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AP Macroeconomics Online Course Prof. Jibin Park
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Level Advanced
27 Lessons (16hr : 51min)
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4.7 87 Ratings & 22 Reviews
Audio: English

Professor Jibin Park will help you ace the AP Macroeconomics exam by explaining economic ideas with clear explanations, real world examples, and breakdowns of complex graphs. This course is complete with a full-length sample AP exam full of insights and test-taking strategies Professor Park has learned as an AP grader for 7+ years.

Table of Contents
Course Details
About Prof. Park

Section 1: Introduction
	Intro to Macroeconomics			43:55
		Intro		0:00
		Lesson Overview		0:14
		What is Economics?		1:33
			The Study of How People Seek to Satisfy Their Needs and Wants by Making Choices	1:40
			Scarcity	1:56
		Four Factors of Production (Resources)		2:59
			Land	3:40
			Labor	3:53
			Capital	4:06
			Entrepreneurship	4:50
		Needs vs. Wabts		5:10
		Choice and Cost		11:24
			Opportunity Cost	12:41
			Trade-Off	13:20
		Opportunity Cost Example		14:16
		Positive Economics vs. Normative Economics		16:19
			Positive Economics	16:40
			Normative Economics	17:26
		Is It Normative or Positive?		18:30
		Marginal Analysis		20:54
			Thinking at the Margin	21:03
			All or Nothing Propositions	21:29
			Whether or Not to Consume the Next Unit	22:01
		Marginal Analysis Example		22:10
		Production Possibilities Frontier		25:00
			Graph	25:17
			Efficiency	25:25
			Underutilization	25:38
			PPF Graphs	25:45
			Guns or Butter Analogy	26:03
		Increasing Opportunity Cost		27:48
			Law of Increasing Opportunity Cost	27:54
			Curve Will Be Concave	28:04
			Example	28:08
		Constant Opportunity Cost		33:45
			Definition of Constant Opportunity Cost	34:07
			Downward-Sloping Line	34:14
			Example	34:17
		Example 1		37:32
		Example 2		39:12
		Example 3		40:37
		Example 4		42:11
	Comparative Advantage & Trade			45:14
		Intro		0:00
		Lesson Overview		0:07
		Different Types of Economies		1:30
			Market Economy	1:41
			Command Economy	2:28
			Mixed Economies	3:50
		Absolute Advantage		4:38
			Better In Producing a Particular Product	4:54
			Example	5:03
		Comparative Advantage		8:09
			Lower Opportunity Cost in Producing a Particular Product	8:27
			Example	8:52
		Comparative Advantage and PPF Graph		14:30
		Example 1		21:33
		Example 2		25:57
		Example 3		28:59
		Example 4		30:17
		Example 5		35:21
		Example 6		40:37
	Supply & Demand			48:05
		Intro		0:00
		Lesson Overview		0:09
		Supply and Demand		1:34
			Supply and Demand Model	1:39
			Demand Curve	2:19
			Supply Curve	2:23
			Set of Factors	2:33
			Equilibrium Price and Quantity	2:55
		Demand Schedule and Demand Curve		3:09
			Market Demand Schedule	3:19
			Market Demand Curve	3:42
			Example	3:51
		Shifts of the Demand Curve		8:03
			Changes in the Prices of Related Goods	8:19
			Changes in Income	12:43
			Changes in Tastes	14:35
			Changes in Expectations	15:47
		Increase in Demand (Rightward Shift)		17:25
		Decrease in Demand (Leftward Shift)		18:37
		Supply Schedule and Supply Curve		19:45
			Market Supply Schedule	19:57
			Market Supply Curve	20:09
			Example	20:15
		Shifts of the Supply Curve		23:38
			Changes in Input Prices	24:04
			Changes in Technology	24:49
			Changes in Expectations	25:38
		Increase in Supply (Rightward Shift)		26:56
		Decrease in Supply (Leftward Shift)		28:10
		Supply, Demand, and Equilibrium		29:02
			Equilibrium Price	29:14
			Equilibrium Quantity	29:26
			Equilibrium	29:32
		Surplus and Shortage		30:58
			Surplus	31:09
			Shortage	31:17
			Example	31:22
		Example 1		34:50
		Example 2		36:05
		Example 3		38:09
		Example 4		41:53
		Example 5		45:09
	Changes in Supply and Demand			30:07
		Intro		0:00
		Lesson Overview		0:17
		Shifts of the Demand or Supply Curve		1:34
			Demand Shift to the Right	1:47
			Demand Shift to the Left	2:04
