Economics Course Outline

Basic Concepts

Fundamental Economic Concepts

*Scarcity and Choice

*Opportunity Cost and Trade-Offs                                                                       

*Productivity

*Economic System

*Economic Institutions and Incentives

*Exchange, Money, and Interdependence

Microeconomic Concepts

*Markets and Prices

*Supply and Demand

*Competition and Market Structures

*Income Distribution

*Market Failures

*The Role of Government

Macroeconomic Concepts

*Gross Domestic Product

*Aggregate Supply and Aggregate Demand

*Unemployment

*Inflation and Deflation

*Monetary Policy

*Fiscal Policy

International Economic Concepts

*Absolute and Comparative Advantage and Barriers to Trade

*Exchange Rates and the Balance of Payments

*International Aspects of Growth and Stability

Measurement Concepts and Methods

*Tables

*Charts and Graphs

*Ratios and Percentages

*Index Numbers

*Real vs. Nominal Values

*Averages and Distributions Around the Average

Broad Social Goals

*Economic Freedom

*Economic Efficiency

*Economic Equity

*Economic Security

*Full Employment

*Price Stability

*Economic Growth

*Other Goals