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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

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

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

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

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

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 2

Supply and Demand

Key Insights

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Concept Check

A simultaneous increase in supply and demand will:

Increase quantity, indeterminate price

Increase price, decrease quantity

Decrease price, increase quantity

Decrease both price and quantity

If demand is inelastic and supply decreases, what happens to price and revenue?

Price falls; revenue rises

Price rises; revenue rises

Price falls; revenue falls

Price rises; revenue falls

A binding price ceiling causes what market outcome?

Efficient allocation of resources

Surpluses and waste

Shortages and black markets

No effect on the market

How does an increase in input costs impact the supply curve?

No impact on the supply curve

Shifts the supply curve leftward

Shifts the supply curve rightward

Movement along the supply curve

With inferior goods, a rise in income causes what demand shift?

Demand curve shifts leftward

Demand curve shifts rightward

Movement along the demand curve

No shift in demand curve

Introduction to Economics

Market Equilibrium