			Supply Shift to the Right	2:28
			Supply Shift to the Left	2:42
		Example 1		3:36
		Example 2		5:46
		Example 3		7:43
		Example 4		9:37
		Shifts of Both the Demand and Supply Curves		11:53
			Demand and Supply Shift to the Right	13:24
			Demand and Supply Shift to the Left	13:36
			Supply Shift to the Left and Demand Shift to the Right	13:55
			Supply Shift to the Right and Demand Shift to the Left	14:18
		Example 5		17:13
		Example 6		20:21
		Example 7		22:44
		Example 8		25:06
Section 2: Measurements of Economic Performances
	Gross Domestic Product			50:25
		Intro		0:00
		Lesson Overview		0:27
		National Accounts		1:20
			National Income and Product Accounts	1:21
			Macroeconomist Equation	2:35
		Circular Flow of the Economy		9:23
			Household	11:52
			Firms	12:16
			Product Market	12:31
			Factor Market	12:40
		Expanded Circular Flow Diagram		22:26
		GDP Explained		30:36
			Gross Domestic Product	30:43
			First Method of Calculating	34:01
			Second Method	35:00
			Third Method	35:34
		Real vs. Nominal GDP		36:21
			Nominal GDP	36:36
			Real GDP	36:51
			Which is a More Accurate Means of Measuring Economic Growth	38:04
		Real GDP Example (2010 Base)		39:08
		Real GDP Per Capita		47:36
			Real GDP Per Capita	48:46
			Imperfect Measure but Generally Best Measure of Standard of Living	49:59
	Unemployment			43:39
		Intro		0:00
		Lesson Overview		0:14
		Am I Unemployed?		1:59
		Unemployment Measures		4:43
			Employed	4:46
			Unemployed	5:20
			Labor Force	5:53
			Labor Force Participation	6:21
			Unemployment Rate	6:39
		Unemployment Example		7:56
		Limitations of the Unemployment Rate		11:06
			Unemployment Tends to Understand the Employment Situation	11:16
			Marginally Attached to Labor Force	11:32
			Discouraged Worker	12:20
			Underemployed	13:17
		Types of Unemployment		14:37
			Frictional Unemployment	14:45
			Structural Unemployment	16:06
			Cyclical Unemployment	17:00
		Effect of Minimum Wage of Labor Market		19:00
		Natural Unemployment Rate		22:36
			Natural Unemployment	22:13
			Actual Unemployment	23:47
			Full Employment	24:06
		Unemployment Examples		25:54
		US Unemployment Data		26:16
			Unemployment Rate Declined in November 2013	26:59
			Civilian Labor Force Rose	28:47
			Return of Furloughed Federal Government Worker	29:10
			2.1 Million Marginally Attached to the Labor Force Went Down	29:44
			Reasons to Not Join Labor Force	30:50
			Average Workweek Increased	31:17
			Average Hourly Earnings Increased	31:48
		Trends in US Unemployment		32:20
		Unemployment Rate Example		34:29
	Inflation			28:44
		Intro		0:00
		Lesson Overview		0:09
		What is Inflation?		1:11
			Purchasing Power of Your Money Decreases	1:16
			All Prices Increase	1:46
			Fed Chairman Paul Volcke's Top Priority	2:14
			Target Federal Funds Rate	2:52
			What's Wrong with Inflation	3:37
		Costs of Inflation		3:48
			Shoe-Leather Costs	3:57
			Menu Costs	4:49
			Unit-of-Account Costs	5:55
		Crucifying Mankind on a Cross of Gold		6:32
		Winners and Losers from Inflation		8:16
			Nominal Interest Rate	8:21
			Real Interest Rate	9:10
		Real Interest Rate Examples		11:26
		Wage-Price Spiral		14:29
			Combination of 'Cost-Push' and 'Demand-Pull' Inflation	14:33
			Demand-Pull Inflation	14:41
			Wage-Price Spiral	15:13
			Keynesians Tend to Favor This Model of How Inflation Works	16:10
		Monetarist View of Inflation		17:04
			Issue of Money Supply	17:13
			Quantity Theory of Money	17:28
			Austrian View	17:53
			Paul Krugman's View	18:47
		Measurement and Calculation of Inflation		19:37
			Aggregate Price Level	19:41
			Market Basket	19:48
			Price Index	20:02
		Consumer Price Index and PPI		21:51
			Consumer Price Index	21:58
			Producer Price Index	23:59
		GDP Deflator		24:35
			GDP Deflator Equation	24:36
			Shows How Much the Aggregate Price Level Has Increased	24:55
			Not Based on a Fixed Basket of Good's and Services	25:05
			Default Basket	25:24
		Price Index Problems		25:54
