Unit 1

Basic Economic Concepts

1.1 Scarcity
1.2 Opportunity Cost and the Production Possibilities Curve (PPC)
1.3 Comparative Advantage and Gains from Trade
1.4 Demand
1.5 Supply
1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium

Unit 2

Economic Indicators and the Business Cycle

2.1 The Circular Flow and GDP
2.2 Limitations of GDP
2.3 Unemployment
2.4 Price Indices and Inflation
2.5 Costs of Inflation
2.6 Real v. Nominal GDP
2.7 Business Cycles

Unit 3

National Income and Price Determination

3.1 Aggregate Demand (AD)
3.2 Multipliers
3.3 Short-Run Aggregate Supply (SRAS)
3.4 Long-Run Aggregate Supply (LRAS)
3.5 Equilibrium in the Aggregate Demand Aggregate Supply (AD AS) Model
3.6 Changes in the AD AS Model in the Short Run
3.7 Long-Run Self-Adjustment
3.8 Fiscal Policy
3.9 Automatic Stabilizers

Unit 4

Financial Sector

4.1 Financial Assets
4.2 Nominal v. Real Interest Rates
4.3 Definition, Measurement, and Functions of Money
4.4 Banking and the Expansion of the Money Supply
4.5 The Money Market
4.6 Monetary Policy
4.6 The Loanable Funds Market

Unit 5

Long-Run Consequences of Stabilization Policies

5.1 Fiscal and Monetary Policy Actions in the Short Run
5.2 The Phillips Curve
5.3 Money Growth and Inflation
5.4 Government Deficits and the National Debt
5.5 Crowding Out
5.6 Public Policy and Economic Growth
5.6 Economic Growth Market

Unit 6

Open Economy — International Trade and Finance

6.1 Balance of Payments Accounts
6.2 Exchange Rates
6.3 The Foreign Exchange Market
6.4 Effect of Changes in Policies and Economic Conditions on the Foreign Exchange Market
6.5 Changes in the Foreign Exchange Market and Net Exports
6.6 Real Interest Rates and International Capital Flows

Unit 1

Basic Economic Concepts

1.1 Scarcity
1.2 Resource Allocation and Economic Systems
1.3 Production Possibilities Curve
1.4 Comparative Advantage and Trade
1.5 Cost-Benefit Analysis
1.6 Marginal Analysis and Consumer Choice

Unit 2

Supply and Demand

2.1 Demand
2.2 Supply
2.3 Price Elasticity of Demand
2.4 Price Elasticity of Supply
2.5 Other Elasticities
2.6 Market Equilibrium and Consumer and Producer Surplus
2.7 Market Disequilibrium and Changes in Equilibrium
2.8 The Effects of Government Intervention in Markets
2.9 International Trade and Public Policy

Unit 3

Production, Cost, and the Perfect Competition Model

3.1 The Production Function
3.2 Short-Run Production Costs
3.3 Long-Run Production Costs
3.4 Types of Profit
3.5 Profit Maximization
3.6 Firms Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market
3.7 Perfect Competition

Unit 4

Imperfect Competition

4.1 Introduction to Imperfectly Competitive Markets
4.2 Monopoly
4.3 Price Discrimination
4.4 Monopolistic Competition
4.5 Oligopoly and Game Theory

Unit 5

Factor Markets

5.1 Introduction to Factor Markets
5.2 Changes in Factor Demand and Factor Supply
5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Markets
5.4 Monopsonistic Markets

Unit 6

Market Failure and the Role of Government

6.1 Socially Efficient and Inefficient Market Outcomes
6.2 Externalities
6.3 Public and Private Goods
6.4 The Effects of Government Intervention in Different Market Structures
6.5 Inequality