![OpenStax Principles of Macroeconomics 2e](https://img.oercommons.org/160x134/microsite-oh-prod/media/courseware/course/image/courseware-courseware-13.png)
- Material Type:
- Full Course
- Provider:
- Rice University
- Provider Set:
- OpenStax College
- Date Added:
- 06/29/2017
By the end of this section, you will be able to:
Analyze GDP per capita as a measure of the diversity of international standards of living
Identify what classifies a country as low-income, middle-income, or high-income
Explain how geography, demographics, industry structure, and economic institutions influence standards of living
In this chapter, you will learn about:
Macroeconomic Perspectives on Demand and Supply
Building a Model of Aggregate Demand and Aggregate Supply
Shifts in Aggregate Supply
Shifts in Aggregate Demand
How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
Keynes’ Law and Say’s Law in the AD/AS Model
By the end of this section, you will be able to:
Explain how productivity growth changes the aggregate supply curve
Explain how changes in input prices change the aggregate supply curve
By the end of this section, you will be able to:
Explain how we can use GDP to compare the economic welfare of different nations
Calculate the conversion of GDP to a common currency by using exchange rates
Calculate GDP per capita using population data
By the end of this section, you will be able to:
Discuss how productivity influences the standard of living
Explain the limitations of GDP as a measure of the standard of living
Analyze the relationship between GDP data and fluctuations in the standard of living