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Basic Economics II
University of California - Irvine
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William Branch

Lai Jiang

AGGARWAL, N.

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Class Notes

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ECON 20B Lecture 1: Basic Economics Introduction

Econ 20b - lecture 1 - basic economics introduction. Scarcity is the condition that arises because wants exceeds the ability of. Faced with scarcity, w

ECON 20B Lecture Notes - Lecture 2: Human Capital

Econ 20b - lecture 2 - the u. s. and global economy. Goods and services that are bought by individuals and used to provide personal enjoyment and contr

ECON 20B Lecture Notes - Lecture 3: Opportunity Cost, Comparative Advantage, Absolute Advantage

Econ 20b - lecture 3 - the economic problem. The boundary between the combinations of goods and services that can be produced and the combinations that

ECON 20B Lecture Notes - Lecture 4: Demand Curve, Normal Good, Inferior Good

Econ 20b - lecture 4 - demand and supply. A market is any arrangement that brings buyers and sellers together. A market might be a physical place or a

ECON 20B Lecture Notes - Lecture 5: Skimmed Milk, Sport Utility Vehicle, Price Floor

Econ 20b - lecture 5 - demand and supply (cont. ) Quantity supplied - the amount of a good, service, or resource that people are. The law of supply wil

ECON 20B Lecture Notes - Lecture 6: Final Good, Intermediate Good, Net Profit

Econ 20b - lecture 6 - gdp: a measure of total production and income. Gdp - the market value of all the final goods and services produced within a coun

ECON 20B Lecture Notes - Lecture 8: Discouraged Worker, Potential Output, Real Wages

Econ 20b - lecture 8 - jobs and unemployment. Working-age population - total number of people aged 16 years and over who are not in a jail, hospital, o

ECON 20B Lecture Notes - Lecture 9: Market Basket, Deflation, Nominal Interest Rate

ECON 20B Lecture Notes - Lecture 10: John Maynard Keynes, Potential Output, Monetarism

Econ 20b - lecture 10 - potential gdp and the natural unemployment rate. The three main schools of thought: classical macroeconomics. According to clas

ECON 20B Lecture 11: Potential GDP and the Natural Unemployment Rate (cont.)

Econ 20b - lecture 11 - potential gdp and the natural unemployment rate (cont. ) To understand the amount of frictional and structural unemployment tha

ECON 20B Lecture Notes - Lecture 12: Human Capital, Diminishing Returns

Econ 20b - lecture 12 - economic growth. Economic growth - a sustained expansion of production possibilities measured as the increase in real gdp over

ECON 20B Lecture 14: Economic Growth (cont.)

Econ 20b - lecture 13 - economic growth (cont. ) Expansion of human capital and discovery of new technologies. Human capital the accumulated skill and

ECON 20B Lecture Notes - Lecture 15: Stock Market, Bond Market, Financial Capital

Econ 20b - lecture 15 - finance, saving, and investment. Physical capital - the tools, instruments, machines, buildings, and other constructions that h

ECON 20B Lecture Notes - Lecture 16: Loanable Funds, Real Interest Rate, Government Budget Balance

Econ 20b - lecture 16 - finance, saving, and investment (cont. ) The quantity of loanable funds demanded is the total quantity of funds demanded to fin

ECON 20B Lecture Notes - Lecture 17: Fiat Money, Barter, Bitcoin

Econ 20b - lecture 17 - the monetary system. Money - any commodity or token that is generally accepted as a means of payment. Money is something that c

ECON 20B Lecture Notes - Lecture 18: Money Market Fund, Federal Reserve System, Commercial Bank

Econ 20b - lecture 18 - the monetary system (cont. ) The banks and other institutions that accept deposits and that provide the services that enable pe

ECON 20B Lecture 20: Money, Interest, and Inflation

Econ 20b - lecture 20 - money, interest, and inflation. Real factors that are independent of the price level determine potential gdp and the natural un

ECON 20B Lecture 21: Aggregate Supply and Aggregate Demand

Econ 20b - lecture 21 - aggregate supply and aggregate demand. The quantity of real gdp supplied is the total amount of final goods and services that f

ECON 20B Lecture Notes - Lecture 22: Real Interest Rate, Nominal Interest Rate, Aggregate Demand

Econ 20b - lecture 22 - aggregate supply and aggregate demand (cont. ) A rise in the price level lowers the buying power of money and decreases the qua

ECON 20B Lecture Notes - Lecture 23: Disposable And Discretionary Income, Consumption Function, Real Interest Rate

ECON 20B Lecture 24: Aggregate Expenditure Multiplier (cont.)

ECON 20B Lecture Notes - Lecture 26: Real Wages, Phillips Curve, Aggregate Supply

Econ 20b - lecture 26 - the short-run policy tradeoff. Short-run phillips curve - a curve that shows the relationship between the inflation rate and th

ECON 20B Lecture Notes - Lecture 27: Phillips Curve, Congressional Budget Office, Aggregate Demand

Econ 20b - lecture 27 - the short-run policy tradeoff (cont. ) Long-run phillips curve - a vertical line that shows the relationship between inflation

ECON 20B Lecture Notes - Lecture 28: Fiscal Year, Generational Accounting, Fiscal Imbalance

Econ 20b - lecture 28 - fiscal policy. The federal budget is an annual statement of the revenues, outlays, and surplus. 03/11/2019 or deficit of the go

ECON 20B Lecture Notes - Lecture 29: Government Budget Balance, Output Gap, Deficit Spending

Econ 20b - lecture 29 - fiscal policy (cont. ) Needs-tested spending is spending on programs that entitle suitably qualified people and businesses to r

ECON 20B Lecture Notes - Lecture 30: Federal Open Market Committee, Federal Reserve Act, Federal Reserve System

Econ 20b - lecture 30 - monetary policy. The objectives of monetary policy are ultimately political. The objectives are set out in the mandate of the b