GDP deflator
6:28
23
Example calculating real GDP with a deflator
5:39
24
The business cycle
11:16

National income and price determination

1
Aggregate demand
13:53
2
Shifts in aggregate demand
5:18
3
MPC and multiplier
9:53
4
Mathy version of MPC and multiplier (optional)
9:02
5
Tax multiplier, MPC, and MPS
7:58
6
Short run aggregate supply
12:15
7
Long-run aggregate supply
4:35
8
Short run and long run equilibrium and the business cycle
10:11
9
Shifts in aggregate demand
5:18
10
Long run self adjustment
4:44
11
Fiscal policy to address output gaps
6:56
12
Calculating change in spending or taxes to close output gaps
6:53
13
Tax lever of fiscal policy
2:40
14
Automatic stabilizers
5:15

Financial sector

1
Introduction to interest
9:56
2
Introduction to bonds
8:41
3
Relationship between bond prices and interest rates
13:16
4
What it means to buy a company's stock
13:47
5
Bonds vs. stocks
9:21
6
Real and nominal return
3:10
7
Calculating real return in last year dollars
2:50
8
Nominal interest, real interest, and inflation calculations
3:34
9
Relation between nominal and real returns and inflation
3:45
10
Money supply: M0, M1, and M2
10:04
11
Functions of money
6:10
12
Standard of deferred payment and legal tender
5:34
13
Commodity money vs. Fiat money
8:18
14
When the functions of money break down: Hyperinflation
11:43
15
Hyperinflation
4:02
16
Overview of fractional reserve banking
8:28
17
Money creation in a fractional reserve system
8:09
18
Weaknesses of fractional reserve lending
7:34
19
Full reserve banking
7:32
20
Simple fractional reserve accounting (part 1)
9:01
21
Simple fractional reserve accounting (part 2)
7:05
22
Demand curve for money in the money market
8:15
23
Equilibrium nominal interest rates in the money market
3:59
24
Money supply and demand impacting interest rates
7:34
25
Monetary policy tools
9:28
26
Monetary and fiscal policy
8:54
27
Loanable funds market
7:32
28
National savings and investment
3:26
29
Introduction to present value
10:20
30
Present value
10:12

Long-run consequences of stabilization policies

1
Fiscal and monetary policy in parallel
7:15
2
Phillips curve
8:46
3
Changes in the AD-AS model and the Phillips curve
6:39
4
Quantity theory of money
8:12
5
Velocity of money rather than quantity driving prices
3:31
6
Deflation despite increases in money supply
4:04
7
Moderate inflation in a good economy
2:55
8
Crowding out
3:55
9
Deficits and debt
7:40
10
Understanding economic growth
7:56

International trade and finance

1
Balance of payments: Current account
6:29
2
Balance of payments: Capital account
7:27
3
Data on Chinese US balance of payments
4:17
4
Why current and capital accounts net out
7:14
5
Exchange rate primer
7:26
6
Currency exchange introduction
12:04
7
Supply and demand curves in foreign exchange
6:49
8
Accumulating foreign currency reserves
3:35
9
Using reserves to stabilize currency
5:09
10
Speculative attack on a currency
7:49
11
Financial crisis in Thailand caused by speculative attack
6:33
12
Math mechanics of Thai banking crisis
7:41
13
Causes of shifts in currency supply and demand curves
5:17
14
Introduction to currency exchange and trade
8:20

Keynesian approaches and IS-LM

1
Consumption function basics
6:39
2
Generalized linear consumption function
11:59
3
Consumption function with income dependent taxes
7:24
4
Keynesian cross
9:20
5
Details on shifting aggregate planned expenditures
11:45
6
Keynesian cross and the multiplier
10:27
7
Investment and real interest rates
5:59
8
Connecting the keynesian cross to the IS curve
9:57
9
Loanable funds interpretation of IS curve
6:07
10
LM part of the IS-LM model
7:49
11
Government spending and the IS-LM model
7:09
12
Keynesian economics
12:05
13
Risks of Keynesian thinking
8:14

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