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A PowerPointTutorial
To Accompany
Mannig J. Simidian
B.A. in Economics with Distinction, Duke University
1
Chapter One
M.P.A., Harvard University Kennedy School of Government
M.B.A., Massachusetts Institute of Technology (MIT) Sloan School of Management
In Memoriam
Mankiws Macroeconomics Modules for Macroeconomics 7th ed. are
dedicated to the loving memory of my cherished father, best friend and
mentor. Daddy you are still my inspiration for making sure
these tutorials are the best they can be for students worldwide!
Chapter One
Acknowledgements
For over a decade, I have had the honor of participating in the educational
supplements for Professor Mankiws Macroeconomics (eds. 5th- 8th). Each iteration of his
text becomes clearer, and more insightful! Professor Mankiw effortlessly finds a way to
improve what is already perfect. He profoundly elucidates changes and illuminates the
dynamics of the ever-changing ubiquitous collection of buyers and sellers which comprises
the macroeconomy. In the most organized and articulate fashion, he demystifies the
financial good and evil that all humans face on a daily and long-term basis. To me, there is
no other greater societal contribution to a globalizing marketplace in desperate need of
education, answers, reformation and inspiration. Thank you Professor Mankiw for filling
the world with hope through analytical awareness!
Mankiws Macroecoeconomics Modules act as a complimentary tool to Professor
Mankiws text, and have been a benefit to students and teachers worldwide who have
wanted yet another way to experience the power and knowledge found in Macroeconomics
8th ed. My participation is an honor for which I am eternally grateful.
I have had a profound support system throughout the years most notably my
Father, Ara Simidian, who rests in heaven, my Mother, Jane Simidian, Dr. Lawrence
Brockman, Dr. Russell & Dara Meetze, Professors Mike McElroy, Adrian Austin, David
Denslow, Mark Rush, Ed Tower, Jeff Frankel, David Gergen, and friends Mark Hassan,
Stephanie Taylor and artistlaureate Peter Max, among many others.
The 8th edition of Mankiws Macroeconomics Modules is dedicated to my eight
year old daughter Elle, who is now old enough to understand the importance of the
economy.
I owe
Chapter
One it to her to disseminate macroeconomics education that will not leave3 her
generation in economic turmoil.
Mannig J. Simidian
Welcome to Macroeconomics!
Everyone has reason to think critically about macroeconomic
issues. It is imperative that we seek to understand why some
countries are growing faster or slower than others or
why some have greater fluctuations in inflation or
unemployment. The study of macroeconomics focuses on the forces
that affect the economy as a whole! And, it affects everyone in so
many ways. It plays a significant role in politics, while also affecting
public policy and societal well-being, at national and global levels.
Macroeconomists use variables to measure the performance
of the economy such as real GDP, the inflation rate, and the
unemployment rate many among others. They are also concerned
with matters such as monetary and fiscal policyboth of which, will
be discussed at length in MACROECONOMICS, 8th ed.,
Mankiws Macroeconomics Modules, and in your macroeconomics
course. Good luck and have fun using these tutorials to guide you 4
Chapter One
when macroeconomics might be challenging you! Enjoy!!!
Price
Supply
P*
Demand
Chapter One
Q * Quantity
S S'
D
Q
8
10
The modules mirror the sequencing of the text, Macroeconomics, 8th ed.
There are six parts and a total of nineteen chapters with a module
written for each chapter. Enjoy!
Introduction
Classical Theory, The Economy in the Long Run
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Macroeconomics
Real GDP
Inflation and deflation
Unemployment
Recession
Depression
Models
Endogenous variables
Exogenous variables
Market clearing
Flexible and sticky prices
Microeconomics
Chapter One
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