This is very difficult set of topics to cover in one chapter. It is actually three topics! Instructors should choose one of these topics to cover and adjust the learning objectives accordingly. Inequality can be studied from the perspective of the US or between countries. The study of inequality would cover Learning objectives 1 and 3. Poverty is fundamentally about deprivation and should be understood as such. Deprivation can also intersect with inequality.  Economic Development is a contested term and its definition depends on the period and region that is being studied. Poverty and Economic Development together cover learning objective 2, 4 and 5.

A study of inflation, its measures, and consequences.  Students will understand how price information is collected and used to construct an index of the price level.  It is important that households and economic agents have a good understanding of the impacts of general price level changes on various economic units.  Policy makers use inflation information to understand the consequences of policy changes and as a guide to current and future policy.

Presents a theoretical and statistical explanation of the negative relationship between inflation and unemployment known as the “Phillips Curve.”

International trade is included in this course as an optional topic. While this might usually be covered in a principles of microeconomics course, it has been included here for review purposes, or in the event that students have not previously taken microeconomics. Please note that some of the learning objectives may overlap with the unit on Tradeoffs. 

This lesson concerns how economic growth is measured and defined, the benefits of economic growth over time, and the determinants of a nation’s economic growth, including policy. Students will examine the importance of sustained economic growth over time.  Students will understand the meaning and determinants of economic growth. Comparative information and data for different economies over time will be utilized to examine the importance of policy and several factors as economic growth drivers. Students will examine the aggregate production function as a tool to understand the relationship between inputs and aggregate output.  The importance of technological progress will be emphasized. 

This topic discusses the role of a central banks and monetary policy. Monetary policy is contextual and particular to the unique institutional features of the economy of interest. For example, Chinese Monetary policy would be very different from US Monetary Policy. In order to understand monetary policy contextually it helps to start with the historical evolution of the institution (learning objective 2). This is a good way for students to see the value of economic history as a subfield. Other important topics include an understanding of how a Central Bank conducts Monetary Policy and how this Monetary Policy affects Economic Outcomes. Also important are the pitfalls of Monetary Policy and case studies on various attempt at bank regulation which are getting more and more relevant. 

This is an introduction to money and its functions.  It explains the role of the central bank in money supply and the money creation process.  Money demand and its determinants are essential to an understanding of equilibrium interest rates, when combined with a discussion of money supply.  An alternative explanation of bond demand and equilibrium interest rates is introduced through a discussion of the bond market. 

This category covers a lot of material. Multiple chapters are included from the main resource. Individual instructors might consider breaking this down into smaller subcategories, or tying individual objectives to other categories; for example, LO2 might be covered in monetary policy, and LO 3 might be covered in discussion of the AD/AS model.

The presentation suggested by this topic is not universally used, but is an option. The objectives assume a closed economy with no flow of goods, services, or investment. Availability of quality material using this approach is limited with the OER materials available, and may require additional resource creation in the future.

This is a lesson on the basic economic tools of supply and demand.  Students will use be introduced to the potential results of the interactions of buyers and sellers in a market using basic supply and demand data.  Students will be asked to explore different examples of the use of market information to determine market price and the reasons for changes in market price.