crash course what is economics

Crash Course Economics Crash Course Crash Course is a platform designed to open up debate on how we can move out of the current crisis and make the necessary steps towards achieving social, economic, ecological and regenerative justice.

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What is the difference between microeconomics and macro economics?

• ECON 1050 Introductory Microeconomics and Quantitative Reasoning
• ECON 1101 Introductory Microeconomics
• ECON 1102 Introductory Macroeconomics
• or a 2000-2499 level elective

Who should take macroeconomics courses?

Overview of the Major in Economics

• Introductory Courses Principles of Economics (ECON 1101) Statistics (ECON 1151)
• Intermediate Courses Microeconomic Theory (ECON 2201 or ECON 2203) Macroeconomic Theory (ECON 2202 or ECON 2204) Econometric Methods (ECON 2228)
• Elective Courses six electives chosen from ECON 2200–ECON 4497. ...

What is the ultimate objective of macroeconomics?

• Studying economics makes us more informed participant in the modern economy.
• Makes us understand the ways in which individuals, families, business firms and entire societies allocate scarce resources to satisfy their needs and wants.
• Provides valuable insight into the role of government in an economy.

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What are the two major problems in macroeconomics?

The main macroeconomic issues are:

• Employment and unemployment
• Inflation
• Stagflation and deflation
• Business cycles
• Economic growth
• The balance of payments and exchange rate

What is economics the study of crash course?

A study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other more important side the study of man. Economics. The study of people and choices.

What is economics crash course quizlet?

The study of production, employment, prices, and policies on a nationwide scale. Microeconomics. The study of how consumers, workers, and firms interact to generate outcomes in specific markets. Production Possibility Frontier (PPF) Graph. comparative advantage.

What is an economics course?

Economics is concerned with the creation, consumption, and transfer of wealth. The study of economics encompasses the major areas of microeconomics, which explores how people and firms produce and consume goods and services, and macroeconomics, which explores mass economic progress and inter-country trade.

What is the main focus of economic?

the primary focus of economics is the issue of scarcity.

What is Crash Course?

Crash Course is a platform designed to open up debate on how we can move out of the current crisis and make the necessary steps towards achieving social, economic, ecological and regenerative justice.

How can I get involved with Crash Course?

Feel free to contact us with ideas for webinars – or to help out in organising events.

How was finance driven economics rescued?

The finance-driven economic model was rescued by extreme measures taken by central banks in developed economies, which embarked on ‘unconventional monetary policy’. One of these policies was the massive purchase of assets by central banks, primarily government bonds, with instantly created money.

Why did the Dutch and German central banks criticize the ECB's QE policies?

The Dutch and German central banks criticised the ECB’s QE policies on the grounds that they would reduce the disciplining effects of markets on corporations. In their opinion, this would result in zombie companies. Ben Bernanke, the former Chair of the US Federal Reserve, responded to the lack of monetary theory: “The problem with QE is that it works in practice, but it doesn’t work in theory.”

How did QE affect the financial system?

The QE money that was injected into the financial system remained circulating in the financial system instead of reaching the real economy. QE blew bubbles in real estate markets and stock markets. The asset-owning class – the rich – became even richer. Everyone else was confronted by austerity policies – after all, someone had to pay the bill.

Why was QE policy controversial?

QE policies were controversial right from the start. While the community of central bankers had always displayed a unified front, QE policies led to a visible split on several issues. The Bank for International Settlements, for example, refuted the claims made by the European Central Bank (ECB) that QE money was reaching the real economy.

What was the QE programme?

The Quantitative Easing (QE) programmes of central banks in the Global North injected trillions of dollars into the financial system after the global financial crisis of 2007, paving the way for another round of potential debt crises today. The surplus of capital and low interest rates in developed economies led to a rise in capital flows to developing countries. Then Covid-19 came along. Again we saw an unprecedented increase in money being injected into the financial system by central banks in the Global North. This rising tide of capital flows has the potential to result in a new period of ‘lost decades’, provoked by debt crises.

What is macroeconomics in news?

