About This Chapter
Macroeconomics Principles for Business - Chapter Summary
Macroeconomics is a fairly complex field, and if you are trying to study the various principles of macroeconomics and their applications to business, it helps to have comprehensive study guides to help you learn these topics. In this chapter we have provided you with numerous video lessons, each of which will teach you about essential topics needed to understand macroeconomic principles for business.
Watch these lessons to get information on different types of economies and their components, as well as the major economic principles used in analyzing macroeconomic systems. Our lesson instructors will share their extensive experience teaching these subjects in a convenient online format. Watch these videos to learn about topics such as:
- The definition and types of economies
- Formal and substantive approaches to economic systems
- Sectors of the modern economy
- Economic distribution
- The types and definition of political systems
- Socialism, communism and mixed economies
- Gross domestic products
- The business cycle
Each video includes helpful tags that will allow you to jump to different points in the lesson that correspond to that topic's main points. The chapter also contains complete transcripts of each video for you to print out and study away from your computer. Once you complete the chapter, be sure to test your understanding of this subject by answering the questions in the chapter's practice quizzes and final exam.
1. What is Economy? - Definition & Types
We hear about the economy all the time, but what exactly is an economy? In this lesson, you'll learn about what an economy is and different types of economic systems.
2. Economic Systems: Formal & Substantive Approaches
Today's lesson on the substantive versus formal approaches to economics is rather simple to grasp despite the way these names may sound. Learn about these terms and their origin and see some tangible examples of each.
3. The Modern Economy: Primary, Secondary & Tertiary Sectors
The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.
4. Forms of Economic Distribution & Exchange within Society
This lesson will seek to explain the different forms of economic distribution found across the globe. It will highlight generalized and balanced reciprocity as well as redistribution and market exchange.
5. Political System: Types & Definition
How many different ways can human societies organize their governments? In this lesson, we'll examine some common political systems used throughout history and see how they compare.
6. Understanding Socialism, Communism, and Mixed Economies: Comparison & Analysis
Socialism and communism are alternative economic systems to capitalism. In this lesson, you'll learn some of the key concepts behind these economic systems. You'll also learn about mixed economic systems.
7. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
8. Real Output, Price Level and the Real Gross Domestic Product
GDP is an important economic indicator, and it must be understood to be analyzed. In this lesson, you'll learn how price levels impact output and GDP and how real GDP can be calculated.
9. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
10. Fiscal Policy: The Keynesian Revolution
In this lesson, you'll learn how the government uses stabilization policy to smooth out the ups and downs of the business cycles. In stark opposition to the Classical approach, this Keynesian approach favors taking immediate action to stabilize a troubled economy.
11. Fiscal Policy Tools: Government Spending and Taxes
Discover the three main tools the government uses to address recessionary and inflationary economies - what economists call fiscal policy. Find out how these tools are used to help the economy in different situations.
12. Expansionary Fiscal Policy and Aggregate Demand
In the 21st century, the realities of a recessionary economy are more vivid than many of us would probably like. In this lesson, you'll learn how the government uses expansionary policy to offset recessionary gaps using real-world examples.
13. Contractionary Fiscal Policy and Aggregate Demand
This lesson examines how fiscal authorities use contractionary fiscal policy to slow down the economy and defeat the enemy called inflation. Find out what fiscal tools the federal authorities can use to contract the economy.
14. Fiscal Policy and the Effects on Unemployment
Review what fiscal policy is and how the two key components of fiscal policy can be used to influence unemployment. Find out when and how fiscal policy can be used and why it is so important.
15. Managing the Economy with Fiscal and Monetary Policies
Learn what fiscal and monetary policy are and how they are used to manage the economy. Find out the goals of these policies and some of the tools that each use to help you find a job and influence the amount of money in your pocket.
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Other chapters within the NES Business Education (309): Practice & Study Guide course
- Organizational Management in Business
- Organizational Structures
- Human Resource Management in Business
- Human Resource Laws & Requirements
- Business Law & Ethics
- Government Regulations for Consumer Protection
- Taxation for Corporations
- Business Accounting Overview
- Personal Finance & Consumer Economics
- Consumer Credit
- Personal Insurance Coverage
- Computation & Quantitative Analysis in Business
- Microeconomics Concepts & Laws
- Microeconomics Fundamentals for Business
- International Business & Trade
- Principles of Marketing & Market Research
- Consumer Behavior & Customer Satisfaction
- Selling & Sales Forecasting
- Fundamentals of E-commerce
- Entrepreneurship & Business Plans
- Business Communication Fundamentals
- Information Systems in Business
- Business Software
- Career Development in Business
- NES Business Education Flashcards