MACROECONOMICS REVIEW

1. Basic Economic Concepts

2. Economic Indicators & The Business Cycle

3. National Income & price Determination

4. Financial Sector

5. Long -Run Consequences of Stabilization Policies

6. Open Economy - International Trade & Finance

CHAPTER 01

Limits, Alternatives & Choices

• 1.1 The Economic Perspective

• 1.2 Theories, Principles & Models

• 1.3 Micro vs Macro

• 1.4 Individual's Economizing Problem

• 1.5 Society's Economizing Problem

• 1.6 Production Possibilities Model

• 1.7 Unemployment, Growth and The Future

• 1.8 Graphs and Their Meaning

CHAPTER 02

Market Systems & Circular Flow

• 2.1 Economic Systems

• 2.2 Market System

• 2.3 Five Fundamental Questions

• 2.4 The “Invisible Hand”

• 2.5 The Circular Flow Model

• 2.6 Risk

CHAPTER 03

Demand, Supply & Market Equilibrium

• 3.1 Markets

• 3.2 Demand

• 3.3 Supply

• 3.4 Market Equilibrium

• 3.5 Changes in Supply, Demand and Equilibrium

• 3.6 Government Set Prices

• 3.7 Supply & Demand Analysis

CHAPTER 04

Market Failures:

Public Goods &  Externalities

• 4.1 Market Failures

• 4.2 Efficiency Influencing Markets

• 4.3 Public Goods

• 4.4 Externalities

• 4.5 Society’s Optimal Amount of Externality Reduction

• 4.6 Information Failures

CHAPTER 05

Government’s Role & Failure

• 5.1 Government’s Economic Role

• 5.2 Government Failure

• 5.3 Public Choice and Voting Paradoxes

CHAPTER 06

Elasticity

• 6.1 Price Elasticity of Demand

• 6.2 The Total Revenue Test

• 6.3 Determinants of Price Elasticity of Demand

• 6.4 Price Elasticity of Supply

• 6.5 Cross Elasticity and Income Elasticity of Demand

CHAPTER 07

Utility Maximization

• 7.1 Law of Diminishing Marginal Utility

• 7.2 Theory of Consumer Behavior

• 7.3 Utility Maximization & The Demand Curve

• 7.4 Income & Substitution Effects

• 7.5 Applications & Extensions

• 7.6 Indifference Curve Analysis

CHAPTER 20

Public Finance: 

Expenditures & Taxes

• 20.1 Government and The Circular Flow

• 20.2 Government Finance

• 20.3 Federal Finance

• 20.4 State and Local Finance

• 20.5 Government Job Categories

• 20.6 Apportioning the Tax Burden

• 20.7 Tax Incidence and Efficiency Loss

• 20.8 Probable Incidence of U.S. Taxes