Section 3: National Income and Price Determination
	Aggregate Demand			30:20
		Intro		0:00
		Lesson Overview		0:07
		What is Aggregate Demand		1:29
			Aggregate Demand Curve	1:34
			All Things Equal	2:10
			Basic Equation of National Income Accounting	2:35
		Aggregate Demand Curve		3:54
		Why is the AD Downward Sloping?		6:36
			Demand Curve for an Individual Good	6:56
			Aggregate Demand	7:32
			Why Does a Rise in Aggregate Price Level Lead to a Fall in the Quantity of All Domestically Produced Goods?	8:00
		The Wealth and Interest Rate Effect		8:25
			Wealth Effect	8:34
			Interest Rate Effect	9:47
		Shifts in the Aggregate Demand Curve		11:01
			Changes in Expectations	11:30
			Changes in Wealth	12:47
			Sixe of the Existing Stock of Physical Capital	13:34
		Monetary and Fiscal Policy		14:13
			Fiscal Policy	14:26
			Monetary Policy	16:32
		Example 1		20:27
		Example 2		21:52
		Example 3		24:20
		Example 4		26:06
	Aggregate Supply			24:03
		Intro		0:00
		Lesson Overview		0:12
		What is Short-Run Aggregate Supply?		1:11
			Shows the Relationship	1:17
			Profit Per Unit of Output	1:41
		Aggregate Supply Curve		2:35
		Nominal Wages and Sticky Wages		4:05
			Largest Source of Inflexible Production Cost	4:11
			Nominal Wages Paid to Workers	5:09
			Sticky Wages	5:48
			Slow to Fall in Unemployment	6:04
		Shifts in the Aggregate Supply Curve		9:33
			Changes in Commodity Prices	10:15
			Changes in Nominal Wages	10:45
			Changes in Productivity	11:29
		Long-Run Aggregate Supply Curve		12:24
			Shows the Relationship	12:30
			Potential Output	12:47
			What Would Shift the LRAS?	13:57
		Example 1		15:10
		Example 2		18:11
		Example 3		20:37
		Example 4		21:41
	Aggregate Supply & Demand			43:41
		Intro		0:00
		Lesson Overview		0:11
		Long-Run Macroeconomic Equilibrium		1:06
		The AD-AS Model		3:29
			Short-Run Macroeconomic Equilibrium	3:34
			Long-Run Macroeconomic Equilibrium	4:00
			Recessionary Gap	4:55
			Inflationary Gap	5:20
		The Long-Run Approach		5:50
			Initial Negative Demand Shock	6:33
			Higher Unemployment in the Short-Run	6:52
			Economy Moves Back to Potential Output	7:12
		Self-Correcting Recessionary Gap		7:54
		Expansionary Fiscal Policy		11:22
			'In the Long-Run, We Are All Dead'	12:11
			Increase Government Spending	13:00
			Decrease Taxes	13:30
			Increase in Government Transfers	13:55
		Expansionary Fiscal Policy Graph		14:27
		The Long-Run Approach		18:08
			An Initial Positive Demand Shock	18:21
			Higher Inflation and Reduced Unemployment	18:20
			Economy Moves Back to Potential Output	18:27
		Self-Correcting Inflationary Gap		19:04
		Contrationary Fiscal Policy		22:39
			President Johnson's Temporary Hike on Income Taxes	22:50
			Decrease Government Spending	23:16
			Increase Taxes	23:34
			Decrease in Government Transfers	23:50
		Contrationary Fiscal Policy Graph		24:05
		Stabilization Policy		28:10
			Government Policy to Refuce the Severity of Recessions	28:17
			Should the Government Use Fiscal Policy to Reduce the Severity of Negative Demand Shocks	28:37
			What Should the Government Due in the Face of a Negative Supply Shock?	30:19
		Example 1		31:32
		Example 2		34:30
		Example 3		38:22
		Example 4		39:58
	Fiscal Policy & The Multiplier			45:30
		Intro		0:00
		Lesson Overview		0:09
		The MPC and MPS		1:19
			Investment Spending Increases	1:29
			Increased Output	2:03
			Marginal Propensity to Consumer and Marginal Propensity to Save	3:02
			MPC	3:18
			MPS	3:28
		The Marginal Propensity to Consume		3:57
			Number Is 0	4:55
			Number is 1	5:13
			Number is Usually Between 0 and 1	6:39
			Number is 0.8	7:52
			Formula	8:15
		The Multiplier Effect		9:51
			Autonomous Change in Aggregate Spending	9:59
			Multiplier	10:36
			Size of the Multiplier	11:36
		Consumption Function		13:15
			Equation Showing How an Individual's Household's Consumer Spending Changes with Disposable Income	13:45
			Autonomous Consumer Spending	13:58
			Formula	14:48
