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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 5 • Chapter 12

Globalization and its impacts

Key Insights

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Concept Check

Which factor LEAST contributes to globalization's uneven impact?

Protectionist trade policies

Pre-existing economic disparities

Unequal access to resources

Uniform technological advancements

Globalization's impact on cultural diversity is best described as:

Unchanged cultural landscapes

Complete cultural homogenization

Simultaneous homogenization and diversification

Increased isolation of cultures

How does globalization affect national sovereignty?

It can both enhance and diminish it

Always strengthens sovereignty

Always weakens sovereignty

Has no impact on sovereignty

What is a significant unintended consequence of globalization?

Increased global pandemics

Universal economic prosperity

Complete world peace

Elimination of poverty

International Trade

Scarcity and Choice