Economics Ladder · High school · Grade 12
Macroeconomics
The whole economy: GDP, unemployment and inflation, money and banks, the business cycle, fiscal and monetary policy, growth and trade.
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Unit 1 Measuring the Economy
7 topics
The circular flow, what GDP counts and how it is added up, and how to separate real growth from rising prices.
Unit 2 Unemployment, Inflation and the Business Cycle
8 topics
Who counts as unemployed, the kinds of unemployment, price indexes and inflation, who gains and loses from inflation, and the phases of the business cycle.
Unit 3 Aggregate Demand and Aggregate Supply
10 topics
The AD–AS model: why each curve has its shape, what shifts it, the multipliers, short-run and long-run equilibrium, and how the economy adjusts.
Unit 4 Fiscal Policy
5 topics
Government spending and taxes as tools against output gaps, how large a change is needed, tax structures, automatic stabilizers, and deficits and debt.
Unit 5 Money, Banks and the Central Bank
11 topics
Financial assets and interest rates, what money is and how it is measured, how banks create it, the money market, the central bank's tools, monetary policy, and the loanable funds market.
Unit 6 Policy in the Long Run
6 topics
Fiscal and monetary policy together, the Phillips curve, money growth and inflation, crowding out, and where schools of thought agree and differ.
Unit 7 Economic Growth
3 topics
Productivity, the power of compound growth, and the policies that can raise growth over the long run.
Unit 8 The Open Economy
7 topics
The balance of payments, exchange rates and the foreign exchange market, and how trade and capital flows tie economies together.