Economics Topic Outline

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    I.                    Fundamental Concepts

    a.      Scarcity

    b.      Trade-offs/opportunity costs

    c.      Economic goals and economic systems

    d.      Dynamics of growth

                                                                   i.      Human capital

                                                                 ii.      Technology

                                                                iii.      Capital investment

    e.      Absolute/comparative advantage

     

     

    II.                 Microeconomics

    a.      Markets (incentives and competition)

    b.      Supply and demand = price

    c.      Elasticity

    d.      Government policies

    e.      Externalities

    f.        Public goods and common resources

    g.      Design of tax system

     

     

    III.               Macroeconomics

    a.      GDP/DNP

    b.      Unemployment

    c.      Inflation

    d.      Business cycles and other indicators

    e.      Aggregate supply and aggregate demand

    f.        Fiscal Policy

    g.      Monetary Policy

     

     

    IV.              International Trade

    a.      Absolute/comparative advantage

    b.      Free trade vs. protectionism

    c.      Exchange rates

    d.      Specialization/interdependence