Principles of Economics: Macroeconomics - The Big Picture from Coursera

Take a trip with me in this the third and final course of this Economics 100 Specialization which is a direct adaptation from one of my courses I teach at Rice University. Specifically, in this course we're going to be focusing on Macroeconomics. What is Macroeconomics you might be asking? Well, you've come to the right place! We're going to be going over the big picture of economics- which is examining the measures we use to gauge the health of national economies and study the theories and policies aimed at improving economic health. In a nutshell, how can we use economics to make the world a better place?

Through course lectures, quizzes, discussions, and problem sets, my hope is that you'll be able to digest economic news with a more discerning viewpoint, and have a more informed view about the cost and benefits of economic policy. Finally, my hope is that you've learned to look at the world around you through the eyes of an economist.

By the end of this course you should be able to:

1. Describe how GDP is used to measure macroeconomic performance.

2. Describe how inflation is used to measure macroeconomic performance.

3. Describe how unemployment rates and participation rates are used to measure

macroeconomic performance.

4. Identify the primary sources of economic growth and explain the observed cross-

country differences in income per capita.

5. Define savings and explain the factors influencing financial flows and

international trade.

6. Identify the function of the federal reserve, describe the relationship between

nominal interest rates, money demand and money supply, and describe the

relationship between exchange rates and Net Exports.

7. Explain the interaction between aggregate demand and aggregate supply to

determine the price level, real GDP, and employment.

8. Describe the role of government and analyze policy responses to business cycle

shocks

What's inside

Syllabus

Welcome to the Course!

Welcome, congratulations and thank you for enrolling in this final chapter of our three-part Specialization, Macroeconomics. Please make sure to take look at all the welcome materials (you can skip the Meet the Professor if you've already "met me" two times).

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Examines economic measures used to evaluate macroeconomic performance, including GDP, inflation, and unemployment rates

Develops skills in interpreting economic data and understanding the impact of economic policies

Teaches how to use economics to analyze and address real-world economic issues

Facilitates the development of critical thinking and problem-solving skills in the context of economics

Offers a comprehensive overview of macroeconomic principles and concepts, making it suitable for beginners

Requires a solid foundation in basic economic principles

Reviews summary

Engaging macroeconomics: big picture overview

According to students, this course offers a largely positive experience, especially for those new to economics. Learners frequently highlight the instructor's exceptional teaching style, praising their ability to simplify complex macroeconomic concepts and make them accessible through engaging lectures and real-world examples. While many find it a solid foundation and an excellent "big picture" overview, some reviewers note that the course's depth might be limited for those seeking more rigorous analysis or with prior knowledge, suggesting it's primarily geared towards beginners. The quizzes and problem sets are generally well-received for reinforcing learning.

Connects theoretical concepts to practical, real-world economic scenarios.

"The real-world applications were a huge plus. I found the examples relevant."

"I appreciate how the course focused on practical understanding rather than just theoretical equations."

"I particularly enjoyed how he tied everything back to real-world scenarios."

"I feel much more confident interpreting economic indicators now."

Provides a clear and concise "big picture" view of macroeconomics for beginners.

"Highly recommend for anyone wanting to understand the big picture of economics without getting bogged down in jargon."

"Excellent course, clear and concise. It really helped me connect economic news to underlying principles."

"Good foundational course... Overall, it provided a good 'big picture' as promised."

"Phenomenal course for gaining a macro perspective."

The professor excels at clarifying complex topics and maintaining high engagement.

"The instructor's ability to explain complex macroeconomic concepts in a simple, engaging way is truly remarkable."

"One of the best online courses I've taken! The instructor is a phenomenal communicator, making dry topics fascinating."

"The professor is truly amazing, simplifying complex ideas without oversimplifying them. His analogies are brilliant."

"The professor is very enthusiastic, which helps keep the lectures lively. His energy is infectious."

Some found pacing uneven, potentially needing additional resources for deeper insight.

"I sometimes struggled with the pacing. Some topics felt rushed, while others were drawn out."

"The lectures are a bit fast at times, requiring re-watching."

"It's good for a basic understanding, but for deeper insights, one might need additional resources."

"I wished there were more opportunities for discussion or case studies."

Best for beginners; may lack desired rigor or depth for advanced students.

"My only minor critique is that some explanations... could be a bit more in-depth for those with some prior knowledge."

"While the instructor is passionate, I found the course to be quite superficial... I expected more rigorous analysis and deeper dives."

"My only feedback would be to perhaps add a more advanced section for those who want to explore beyond the basics, as it does stick to 'the big picture'."

"Not much has changed from earlier parts of the specialization... disappointing for a 'final chapter'."

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 Principles of Economics: Macroeconomics - The Big Picture with these activities:

Learn about the Federal Reserve's monetary policy tools.

Show steps

Provides additional guidance on understanding monetary policy and its implementation.

Browse courses on Monetary Policy

Show steps

Find online tutorials on monetary policy.
Follow the steps to understand the different tools used by the Federal Reserve.
Practice applying these tools to different economic scenarios.

Practice macroeconomic calculations

Show steps

Helps students improve their understanding of macroeconomic concepts and their application.

