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Unit 1
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
GDP and Economic Growth
International Trade
Inflation and Unemployment
Globalization and its impacts
Elasticity of Demand and Supply
Introduction to Macroeconomics
Monetary Policy
Fiscal Policy
Unit 2
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Consumer and Producer Surplus
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
Globalization and its impacts
Market Failures
Microeconomics vs. Macroeconomics
Government Intervention in Markets
International Trade
Market Equilibrium
Inflation and Unemployment
Unit 3
Basics of Economics
Introduction to Economics
Scarcity and Choice
Supply and Demand
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
GDP and Economic Growth
Fiscal Policy
International Trade
Globalization and its impacts
Government Intervention in Markets
Market Failures
Inflation and Unemployment
Market Equilibrium
Consumer and Producer Surplus
Introduction to Macroeconomics
Monetary Policy
Unit 4
Basics of Economics
Introduction to Economics
Supply and Demand
Market Equilibrium
Elasticity of Demand and Supply
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
Inflation and Unemployment
International Trade
Globalization and its impacts
Scarcity and Choice
Fiscal Policy
GDP and Economic Growth
Market Failures
Government Intervention in Markets
Consumer and Producer Surplus
Monetary Policy
Unit 5
Basics of Economics
Supply and Demand
Market Equilibrium
Consumer and Producer Surplus
Market Failures
Government Intervention in Markets
Microeconomics vs. Macroeconomics
Introduction to Macroeconomics
GDP and Economic Growth
Fiscal Policy
Monetary Policy
International Trade
Globalization and its impacts
Scarcity and Choice
Inflation and Unemployment
Introduction to Economics
Elasticity of Demand and Supply
Unit 4 • Chapter 1
Introduction to Economics
Key Insights
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Concept Check
What causes a shift in the aggregate demand curve?
Technological advancements
Changes in aggregate supply
Improved resource allocation
Changes in aggregate spending.
How does a price ceiling impact market equilibrium?
Creates shortages; prices below equilibrium.
Increases market efficiency
Leads to market surpluses
Has no significant effect
What's the relationship between inflation and unemployment?
Inverse, often depicted by the Phillips curve.
Directly proportional
No discernible relationship
Unpredictable correlation
Explain the concept of opportunity cost in economics.
Value of next best alternative forgone.
Total cost of production
Economic profit
Accounting profit
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Supply and Demand