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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 6

Introduction to Macroeconomics

Key Insights

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Concept Check

What primarily determines long-run economic growth?

Short-term interest rate fluctuations

Technological advancements and productivity

Government spending and taxation

Consumer confidence and spending

Which factor is NOT a key determinant of aggregate supply?

Government regulations

Available technology and capital

Labor force size and productivity

Consumer price index expectations

How does an increase in money supply typically affect inflation in the short run?

No immediate impact on inflation

Inflation increases; prices rise

Inflation is unaffected; prices stable

Inflation decreases; prices fall

What is the Phillips Curve's primary depiction?

Inflation and unemployment trade-off

Money supply and interest rates

Government spending and deficits

Economic growth and productivity

Which policy directly influences aggregate demand?

Monetary and fiscal policies

Changes in demographics

Supply-side economic policies

Technological advancements

Microeconomics vs. Macroeconomics

Inflation and Unemployment