			Example	15:30
		Consumption Function Example		18:27
		Shifts of the Aggregate Consumption Function		21:31
			Changes in Expected Future Disposable Income	21:42
			Changes in Aggregate Wealth	23:22
		Investment Spending		24:12
			If Interest Rates Go Up or Down	24:36
			Expected Future Growth	25:07
			Formula	25:18
			Positive Unplanned Inventory Investment	25:31
		Tax (or Government Transfer) Multiplier		26:38
		Automatic Stabilizers		31:26
			As the Economy Expands	32:03
			As the Economy Contracts	32:42
		2008 and 2009 Stimulus Package		33:20
			2008 Question of Tax Cuts or Transfer Payments	33:21
			2009 American Recovery and Reinvestment Act	36:16
		Example 1		38:23
		Example 2		41:19
		Example 3		42:33
		Example 4		43:13
Section 4: Financial Sector
	Saving, Investment & the Financial System			48:57
		Intro		0:00
		Lesson Overview		0:08
		Saving-Investment Spending Identity		1:49
			Savings-Investment Spending Identity	2:09
			Imagine a Country with No Government and No Trade	2:35
		Budget Surplus and Deficit		7:34
			Budget Surplus	8:19
			Budget Deficit	10:34
			Budget Balance	12:19
			National Savings	12:42
		Capital Inflows and Outflows		14:26
			Cashflow	15:10
			Capital Inflow	15:57
			2008 Example	16:12
		Tasks of a Financial System		20:43
			Reduce Transaction Costs	21:25
			Reduce Risk	21:59
			Provide Liquidity	24:04
		Types of Financial Assets		25:29
			Bonds	25:45
			Loan-Backed Securities	28:39
			Stocks	30:12
		Financial Intermediary		31:56
			Types of Financial Intermediaries	32:01
			75% of Wealth in U.S. is Held by These Four	32:29
		Mutual Funds		33:08
			Definition of Mutual Funds	33:17
			Benefit	34:39
			Downside	35:03
			Households Owned Over $10 Trillion in Mutual Funds	37:47
			Fidelity Investments	38:02
		Pension Funds and Life Insurance		38:16
			Pension Funds	38:22
			Life Insurance	40:31
		Banks		42:34
			Accept Funds From Depositors	42:40
			Keep a Fraction of Customers' Deposits in Cash Form	42:44
			FDIC	43:55
		Example 1		44:10
		Example 2		45:01
		Example 3		45:48
		Example 4		47:34
	The Definition & Time Value of Money			34:05
		Intro		0:00
		Lesson Overview		0:21
		What is Money?		1:49
			Assets That Can Be Easily Used to Purchase Goods and Services	1:52
			Money in Savings Accounts, CDs or Money Market Accounts	3:02
		Roles of Money		5:37
			Medium of Exchange	5:53
			Store of Value	6:56
			Unit of Account	9:15
		Types of Money		9:56
			Commodity Money	10:16
			Commodity-Backed Money	10:50
			Fiat Money	12:20
		M1 and M2		16:29
			M1	16:34
			M2	16:40
			2010 Facts	17:01
		A Penny Doubled		18:59
		Present vs. Future Value		20:26
			Formula	20:35
			Future Value	20:42
			Present Value	20:49
			Interest Rate	20:54
			Time Period of Investment	20:57
		$0.01 = ?????		23:25
		Winning the Lottery Example		24:52
		Example 1		27:06
		Example 2		28:33
		Example 3		29:34
		Example 4		31:21
	Banking & Money Creation			32:00
		Intro		0:00
		Lesson Overview		0:12
		What Do Banks Do?		1:09
			What Are Banks	1:13
			Restrictions	1:52
			Federal Reserve	2:24
		Assets and Liabilities of Park's Place Bank		2:39
		The Problem of Bank Runs		6:36
			Financial Trouble Rumors Lead to Depositors Withdrawing Funds	7:17
			Panic	7:30
			Self-Fulfilling Prophecy	8:02
		Bank Regulation		8:37
			Deposit Insurance	8:56
			Capital Requirement	9:46
			Reserve Requirements	10:21
			Discount Window	11:23
		Money Creation Process		12:24
		Money Multiplier Formula		15:20
			Required Reserve Ratio	15:23
			Example	15:31
		Real World Money Multiplier		17:11
			Some People Hold Onto Cash	17:16
			Monetary Base	17:37
			Money Supply	18:20
			Money Multiplier	18:33
			Normally It Is About 1.9	19:08
			2008: It Was About 0.8	19:35
			Venn Diagram	20:06
		Example 1		22:28
		Example 2		23:57
		Example 3		26:30
		Example 4		29:05
	The Federal Reserve & Monetary Policy			25:42
		Intro		0:00
		Lesson Overview		0:08
		History of the Federal Reserve		1:23
