1: Fundamental Economic Concepts
Vocabulary:
Macroeconomics
Microeconomics
Land
Labor
Capital
Entrepreneurship
Scarcity
Opportunity Cost
Trade-offs
Incentives
Economization
Production Possibilities Curve
Trade-offs
Efficient
Inefficient
Impossible Combination
Economic Growth
Marginal Cost
Marginal Benefit
Marginal Analysis
Economics systems
Command Economy
Mixed Economy
Traditional Economy
Circular Flow Diagram
Households/Individuals
Firms
Product Market
Factor Market
Income
Rent
Wages
Interest payments
Profit
Factor payments
Consumer spending
Revenue
2: Supply and Demand
Vocabulary:
Supply
Demand
Movement along curve
Shift of curve
Complements/substitutes
Normal good
Inferior good
Price expectations
Taxes
Subsidies
Government regulation
Equilibrium price
Equilibrium quantity
Shortage
Surplus
Disequilibrium
Market Price
Market Quantity
Price ceiling
Price floor
Rent control
Minimum Wage
Marketable skills
Human capital
Productivity
Derived demand
3: Market Structures and Firm Decisions
Vocabulary:
Market structures
Monopoly
Oligopoly
Perfect competition
Monopolistic comeptition
Product differentiation
Market power
Non-price competition
Barriers to entry
Economic profit
Accounting profit
Explicit costs
Implicit costs
Normal profit
Price controls
Price elasticity of demand
Elastic demand
Inelastic demand
Unit elastic demand
Total revenue test
Substitutability
Proportion of Income
Luxury vs. Necessity
Addictive
Time to respond to price changes
Marginal Product of Labor
Total cost
Fixed cost
Variable cost
Marginal Cost
Increasing Marginal Returns
Diminishing Marginal Returns
Total Revenue
Marginal Revenue
Profit-maximizing rule
4: National Economic Performance
Vocabulary:
GDP
Consumption spending
Investment spending
Government spending
Imports
Exports
Real GDP
Growth Accounting
Unemployment rate
Labor force participation rate
Labor force
Frictional unemployment
Structural unemployment
Cyclical unemployment
Seasonal unemployment
Nominal GDP
Final goods
Intermediate goods
Non-market transactions
Underground economy
Business cycle
Expansion
Full employment
Natural rate of unemployment
Inflation rate
Demand-pull inflation
Cost-push inflation
Consumer Price Index
Deflation
Disinflation
Peak
Contraction
Trough)
Recession
Depression
Economic Growth
Labor Productivity
Hyperinflation
Production function
Aggregate demand
Aggregate supply
Aggregate demand-aggregate supply model
5: The Role of Government
Vocabulary:
Federal budget
Mandatory Spending
Discretionary Spending
Government revenue
Progressive tax
Proportional tax
Regressive tax
Budget deficit
Budget surplus
National debt
Fiscal policy
Expansionary policy
Contractionary policy
Government spending
Government transfers
Tax rates
Medium of exchange
Unit of account
Store of value
Money aggregate
M1
Near moneys
Commerical bank
Financial intermediaries
Fractional reserve banking
Demand deposits
Liquidity
Federal Reserve
FED Chairman
Regulation
Lender-of-last-resort
Payments system
Interest Rates
Reserve Requirements
Discount Rate
Open market operations
Interest on reserve balances
Classical Economics
Keynesian Economics
Supply Side Economics
6: The Global Economy and Trade
Vocabulary:
Gains from trade
Comparative Advantage
Specialization
Trade barriers
Quota
Tariff
Embargo
Free trade
Autarky
NAFTA
European Union
Brexit
Foreign exchange market
Absolute Advantage
Foreign currency
Exchange rate
Strong currency
Weak currency
7: Personal Finance
Vocabulary:
Benefits
Amenities
Salary vs Wages
Principal
Interest
Compound vs Simple Interest
Credit Score
Credit Report
Repossession
Bankruptcy
Financial Asset
Real estate
Bond
Stock
Mutual funds
Risk
Household Budget
Delayed gratification
Diversification