Contents
1 Chapter 1: Scarcity and Choice
1.3 Production
Possibility Frontier (PPF): Explanation of its Meaning and Use
1.4 Marginal
Decision-Making: Explanation
2 Chapter
2: Actors in the Economy
2.5 Interaction
between actors
2.6 Additional
Reading: The Long Journey of the World Economy: From Simple Trade to
Globalization
3 Chapter
3: Supply and Demand
3.1.1 Definition and factors affecting demand
3.1.2 Demand Curve: Explanation and Illustration
3.1.3 Price Elasticity of Demand: Definition, Calculation,
and Significance
3.2.1 Definition and factors affecting supply
3.2.2 Supply Curve: Explanation and Illustration
3.2.3 Price Elasticity of Supply: Definition, Calculation,
and Significance
3.3.1 Explanation of how Supply and Demand Interact to
Determine the Equilibrium Price and Quantity
3.3.2 Analysis of the Impact of Changes in Supply and
Demand on Market Equilibrium
3.4 Additional
Reading: ECONOMIC METHODOLOGY
4 Chapter
4: Markets and Competition
4.1.1 Characteristics of a Perfectly Competitive Market
4.1.2 Benefits and Limitations of Perfect Competition
4.2.1 Characteristics of a Monopoly Market
4.2.2 Causes of Monopoly Formation
4.2.3 Impact of Monopoly on Social Welfare
4.3 Oligopoly
and Monopolistic Competition
4.3.1 Characteristics and Examples
4.3.2 Comparison of Market Structures
4.4 Additional
Reading: The Invention of the Company - A Great Leap Forward in Economic
History
5 Chapter
5: Consumer and Business Behavior
5.1.4 Factors Affecting Consumer Behavior
5.1.5 Importance of Understanding Consumer Behavior
5.2.4 Factors Affecting Business Behavior
5.2.5 Importance of Understanding Business Behavior
5.3 Additional
Reading: Funny and Surprising Situations in Consumer and Business Behavior
6 Chapter
6: The Role of Government in the Economy
6.1.1 Characteristics of Public Goods
6.1.3 The Role of Government in Providing Public Goods
6.2.1 Definition of Positive and Negative Externalities
6.2.2 Impact of Externalities on Market Efficiency
6.2.3 Government Measures to Address Externalities
6.3.1 Policy Tools for Income Redistribution
6.3.2 Debate on Equity and Efficiency in Income
Redistribution
6.4 Debates
on the Extent of Government Intervention
6.4.1 Free Market vs. Government Intervention Schools of
Thought
6.4.2 Arguments for and Against Government Intervention
6.5 Additional
Reading: The Economic Goals of the United States
7 Chapter
7: Measuring Economic Activity
7.1 Gross
Domestic Product (GDP)
7.1.1 Definition and Methods of Calculating GDP
7.1.3 Nominal GDP and Real GDP
7.1.4 Limitations of GDP as a Measure of Well-being
7.2.1 Definition and Measures of Inflation (CPI, GDP
Deflator)
7.2.2 Causes and Effects of Inflation
7.3.1 Definition and Types of Unemployment
7.3.2 Natural Rate of Unemployment
7.3.3 Economic and Social Costs of Unemployment
7.4 Additional
Reading: Stories About GDP: When Numbers Don't Tell the Whole Story
8.1 Phases
of the business cycle
8.2 Causes
of Economic Fluctuations
8.2.1 Supply Shocks and Demand Shocks
8.2.2 The Role of Expectations
8.3 Policies
to stabilize the economy:
8.3.1 Fiscal Policy and Monetary Policy
8.3.2 Debates on the Effectiveness of Stabilization
Policies
8.4 Additional
Reading: The History of Global Economic Thought and the Formation of
Macroeconomics
9 Chapter
9: Money and Banking
9.3.1 Role of the Central Bank and Commercial Banks
9.3.2 The Process of Money Creation by Banks
9.4.1 Structure and Functions of the Fed
9.4.2 Fed's Monetary Policy Tools
10 Chapter
10: Fiscal and Monetary Policy
10.1 Fiscal
Policy: A Deeper Dive
10.1.1 Government Spending and Taxes: The Levers of
Influence
10.1.2 The Ripple Effect: Impact on Aggregate Demand and
Output
10.1.3 The Balancing Act: Budget Deficits and Public Debt
10.2 Monetary
Policy: Navigating the Economic Seas
10.2.1 Goals of Monetary Policy
10.2.2 The Transmission Mechanism: How Monetary Policy Works
10.2.3 The Delicate Dance: Coordination between Fiscal and
Monetary Policy
10.3 Additional
Reading: Institutional Economics: When the "Rules of the Game"
Determine the Outcome
11 Chapter
11: International Trade
11.1 Benefits
of International Trade
11.1.1 Absolute Advantage and Comparative Advantage
11.1.2 Market Expansion and Product Diversification
11.2.1 Tariffs, Quotas, and Non-Tariff Measures
11.2.2 Arguments for and Against Trade Protection
11.3 Globalization:
A World Interconnected
11.3.1 Definition and Manifestations of Globalization
11.3.2 Impact of Globalization on the U.S. Economy
11.4 Additional
Reading: The Impossible Trinity in Economics
12 Chapter
12: Other Global Economic Issues
12.1 Public
Debt: A Balancing Act
12.1.1 Causes and Effects of High Public Debt
12.1.2 Solutions to Reduce Public Debt
12.2 Financial
Crises: The Unraveling of Confidence
12.2.1 Causes and Developments of Financial Crises
12.2.2 Lessons Learned and Preventive Measures
12.3 Climate
Change: The Economic Toll
12.3.1 Economic Impact of Climate Change
12.3.2 Policies to Address Climate Change
12.4 Migration:
Flows of People, Flows of Impact
12.4.1 Economic Impact of Migration
12.4.2 Policies to Manage Migration
12.5 Additional
reading: The Dot-com Bubble: The Internet Craze and the Painful Awakening
13 Chapter
13: Personal Finance Management
13.1 Personal
Budget: Income, Expenses, Savings
13.1.4 Creating and tracking a personal budget
13.1.5 Some Principles for Effective Personal Budget Management
13.1.6 Credit (Borrowing Money) & Smart Spending:
Building Your Financial Reputation
13.2 Investment:
Types of investments, risks, and returns
13.2.1 Common types of investments
13.2.3 Choosing the right investment
13.3 Principles
of smart investing
13.3.1 Common types of insurance
13.3.2 The Importance of Insurance
13.3.3 Choosing the right insurance
13.3.4 Some notes when buying insurance
13.4 Additional
Reading: Towards Financial Freedom: Not Just a Dream, But a Journey
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