			Established in 1913	1:27
			Private Institution with a Public Component	2:22
			Board of Governors	3:10
		The Federal Reserve Structure		3:54
			12 Federal Reserve Banks	3:57
			Federal Open Market Committee	4:50
		Functions of the Federal Reserve		5:22
			Provide Financial Services	5:35
			Supervise and Regular Banking Institutions	6:14
			Maintain the Stability of the Financial System	6:34
			Conduct Monetary Policy	7:20
		Reserve Requirement and Discount Rate		8:00
			Reserve Requirement	8:10
			Discount Rate	10:24
		Open Market Operations		10:55
			Fed Buys or Sells U.S. Treasury Bills Through a Commercial Bank	11:25
			How Do They Purchase It?	12:36
		The Financial Crisis of 2008		13:31
			Subprime Lending and the Housing Bubble	13:36
			Fed Chair Alan Greenspan	14:01
			Low Interest Rates	14:23
			2003-2006 Suprime Lending Increased in Popularity	14:52
		Crisis and Response		16:19
			Housing Collapse	16:24
			Fed Bailed Our Bear Stearns and Insurance Giant AIG	16:37
			Widespread Panic in the Financial System	16:55
			Quantitative Easing	17:48
		Example 1		18:45
		Example 2		19:25
		Example 3		20:07
		Example 4		22:57
	The Money Market			33:52
		Intro		0:00
		Lesson Overview		0:04
		Opportunity Cost of Holding Money		0:57
			Can't Be Used to Invest in Other Assets	1:02
			2007 Federal Funds Rate	2:24
			2008 Federal Funds Rate	2:35
			2009 Federal Funds Rate	2:42
		The Money Demand Curve		5:01
		Shifts of the Money Demand Curve		6:29
			Changes in the Aggregate Price Level	7:18
			Changes in Real GDP	8:54
			Changes in Technology	9:44
			Changes in Institutions	12:55
		Money and Interest Rates		13:24
			FOCM Sets up the Target Federal Funds Rate	13:28
			Lower Federal Funds Rate	15:11
			0% Federal Funds Rate Era	16:10
		Liquidity Preference Model		16:56
			Liquidity Preference Model of the Interest Rate	17:09
			Open Market Operations	18:21
			Changing Reserve Requirements	18:52
			Lending Through the Discount Window	19:22
		Equilibrium in the Money Market		19:52
		Example 1		21:19
		Example 2		23:21
		Example 3		26:22
		Example 4		30:14
	The Market for Loanable Funds			32:55
		Intro		0:00
		Lesson Overview		0:05
		Loanable Funds Market		0:57
			Loanable Funds Markets	1:17
			Savers	1:46
			Borrowers	2:26
			Equilibrium in the Loanable Funds Market	3:27
		Equilibrium in Loanable Funds Market		3:45
		Shifts of Demand for Loanable Funds		5:47
			Changes in Perceived Business Opportunities	5:59
			Changes In the Government's Borrowing	7:10
		Shifts of the Supply of Loanable Funds		8:35
			Changes in Private Savings Behavior	8:44
			Changes in Capital Inflows	10:24
		Inflation and Interest Rates		11:07
			Real Interest Rate	12:01
			A Good Hedge Against Inflation	14:21
			Fisher Effect	14:54
		Increase in Supply of Loanable Funds		15:38
		Interest Rate in the Short Run		16:57
			Fall in Interest Rates	17:00
			Increase in the Money Market	17:14
			Short Run	17:26
		Interest Rate in the Long Run		18:16
			Increase in Money Supply in Long Run	18:41
			Supply of Loanable Funds	19:42
			Supply and Demand for Loanable Funds Determines the Interest Rate	20:12
		Example 1		20:20
		Example 2		23:40
		Example 3		28:18
		Example 4		29:29
Section 5: Inflation, Unemployment, and Stabilization Policies
	Budget Deficits & the National Debt			40:08
		Intro		0:00
		Lesson Overview		0:07
		The Budget Balance		1:20
			Formula	1:54
			Rule of Thumb	4:07
			Generally, Contractionary Fiscal Policies Will Increase the Budget Balance	6:02
		Cyclically Adjusted Budget Balance		9:35
			Estimate if Real GDP was Equal to Potential Output	9:56
			Economic Expansion	10:13
			Contractions	10:44
		Should the Budget Be Balanced?		11:35
			Balanced Budget Amendment	13:00
			Restricts a Country's Ability to Run a Budget Deficit During Recessions	13:40
			National Debt	15:50
		Problems of a Rising Government Debt		16:15
			Crowding Out Effect	16:28
			Today's Deficits Increases the Public Debt	18:17
