- Course type: Self-paced
- Available Lessons: 137
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1Economic Scarcity and the Function of Choice
Course SummaryEconomics 102: Macroeconomics has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. Inside, you'll find bite-sized lessons and self-assessment quizzes that make the studying process fun. The course is a great resource for getting a head start on your degree.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
The course objective is to have you examine macroeconomic concepts and perform macroeconomic calculations, such as solving opportunity cost and wage inflation equations. You will also examine basic functions of money and categories of financial assets.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and earn real college credit for this course is 210 points, or an overall course grade of 70%. The table below shows the assignments you must complete and how they'll be incorporated into the overall grade.
|Proctored Final Exam||200|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 180 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
Items Allowed on Study.com Proctored Exam for Economics 102:
- A non-graphing, scientific calculator (We'll provide you access to Desmos scientific calculator during the final exam.)
- One sheet of blank scratch paper
- Pen or pencil
Items NOT Allowed on Study.com Proctored Exam for Economics 102:
- Graphing calculators
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, radios
- Notebooks or notes
Upon completion of this course, you will be able to:
- Analyze economic scarcity, choice, and calculating opportunity cost
- Identify market demand schedule, market supply schedule, and interpret market equilibrium
- Examine unemployment rates, inflation, gross domestic product, and the consumer price index
- Compare financial asset types and financial market categories
- Describe the basic functions of money, the fractional reserve system, money demand, and interest rates
- Demonstrate the time value of money and the money supply
- Explain foreign currency exchange, how fiscal policies affect the exchange rate, and how currency changes affect imports and exports
- Summarize net exports, capital flows, trade balance, markets, and trade restrictions
There are no prerequisites for this course.
Economics 102 consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by both ACE and NCCRS for 3 semester hours in the lower division baccalaureate degree category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
- Complete Economics 102 by watching video lessons and taking short quizzes.
- Take the Economics 102 final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
|Scarcity, Choice, and The Production Possibilities Curve||Study economic scarcity and the function of choice, opportunity cost and how to calculate it. Apply the production possibilities model. Look at how the production possibilities curve shifts.|
|Comparative Advantage, Specialization and Exchange||Learn about comparative advantages. Identify trade-related gains and the benefit of specialization. Define absolute advantage in trade.|
|Demand, Supply and Market Equilibrium||Find out about market demand schedule, market supply schedule, the law of the downward-sloping demand curve, and the upward-sloping supply curve. Also, study how to calculate market equilibrium and how changes in supply and demand impact market equilibrium.|
|Measuring the Economy||Learn about the circular flow of economic activity, the gross domestic product, approaches to income and expenditure, and items not included in the national production figures. Also, take a look at investment vs. investments in economics.|
|Inflation Measurement and Adjustment||Examine the consumer price index, the GDP deflator, and the substitution bias. Compare the nominal GDP to the real GDP. Study how to adjust wages for the inflation rate, and calculate real GDP growth rates. Learn about the multiplier effect, and distinguish between cost-push inflation and demand-pull inflation. Review the effects of inflation on the economy, go through the equation of exchange.|
|Understanding Unemployment||Examine how to define and measure the unemployment rate. Determine what causes the unemployment rate to rise and fall. Define the three types of unemployment, the natural rate of unemployment, rational expectations in the economy, and the effects of minimum wage. Calculate unemployment costs, and examine how the labor market can be impacted by the efficiency wage theory.|
|Aggregate Demand and Supply||Examine the Keynesian and the classical model of the economy. Take a look at supply and demand curves in both models. Check out the aggregate supply and aggregate demand (AS-AD) model. Examine shifts in labor supply and labor demand. Identify the formulas and impact of the marginal propensity to consume. Practice the marginal propensity to save formula, identify the multiplier effect, and look into concepts related to government spending. Explore aggregate supply in the economy, including determinants, short run, equilibrium effects, and both favorable and unfavorable supply shocks.|
|Macroeconomic Equilibrium||Take a look at real output, full employment GDP, and economic performance over time. Additionally, learn about recession vs. depression.|
|Inflation and Unemployment||Examine inflation with a look at the Phillips curve model and the various factors that shift the Phillips curve. Show the relationship between unemployment and inflation in connection to the Phillips curve.|
|Economic Growth and Productivity||Define national income accounting. Learn about economic growth and how real GDP per capita impacts the standard of living. Find out about productivity, investment in human capital, and physical capital. Discover what else affects productivity, such as advances in technology as well as research and development. Analyze economic productivity and growth policy.|
|Money, Banking and Financial Markets||Study types of financial assets, calculate future and present values of money, and see examples of how the money supply is measured. Determine the purpose of money and the four basic functions of money, the fractional reserve system, how money is manufactured, and the formula for the money multiplier. Find out about determining interest rates in connection to the money demand, and explore the money market.|
|Central Bank and the Money Supply||Take a look at topics relevant to money, such as the Federal Reserve system, open market operations, the quantity theory of money, and the velocity of money. Look at how the reserve ratio affects the money supply, how banks borrow money from the Federal Reserve, and how the Federal Reserve changes the money supply. Examine topics related to interest rates, such as real versus nominal rates, private investments, the consumer price index, hyperinflation, and money supply.|
|Fiscal and Monetary Policies||Find out about the Keynesian Revolution, fiscal policy tools, expansionary fiscal policy, aggregate demand, and contractionary fiscal policy. Discuss the progressive tax code, automatic stabilizers, the expansionary and contractionary monetary policies, policy decisions and timing, supply-side economics, the national debt, and short-term GDP. Compare the contractionary gap and the expansionary gap, calculate the size of each, and review various monetary policies.|
|Foreign Exchange and the Balance of Payments||Study foreign currency exchange. Learn about currency appreciation and depreciation, how fiscal and monetary policies affect the exchange rate, and how currency changes affect imports and exports. Identify methods for achieving trade balance, and points out factors related to the balance of payments.|
|Inflows, Outflows, and Restrictions||Find out about net exports, capital flows, trade balance, financial markets, goods markets, tariffs, and trade restrictions.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed all lessons in Economics 102: Macroeconomics course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
Please meet all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
Earning College Credit
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