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EC212 · 8 LESSONS
EC212
Foundations
Eight essentials before EC312, from GDP to IS–LM and AD–AS.
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All lessons are open- 01Seeing the whole economyIf one shop sells more, is the whole country doing better? Separate one business from national output, the overall price level, and employment.
- 02What GDP countsPaddy is sold to a mill and rice is sold to a household. Adding every sale would count the same production more than once.
- 03Real GDP, prices, and inflationSales revenue rises 20%, but prices also rise. How can we separate extra output from higher prices?
- 04Aggregate spending and the multiplierFirms produce 500, but buyers plan to buy 450. Inventories rise unexpectedly. How will firms adjust production?
- 05Money and interest ratesHolding money makes purchases easy but forgoes interest. Income and interest rates therefore affect money demand.
- 06Building IS–LMSpending determines goods-market income, but interest affects investment while income affects money demand. We must solve both markets together.
- 07AD–AS and economic fluctuationsOutput can fall because spending weakens or production costs rise. These causes imply different price movements and policy problems.
- 08Exchange rates and the open economyFrom 32 to 36 baht per dollar: is the baht stronger or weaker? Think about how many baht buy the same one dollar.