		Historical Debt-GDP Ratio		20:33
		Trends in Debt-GDP Ratio		24:03
			U.S. Trends to Run a Budget Deficit During War	24:05
			U.S. Total Debt-GDP Ratio Exceeded 100% During Relative Peace	24:30
			Debt Grows Larger with Projected Budget Deficits Continuing	25:06
		Implicit Liabilities		26:35
			Spending Promises Made by the Government	26:45
			Three Largest Implicit Liabilities of the American Gov	27:27
			Net Present Value of Debt	28:26
		Example 1		29:25
		Example 2		33:40
		Example 3		35:28
		Example 4		37:59
	Inflation & Unemployment			32:24
		Intro		0:00
		Lesson Overview		0:09
		The Short-Run Phillips Curve		1:05
			High Unemployment Rate	1:24
			Low Unemployment Rate	1:49
		Short-Run Phillips Curve Graph		3:20
		Inflation Expectations		6:24
			Increase in Expected Inflation	6:47
			Expectations Based on Experience	6:58
		Inflation and Unemployment in the Long Run		7:39
			Most Economists Believe There is No Trade-Off Between Unemployment and Inflation	7:48
			Nonaccelerating Inflation Rate of Unemployment NAIRU	8:27
			Long-Run Phillips Curve	9:01
		Long-Run Phillips Curve and NAIRU		9:24
		The Costs of Disinflation		12:03
			Harder to Bring Inflation Down Than to Increase It	13:10
			Disinflation	13:38
			Long-Term Benefit of Controlling Double-Digit Inflation	14:13
			Announcing Policy of Disinflation	14:55
		The Costs of Deflation		15:21
			Deflation is the Fall in the Aggregate Price Level	15:53
			Why is Deflation Bad?	16:35
			Lenders Gain and Borrowers Lose	17:31
			Effect of Deflation	17:43
		Japan's Liquidity Trap of the 1990s		19:30
			Liquidity Trap	22:13
			Japan Example	22:58
		Example 1		23:48
		Example 2		25:14
		Example 3		27:05
		Example 4		28:31
Section 6: Economic Growth and Productivity
	Economic Growth			32:28
		Intro		0:00
		Lesson Overview		0:07
		Real GDP Per Capita		1:17
			Real GDP Per Capita	1:23
			How Do You Find the Real GDP Per Capita	1:34
			Many Countries Have Lower Standard of Living Than U.S.A. 100 Years Ago	4:29
		Long Run Economic Growth		5:36
			Growth Rate	6:00
			Physical Capital	8:09
			Human Capital	8:27
			Technology	9:17
		Economic Growth on a PPF Graph		10:37
		Investment vs. Consumer Good		15:31
		Long-Run Growth and the LRAS Curve		19:08
		Short-Run to Long-Run: Example 1		21:07
		Short-Run to Long-Run: Example 2		24:01
		Example 1		26:09
		Example 2		27:33
		Example 3		29:48
		Example 4		31:09
	Balance of Payments			36:56
		Intro		0:00
		Lesson Overview		0:06
		Balance of Payments Account		1:01
			Current Account	1:09
			Sales and Purchases of Goods and Services	1:54
			Factor Income	2:58
			International Transfers	3:48
		Sales, Factor and Transfers		4:13
		Financial Account		7:58
			Official Asset Sales and Purchases	8:29
			Private Sale and Purchases of Assets	9:01
			Financial Account	10:19
		Current Account = -Financial Account		12:10
			Formula	12:30
			What a Country's Financial Account Measures	13:37
		Financial Account and Loanable Supplies		14:30
			Foreign Direct Investment	14:40
			Exchanges Rates	15:20
			Assume Equilibrium Interest Rate is 4%	15:30
		The Loanable Funds Model: Example 1		15:50
		The Loanable Funds Model: Example 2		16:49
		GDP, GNP, and the Current Account		21:33
			Basic Equation for National Income Accounting	21:45
			Why Doesn't the National Income Equation Use the Current Account as a Whole?	22:23
			Gross National Product Includes International Factor Income	22:54
			Why Do We Use GDP and Not GNP	23:03
		Global Savings Glut		24:07
			U.S. Entered in a Massive Current Account Deficit	24:14
			U.S. Takes in a Lot of Capital Inflow from the Rest of the World	24:50
			How Did This Happen?	25:06
		Example 1		27:05
		Example 2		28:10
		Example 3		30:43
		Example 4		33:01
Section 7: Open Economy: International Trade and Finance
	Foreign Exchange Market			40:31
		Intro		0:00
		Lesson Overview		0:06
		Understanding Exchange Rates		1:19
			Items Produced in a Country Will be Paid for In That Country's Currency	1:24
