About This Chapter
Who's it for?
Anyone who needs help learning or mastering college economics material will benefit from taking this course. There is no faster or easier way to learn college economics. Among those who would benefit are:
- Students who have fallen behind in understanding the circular flow of economic activity or working with the gross domestic product
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning business topics (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about measuring the economy
- Students who struggle to understand their teachers
- Students who attend schools without extra business learning resources
How it works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Measuring the Economy chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Measuring the Economy chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any question about measuring the economy. They're here to help!
- Study With Flexibility: Watch videos on any web-ready device.
Students will review:
This chapter helps students review the concepts in a Measuring the Economy unit of a standard college-level principles of macroeconomics course. Topics covered include:
- Circular flow of economic activity
- Gross domestic product
- Investment vs. investments in economics
1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
2. Gross Domestic Product: Using the Income and Expenditure Approaches
In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.
3. 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?
4. Gross Domestic Product: Items Excluded from National Production
In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?
5. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
6. The Taylor Rule in Economics: Definition, Formula & Example
In this lesson, you'll find out how central banks use the Taylor rule in economics. You'll have the chance to become familiar with some key definitions, learn how to use a formula to apply the Taylor rule, and try your hand at a real-life sample calculation.
7. What is Economics? - Definition, History, Timeline & Importance
Learn about what economics is and how it influences your everyday life. Find out who some of the biggest names in economics are and some of the key variables that are responsible for all the economic activity and business you experience.
8. What is Elasticity in Economics? - Definition, Theory & Formula
In this lesson, we'll discuss elasticity in economics, including its definition, the different types of elasticity, and their effect on the business market. We'll also use a real-life example and learn how to use simple formulas to calculate elasticity of demand.
9. What is Macroeconomics? - Definition & Principles
Macroeconomics is one of the major subdivisions in the study of economics. In this lesson, you'll learn what it is, why it's important and its major principles. You'll also have a chance to take a short quiz after the lesson.
10. What Is Microeconomics? - Definition & Topics
Learn about microeconomics and a few of the most popular topics that are typically studied in the field, such as supply and demand, opportunity cost, and different forms of competition that exist.
11. Input-Output Model
Companies need to meet the demands of their customers. This means not only being able to understand what they want and need, but also being able to use incoming factors to make the products. In this lesson, we will learn all about this relationship known as an input-output model.
12. Benjamin Graham: Biography, Education & Books
In this lesson, you will learn about the early life, investing career, books, and legacy of Benjamin Graham - the 'founding father' of security analysis.
13. The Intelligent Investor by Benjamin Graham Summary
In this lesson, you will learn about Benjamin Graham's book, ''The Intelligent Investor'' which provides ordinary investors with practical advice on how to make security investments. Today the book is famous for introducing two concepts into the investing profession: the allegorical Mr. Market and the concept of margin of safety.
14. Expected Utility: Theory & Formula
This lesson will introduce expected utility theory. It states that under conditions of uncertainty, the correct choice between alternatives is the one that maximizes utility. An illustration, formula and calculation will follow.
15. Prospect Theory in Economics: Definition & Example
In this lesson, we'll discuss prospect theory. We'll go through a thought experiment similar to the ones the theory's developers fell for when they were vetting the idea in the late 1970s. Then, we'll look at examples of prospect theory and discuss its implications.
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Other chapters within the Introduction to Macroeconomics: Help and Review course
- The Production Possibilities Curve: Help & Review
- Comparative Advantage, Specialization and Exchange: Help and Review
- Demand, Supply and Market Equilibrium: Help and Review
- Inflation Measurement and Adjustment: Help and Review
- Understanding Unemployment: Help and Review
- Aggregate Demand and Supply: Help and Review
- Macroeconomic Equilibrium: Help and Review
- Inflation and Unemployment: Help and Review
- Economic Growth and Productivity: Help and Review
- Money, Banking, and Financial Markets: Help and Review
- Central Bank and the Money Supply: Help and Review
- Fiscal and Monetary Policies: Help and Review
- Foreign Exchange and the Balance of Payments: Help and Review
- Inflows, Outflows, and Restrictions: Help and Review
- Government & the Economy: Help and Review
- The U.S. Economic System