Understanding Macroeconomics for University and Business from Udemy

People generally have a hard time understanding macroeconomics, but after 7 years of teaching this course at university level, I have mastered the best ways of explaining its concepts for students to be able to understand them and relate them to the real world.

This course is ideal for university students who are struggling to make sense of their textbooks and lectures, and will allow them to get better grades.

This course is also ideal for professionals and citizens who want to better understand the economic concepts they deal with in work and daily life, such as inflation, unemployment, monetary policy, and fiscal policy. This course will help you understand questions such as: Why does the government engage in expansionary fiscal policy? What is the motivation behind reducing taxes? What are the implications of a drop in interest rates? What determines the money supply? After taking this course, you will be able to better understand how macroeconomic events impact your life, and can make better-informed decisions.

The course is composed of 12 lectures, totaling 2 hours and 40 minutes of video. Each lecture will come with detailed lecture notes that emphasize and explain the main ideas. There will also be several practice problems for students to complete. For best results, students are urged to read the notes, watch the video, re-read the notes, and then solve the practice problems.

What's inside

Learning objectives

Understand macroeconomics
Understand economic policy-making

Make business decisions informed by knowledge of the state of the macroeconomy

Understand macroeconomics
Understand economic policy-making
Make business decisions informed by knowledge of the state of the macroeconomy

Syllabus

This section introduces the course, overviews the material, and outlines the three core aggregates on which macroeconomics is focused: output, unemployment, and inflation.

This lecture introduces the course, defines macroeconomics, and explains what differentiates it from microeconomics.

What is economic output and how do macroeconomists measure it? What is the difference between GDP and GNP? What is the difference real GDP and nominal GDP? What GDP is and what GDP is not.

What is unemployment, and how is it measured? Who exactly counts as unemployed? What is inflation, and what are the problems with it? What is deflation? What is hyperinflation?

This section focuses on the theory of macroeconomic equilibrium.

We outline the Keynesian conception of consumption, investment, and saving.

This lecture specifies the Keynesian equilibrium and the conditions by which it is identified. What do firms do when the economy is in equilibrium and when it is not in equilibrium?

In this lecture we discuss the multiplier effect: What is the impact on equilibrium output when there are changes in 1- consumption, 2-investment, and 3- savings.

What is fiscal policy? What are the new terms of the equilibrium when we introduce government fiscal policy into the macroeconomic model? How can the government affect the economy with fiscal tools?

What is money? What are the functions of money? Discussing money's role as a medium of exchange, store of value, and unit of account. What is the money supply? How can the money supply be measured? Discussing M1 and M2.

How does the banking system create money? How does bank lending create new money supply? How does the central bank control banks' creation of money. What are the tools of monetary policy.

What is the interest rate? How is the interest rate determined in the money market? What is the relationship between the interest rate and the money supply?

The aggregate equilibrium as defined by the aggregate output and the aggregate price level.

The effects of monetary and fiscal policy on aggregate equilibrium.

What are the major macroeconomic problems, what causes them, and how can they be addressed by government policy?

What causes recessions, and how can the central bank and government fix unemployment?

What causes inflation, and how can the central bank and government fix it?

What causes hyperinflation, and how can the central bank and government fix it?

What causes stagflation, and how can the central bank and government fix it?

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Develops economic understanding, which is standard in business and finance industries

Taught by Saifedean Ammous, who is recognized for their work in economics

Covers core economics concepts, which are essential for economists and finance professionals

Examines concepts in a comprehensive manner, which is expected for economics courses at university level

Includes practice problems, which helps reinforce learning

Requires that learners come in with background knowledge of economics, which may be a barrier for some learners

Reviews summary

Macroeconomics made accessible

Learners say accessible lessons and engaging assignments make this intermediate course a good fit for those looking to refine their understanding of macroeconomic principles. Feedback indicates that the instructor is effective, and most learners found the discussions and homework to be helpful. However, some learners felt they were unclear on what materials to review outside of class and what problems they were expected to solve.

The instructor makes lessons more interesting and accessible.

"Instructor was good."

"Teaching was good."

Students may be left guessing what materials they need to review or what problems they should solve.

"I did not find what problems I had to solve or which textbook to refer to while studying this."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Understanding Macroeconomics for University and Business with these activities:

Read "Macroeconomics" by N. Gregory Mankiw

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This book provides a comprehensive overview of macroeconomic concepts and theories.

View Principles of Macroeconomics on Amazon

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Read the book thoroughly.
Take notes on the key concepts and theories.
Discuss the book with classmates or a study group.

Follow a macroeconomic simulation tutorial

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Follow a tutorial to learn how to use a macroeconomic simulation software.

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Find a reputable macroeconomic simulation tutorial.
Follow the tutorial step-by-step.
Experiment with the software to familiarize yourself with its features.
Apply the software to simulate a macroeconomic scenario.