			Foreign Exchange Market	2:12
		The Foreign Exchange Market: Dollar Example		5:33
		The Foreign Exchange Market: Euro Example		9:44
		Inflation and Real Exchange Rates		15:34
			Real Exchange Rates	16:32
			Current Account Responds Only to Changes in the Real Exchange Rate	17:01
		Purchasing Power Parity		18:02
			Concept for Analyzing Interest Rates	18:10
			Purchasing Power Parity Between Two Countries Currencies	18:24
			In Theory, You 'Should' Be Able to Buy $100 Worth of Stuff in Any Country	19:01
		Burgernomics		21:03
			Big Mac Index	21:13
			Not the Best Measure	21:54
			U.S. Cost of Big Macs	22:38
			Overvalued Big Macs	23:10
			Undervalued Big Macs	24:09
			Chart: Buns For Your Buck	25:12
		Floating vs. Fixed Exchange Rate Regime		26:31
			Fixed Exchange Rate	26:40
			Floating Exchange Rate	27:50
		Exchange Rate Dilemma		29:40
			Fixed Rate Regimes Give Predictability to Trade	29:44
			Every Choice Has a Cost	30:30
		Example 1		32:21
		Example 2		33:55
		Example 3		35:25
		Example 4		37:30
Section 8: AP Test
	Major Graphs Review			21:51
		Intro		0:00
		Lesson Overview		0:08
		The Scenario		1:07
		The Inflationary Gap		3:27
		The Money Market Graph		7:51
		Higher Interest Rate = Decreased Investment		14:52
		Exchange Market Graph		17:32
	AP Practice Exam: Multiple Choice			46:02
		Intro		0:00
		Multiple Choice 1		0:30
		Multiple Choice 2		6:21
		Multiple Choice 3		7:33
		Multiple Choice 4		9:54
		Multiple Choice 5		12:04
		Multiple Choice 6		14:49
		Multiple Choice 7		17:11
		Multiple Choice 8		19:11
		Multiple Choice 9		20:17
		Multiple Choice 10		22:55
		Multiple Choice 11		24:25
		Multiple Choice 12		27:56
		Multiple Choice 13		29:08
		Multiple Choice 14		30:00
		Multiple Choice 15		31:26
		Multiple Choice 16		32:57
		Multiple Choice 17		33:44
		Multiple Choice 18		36:12
		Multiple Choice 19		38:11
		Multiple Choice 20		40:40
		Multiple Choice 21		42:55
	AP Practice Exam: Free Response, 2012			23:14
		Intro		0:00
		Free Response 1		0:10
		Free Response 2		11:19
		Free Response 3		17:05
	AP Practice Exam: Free Response, 2013			22:39
		Intro		0:00
		Free Response 1		0:14
		Free Response 2		9:56
		Free Response 3		15:34
	AP Practice Exam: Full-Length Multiple Choice			1:16:21
		Intro		0:00
		Multiple Choice 1		0:19
		Multiple Choice 2		1:09
		Multiple Choice 3		2:34
		Multiple Choice 4		3:19
		Multiple Choice 5		4:36
		Multiple Choice 6		5:54
		Multiple Choice 7		7:08
		Multiple Choice 8		8:37
		Multiple Choice 9		9:36
		Multiple Choice 10		10:29
		Multiple Choice 11		11:57
		Multiple Choice 12		12:52
		Multiple Choice 13		14:09
		Multiple Choice 14		16:52
		Multiple Choice 15		19:14
		Multiple Choice 16		20:48
		Multiple Choice 17		21:46
		Multiple Choice 18		22:57
		Multiple Choice 19		24:20
		Multiple Choice 20		26:09
		Multiple Choice 21		27:02
		Multiple Choice 22		28:10
		Multiple Choice 23		28:52
		Multiple Choice 24		29:36
		Multiple Choice 25		30:24
		Multiple Choice 26		31:31
		Multiple Choice 27		32:44
		Multiple Choice 28		33:39
		Multiple Choice 29		35:40
		Multiple Choice 30		37:02
		Multiple Choice 31		38:10
		Multiple Choice 32		38:49
		Multiple Choice 33		39:40
		Multiple Choice 34		40:30
		Multiple Choice 35		41:50
		Multiple Choice 36		42:19
		Multiple Choice 37		44:37
		Multiple Choice 38		46:09
		Multiple Choice 39		48:33
		Multiple Choice 40		49:20
		Multiple Choice 41		50:24
		Multiple Choice 42		52:47
		Multiple Choice 43		53:54
		Multiple Choice 44		55:15
		Multiple Choice 45		56:47
		Multiple Choice 46		57:48
		Multiple Choice 47		60:37
		Multiple Choice 48		61:40
		Multiple Choice 49		62:41
		Multiple Choice 50		63:17
		Multiple Choice 51		64:09
		Multiple Choice 52		65:04
		Multiple Choice 53		66:20
		Multiple Choice 54		68:32
		Multiple Choice 55		69:07
		Multiple Choice 56		69:50
		Multiple Choice 57		71:26
		Multiple Choice 58		72:38
		Multiple Choice 59		73:19
		Multiple Choice 60		74:36

