What is economics? Normative Definition Economics is the science that studies how to efficiently allocate economic resources Positive definition economics is the science that studies how an economy operates or how economic variables are
11-1: utput, Unemployment, and Inflation 11-2: The Medium Run 11-3: Disinflation: A First Pass 11-4: Expectations, Credibility, and Nominal Contracts 11-5: The U.S. Disinflation, 1979 to 1985
8-1: A Tour of the Labor Market 8-2: Movements in Unemployment 8-3: Wage Determination 8-4: Price Determination 8-5: The Natural Rate of Unemployment 8-6: Where We Go From Here
3-1: The Composition of GDP 3-2: The Demand for Goods 3-3: The Determination of Equilibrium Output 3-4: Investment Equals Saving:An Alternative Way of Thinking About Goods-Market Equilibrium 3-5:ls the Government Omnipotent?A warning