Solve macroeconomic problems

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Practice solving macroeconomic problems to reinforce your understanding of the concepts.

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Review the course material on macroeconomic equilibrium.
Identify the macroeconomic variables involved in the problem.
Apply the macroeconomic models and theories to solve the problem.
Check your answers against the provided solutions (if available).

Four other activities

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Explain a macroeconomic concept

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Create a presentation, video, or blog post explaining a macroeconomic concept to deepen your understanding.

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Choose a macroeconomic concept to explain.
Research the concept thoroughly.
Outline the key points you want to cover.
Create your presentation, video, or blog post.
Share your content with others.

Build a macroeconomic model

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Develop a macroeconomic model to simulate and analyze economic scenarios.

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Define the scope and purpose of your model.
Gather data and make assumptions.
Build the model using appropriate software.
Test and validate the model.
Use the model to simulate economic scenarios and analyze the results.

Contribute to an open-source macroeconomic project

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Gain practical experience in macroeconomic modeling and analysis by contributing to an open-source project.

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Find an open-source macroeconomic project to contribute to.
Review the project's documentation and codebase.
Identify an area where you can make a contribution.
Submit a pull request with your contribution.

Participate in a macroeconomic case competition

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Apply your macroeconomic knowledge and skills to solve real-world economic problems.

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Find a macroeconomic case competition to participate in.
Form a team or work individually.
Analyze the case study and develop a solution.
Present your solution to a panel of judges.

Career center

Learners who complete Understanding Macroeconomics for University and Business will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how societies manage their scarce resources. They analyze data, identify trends, and forecast future economic conditions. The skills you will learn in this course, Understanding Macroeconomics for University and Business, will provide you with a solid foundation in economic principles. This knowledge will be invaluable as you analyze economic data and make recommendations to businesses and governments.

See salaries and explore the career path for Economist

Financial Analyst

Financial Analysts use their knowledge of economics and finance to evaluate investments and make recommendations to clients. The concepts you will master in this course, such as macroeconomic equilibrium and monetary policy, are essential for success as a Financial Analyst.

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Investment Banker

Investment Bankers help companies raise capital and provide advice on mergers and acquisitions. Taking this course will give you a deep understanding of the macroeconomy and how it impacts businesses. This knowledge will be critical as you help companies make important financial decisions.

See salaries and explore the career path for Investment Banker

Data Analyst

Data Analysts use data to identify trends and patterns. They use this information to help businesses make better decisions. This course will help you develop the skills you need to collect, analyze, and interpret economic data.

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Consultant

Consultants provide advice to businesses and governments on a wide range of topics, including economics and finance. The knowledge you will gain from this course, such as fiscal policy and the multiplier effect, will give you a strong foundation for a career as a Consultant.

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Market Researcher

Market Researchers study consumer behavior and market trends. They use this information to help businesses develop and market new products and services. The macroeconomic concepts you will learn in this course will help you to understand the factors that drive consumer demand.

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Policy Analyst

Policy Analysts develop and evaluate policies for governments and businesses. The concepts you will learn in this course, such as fiscal policy and the multiplier effect, will give you a strong foundation for a career as a Policy Analyst.

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Risk Manager

Risk Managers identify and assess risks to businesses. They develop and implement strategies to mitigate these risks. The macroeconomic concepts you will learn in this course will help you to understand the risks that businesses face.

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Financial Planner

Financial Planners help individuals and families plan for their financial future. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to provide sound financial advice to your clients.

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Actuary

Actuaries use mathematics and statistics to assess risk and uncertainty. They work in a variety of industries, including insurance, finance, and healthcare. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to understand the risks that businesses and individuals face.

See salaries and explore the career path for Actuary

Budget Analyst

Budget Analysts help governments and businesses develop and manage their budgets. The macroeconomic concepts you will learn in this course, such as fiscal policy and the multiplier effect, will give you a strong foundation for a career as a Budget Analyst.

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Mortgage Broker

Mortgage Brokers help individuals obtain mortgages. They assess the creditworthiness of borrowers and work with lenders to find the best mortgage rates. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to understand the factors that affect mortgage rates.

See salaries and explore the career path for Mortgage Broker

Credit Analyst

Credit Analysts assess the creditworthiness of businesses and individuals. They use this information to make lending decisions. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to understand the factors that affect creditworthiness.

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Loan Officer

Loan Officers help individuals and businesses obtain loans. They assess the creditworthiness of borrowers and make lending decisions. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to understand the factors that affect lending decisions.

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Real Estate Agent

Real Estate Agents help individuals buy and sell homes. They provide advice on the real estate market and help clients find the best properties. The macroeconomic concepts you will learn in this course, such as inflation and interest rates, will help you to understand the factors that affect the real estate market.

See salaries and explore the career path for Real Estate Agent