Macroeconomics is the stuff that finance news and reports on TV, radio, or in print are usually made of. When news outlets like CNN Money, CNBC, MSNBC, Bloomberg, or Wall Street Journal talk about a nation’s GDP, inflation, employment rate, interest rates, exchange rates, or the stock market, they are all speaking the macroeconomic language. Macroeconomics examines the economy from a larger lens – could be from a global perspective or a national perspective.

Why do students study macroeconomics?

Furthermore, the subjects favored the study of macroeconomics as they value their power to influence world policies and outcomes. That feeling of intellectual empowerment is common among the interviewed subjects.

What is the complementary subfield of economics?

Macroeconomics and Microeconomics are two of the complementary sub-fields of economics (a third subfield has been recently acknowledged, and this is Econometrics, which is the application of statistics and mathematics in interpreting economic data).

Why is GDP captured using current prices?

This is so because the GDP is captured using current prices and is used to compare economic health between two periods in time, say two different years or quarters or even periods. Using a price deflator, the real GDP is captured by statistically adjusting the nominal GDP value to account for inflation.

What is the purpose of microeconomics?

Microeconomics plots the income, output, and expenditure of individual consumers or businesses. The aggregate of these variables representing a nation is what macroeconomics examines.

What caused the Great Recession of 2008?

For example, the so-called Great Recession of 2008 is caused by the housing bubble due to high-risk mortgage loans, or “Ninja” loans (IRLE, 2018), where banks lent money to high-risk borrowers. The impending Coronavirus recession (or depression, depending on how long this downturn will last) is caused by the viral pandemic that resulted in nations locking down their boundaries, leading to market and employment stoppage. Should a recession or depression happen 20 years from now, even the brightest economists would not be able to indicate how would countries or industries react precisely. The economic landscape and the players would undoubtedly be different by then, and also because economics is not an exact science. Again, it is a social science.

What is the general theory of employment, interest, and money?

In 1936, John Maynard Keynes released the book “The General Theory of Employment, Interest, and Money.” As the title implies, Keynes focused on the behavior of the factors that were ignored in the classic al approach: the aggregated indicators which are unemployment, production or output, and money. His ideologies are what gave birth to the subfield of macroeconomics because at the core of his new approach is the vital role of the government in maintaining stable economic growth or interfering with fiscal and monetary policies when a downturn is imminent. Keynes also added that downturns are inevitable, even recessions, and private entities are expected not to spend given these phenomena. This is where the government comes in. Ever heard the terms “government spending” or “stimulus package”? That is the government doing its part to keep its nation’s economy rolling even if it’s only minimal. In the short-term, after all, any economic movement is better than economic stagnation.

Who is the host of CrashCourse Economics?

Mr. Clifford and Adriene: Hi, I'm (names) and I'm the host of CrashCourse economics. Stan!

Who is the famous economist who defined economics as "A study of man and woman"?

The famous economist Alfred Marsh defined economics as "A study of man (Adriene: and woman!) in the ordinary business of life. It inquires how he gets his income and how he uses it. Thus, it is on the one side the study of wealth and on the other and more important side a study of man (Adriene: And woman).".

Why do governments use economic theory?

Government officials use economic theory to guide public policy, their effects are widespread and affect millions of people. Sometimes a theory is flawed, but many times a policy is flawed. Economists adjust theories supported by data and understanding of incentives. Having the right incentive is key.

What is the difference between economics and government?

Economics is a company deciding whether to produce smartphones or tablets and how that's influenced by what we consumers want to buy. Economics is the government deciding whether to increase its spending when it's a recession and if it's worth going into debt.

Is Crash Course on Patreon?

Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse

Is economics a study of money?

Economics is not the study of money or getting rich, although understanding economics can help with that. Economics is not the study of the stock market. It's just not. Economics is not primarily about men in bow-ties forecasting what will happen in a given market or the overall economy.

Can we afford the licensing agreement for that song guys economics?

Mr. Clifford: No, no, no, we can't afford the licensing agreement for that song guys, economics. Sorry.