Duration: 16 hours, 51 minutes

Number of Lessons: 27

This time-saving course is geared towards the high school student taking AP Macroeconomics in school and preparing for the exam. However, the concepts, detail level, and sample questions are also appropriate for students taking Macroeconomics in college.

Additional Features:

Free Sample Lessons
Downloadable Lecture Slides
Study Guides
Instructor Comments

Topics Include:

Comparative Advantage
Supply & Demand
Inflation
Fiscal Policy
Time Value of Money
Monetary Policy
Balance of Payments
Foreign Exchange Market
Sample AP Exam

Professor Jibin Park received his M.A. in Education and B.A. in Economics & Government from Claremont McKenna College. He has also been teaching AP Macroeconomics for 10+ years and has been an AP grader for 7+ years, so he knows what it takes to get a 5 on the test.

Student Testimonials:

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“This lecture was really helpful. Thank you, Professor Park!” — Christina G.

“Thank you for this lecture! I enjoyed your Shark Tank allusion when you talked about bonds.” — Hillary H.

“At first I didn't really understand the relationship between the money market and the loanable funds market, but the examples really helped me visualize it. Good lecture!” — Caroline T.

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By ?? ?•May 2, 2019

Hi! I am wondering why a decreased private savings rate changes the supply, but not the demand in Example 3. Thank you!

By Luke Park•April 4, 2018

Thank you!

By Grace Shen•March 22, 2018

Hi Professor Park,

For the second example (long-run), I was still kind of confused about why the supply of loanable funds would increase? Thank you!

By Ikmanpreet Singh•February 22, 2018

Can you please explain more in detail about who is in control of monetary policy and about who is in control of fiscal policy?

Thank You

By Chenelle Lan•April 16, 2017

Hi Professor,
I have a question on the calculation of REAL GDP. I know when you calculate the REAL GDP, you are multiply the price times the quantity of good. But how do economists come up with one price for a particular good when different merchants sell it at different prices? Thank You.

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Table of Contents

Section 1: Introduction

Section 2: Measurements of Economic Performances

Section 3: National Income and Price Determination

Section 4: Financial Sector

Section 5: Inflation, Unemployment, and Stabilization Policies

Section 6: Economic Growth and Productivity

Section 7: Open Economy: International Trade and Finance