ECON 2

Topics: Opportunity Cost, Perfectly Competitive Markets, Demand/Supply Curves, Demand/Supply Shifters, Market Equilibrium.

Topics: GDP: “per capita”, Income/Expenditure, Nominal vs Real, Deflator, Year Comparison.

Topics: Capital (Traditional vs Human), Production Function, Vicious vs Virtuous Cycle, Inward vs Outward Oriented policies, Brain Drain, Capital Dilution.

Topics: Cyclical vs Natural Rate of Unemployment, Efficiency Wage, Unemployment Rate, Structural Unemployment, Labor-Force Participation Rate, Minimum Wage and Unions.

Topics: Inflation and the Consumer Price Index (CPI)

Topics: Bonds vs Stocks, Private vs Public Saving, Loanable Funds, Budget Deficit, Interest (Simple/Compounding), Risk Averse, Adverse Selection, Moral Hazard, Efficient Market Hypothesis (EMH).

Topics: Bank Run, Deposit Insurance, Shadow Banks, Bond Market, Stock, Real Exchange Rate, Nominal Exchange Rate, Foreign Exchange Market, Trade Flows, Financial Flows 

Topics: Business Cycle, Peaks, Troughs, Output Gaps, Recession, Expansion

Topics: IS Curve, MP Curve, Aggregate Expenditure, Macroeconomic Equilibrium, Output Gap, Equilibrium Output vs. Potential Output, Monetary Policy, Fiscal Policy, Goldilocks Economy

Topics: Inflation, Phillips Curve, Demand-Push Inflation vs Cost-Pull Inflation, Supply Shock

Topics: The Federal Reserve (FED), IS-MP and Phillips Curve, Financial Shocks, Spending Shocks, Supply Shocks

Topics: The FED, Monetary Policy, The Federal Open Market Committee (FOMC), Forward Guidance, Quantitative Easing 

Topics: Income Inequality, Fiscal Policy, Wealth, Intergenerational Mobility, Deficit vs Surplus, Automatic Stabilizers, Debt-to-GDP Ratio

Topics: Aggregate Demand, Aggregate Supply, Economic Fluctuation, The Wealth Effect, The Interest Rate Effect, The Exchange Rate Effect, Long Run Aggregate Supply (LRAS), Short Run Aggregate Supply (SRAS).