Show steps

Calculate GDP using the expenditure approach and income approach.
Calculate inflation using the CPI and PCE.
Calculate unemployment rate and labor force participation rate.

Explain how economic growth affects developing countries.

Show steps

Promotes deep understanding of economic growth and its impact on developing countries.

Show steps

Research the economic growth of a developing country.
Analyze the factors that contribute to its economic growth.
Explain how economic growth impacts the country's social and environmental indicators.

One other activity

Expand to see all activities and additional details

Show all four activities

Develop a fiscal policy proposal to address economic recession.

Show steps

Applies knowledge of fiscal policy to solve real-world economic problems.

Show steps

Analyze the macroeconomic indicators.
Identify the causes of the recession.
Propose a fiscal policy and explain how it will address the recession.

Career center

Learners who complete Principles of Economics: Macroeconomics - The Big Picture will develop knowledge and skills that may be useful to these careers:

Economist

Economists study how society produces, distributes, and consumes goods and services. They analyze data to understand economic trends and develop policies that promote economic growth. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy works. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for economists who want to develop policies that improve economic outcomes.

See salaries and explore the career path for Economist

Economist, Research

Economists, Research conduct research on economic issues. They analyze data to understand economic trends and develop policies that promote economic growth. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy works. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for economists who want to conduct research on economic issues.

See salaries and explore the career path for Economist, Research

Teacher, Economics

Teachers, Economics teach economics to students at the high school or college level. They develop lesson plans and teach students about economic principles. This course provides a strong foundation in macroeconomic principles, which are essential for teaching economics. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for teachers who want to teach economics in a clear and engaging way.

See salaries and explore the career path for Teacher, Economics

Economist, Policy

Economists, Policy develop and evaluate policies for government agencies. They analyze data to assess the impact of policies on the economy and society. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how policies affect the economy. The course covers topics such as fiscal policy, monetary policy, and economic growth. This knowledge is essential for economists who want to develop and evaluate policies that are effective and efficient.

See salaries and explore the career path for Economist, Policy

Policy Analyst

Policy analysts develop and evaluate policies for government agencies. They analyze data to assess the impact of policies on the economy and society. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how policies affect the economy. The course covers topics such as fiscal policy, monetary policy, and economic growth. This knowledge is essential for policy analysts who want to develop effective policies.

See salaries and explore the career path for Policy Analyst

Financial Analyst

Financial analysts provide advice to individuals and businesses on investment decisions. They analyze financial data to assess the risks and returns of different investments. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects investment decisions. The course covers topics such as interest rates, exchange rates, and monetary policy. This knowledge is essential for financial analysts who want to make sound investment recommendations.

See salaries and explore the career path for Financial Analyst

Data Scientist

Data scientists use data to solve business problems. They analyze data to identify trends and patterns, and develop models to predict future outcomes. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects businesses. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for data scientists who want to develop models that can help businesses make better decisions.

See salaries and explore the career path for Data Scientist

Investment Banker

Investment bankers help companies raise capital. They analyze financial data to assess the risks and returns of different investments. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects investment decisions. The course covers topics such as interest rates, exchange rates, and monetary policy. This knowledge is essential for investment bankers who want to help companies raise capital on favorable terms.

See salaries and explore the career path for Investment Banker

Budget Analyst

Budget analysts develop and manage budgets for government agencies. They analyze data to assess the costs and benefits of different programs. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects government budgets. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for budget analysts who want to develop and manage budgets that are effective and efficient.

See salaries and explore the career path for Budget Analyst

Financial Advisor

Financial advisors provide advice to individuals and businesses on financial planning. They analyze financial data to assess the risks and returns of different investments. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects investment decisions. The course covers topics such as interest rates, exchange rates, and monetary policy. This knowledge is essential for financial advisors who want to provide sound financial advice.

See salaries and explore the career path for Financial Advisor

Market Research Analyst

Market research analysts study market trends to identify opportunities for businesses. They analyze data to understand consumer behavior and develop marketing strategies. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects consumer behavior. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for market research analysts who want to develop effective marketing strategies.

See salaries and explore the career path for Market Research Analyst

Business Consultant

Business consultants help businesses improve their performance. They analyze data to identify areas for improvement and develop strategies to address those areas. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects businesses. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for business consultants who want to develop effective strategies for their clients.

See salaries and explore the career path for Business Consultant

Insurance Analyst

Insurance analysts evaluate the risks and costs of insurance policies. They analyze data to assess the probability of different events and the potential financial impact of those events. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects the insurance industry. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for insurance analysts who want to develop sound insurance policies.

See salaries and explore the career path for Insurance Analyst

Actuary

Actuaries use mathematics to assess the risks and costs of insurance policies. They analyze data to estimate the probability of different events and the potential financial impact of those events. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects the insurance industry. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for actuaries who want to develop sound insurance policies.

See salaries and explore the career path for Actuary

Commercial Banker

Commercial bankers help businesses manage their finances. They analyze financial data to assess the risks and returns of different loans. This course provides a strong foundation in macroeconomic principles, which are essential for understanding how the economy affects businesses. The course covers topics such as GDP, inflation, unemployment, and economic growth. This knowledge is essential for commercial bankers who want to help businesses make sound financial decisions.

See salaries and explore the career path for Commercial Banker