Pre - Economics

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Learning Modules

P - Topics in Demand and Supply Analysis

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• Introduction
• Demand Concepts
• Price Elasticity of Demand
  • Extremes of Price Elasticity
• Predicting Demand Elasticity, Price Elasticity, and Total Expenditure
• Income Elasticity of Demand, Cross-Price Elasticity of Demand
  • Cross-Price Elasticity of Demand
• Substitution and Income Effects; Normal Goods, Inferior Goods, and Special Cases
  • Normal and Inferior Goods
• Supply Analysis: Cost, Marginal Return, and Productivity
  • Marginal Returns and Productivity
• Marginal Revenue, Marginal Cost and Profit Maximization; Short-Run Cost Curves: Total, Variable, Fixed, and Marginal Costs
  • Understanding the Interaction between Total, Variable, Fixed, and Marginal Cost and Output

P - Introduction to the Firm and Market Organization

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• Analysis of Market Structures
  • Analysis of Market Structures
• Perfect Competition
  • Demand Analysis in Perfectly Competitive Markets
• Other Factors Affecting Demand
• Consumer Surplus: Value minus Expenditure
• Supply Analysis, Optimal Price, and Output in Perfectly Competitive Markets
  • Optimal Price and Output in Perfectly Competitive Markets
• Long-Run Equilibrium in Perfectly Competitive Markets
• Monopoly Markets: Demand/Supply and Optimal Price/Output
  • Demand Analysis in Monopoly Markets
  • Supply Analysis in Monopoly Markets
  • Optimal Price and Output in Monopoly Markets
• Price Discrimination and Consumer Surplus
• Monopoly Markets: Long-Run Equilibrium

P - Aggregate Output, Prices, and Economic Growth

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• Introduction
• Aggregate Output and Income
  • Gross Domestic Product
  • The Components of GDP
  • Relationship among Saving, Investment, the Fiscal Balance and the Trade Balance
• Aggregate Demand and Aggregate Supply
  • Aggregate Demand
  • Aggregate Supply
  • Shifts in the Aggregate Demand Curve
  • Equilibrium GDP and Prices
• Economic Growth and Sustainability
  • The Production Function and Potential GDP
  • Sources of Economic Growth
  • Measures of Sustainable Growth
  • Measuring Sustainable Growth

P - Introduction to Business Cycles

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• Introduction
• Consumer Behavior
  • Consumer Confidence
  • Measures of Consumption
  • Income Growth
  • Saving Rates
• Housing Sector Behavior
  • Available Statistics
  • Sensitivity to Interest Rates and Relationship to Credit Cycle
  • The Role of Demographics
  • Impact on the Economic Cycle
• External Trade Sector Behavior
  • Cyclical Fluctuations of Imports and Exports
  • The Role of the Exchange Rate
  • Overall Effect on Exports and Imports
• Unemployment
  • The Unemployment Rate
  • Overall Payroll Employment and Productivity Indicators
• Inflation
  • Deflation, Hyperinflation, and Disinflation
  • Measuring Inflation: The Construction of Price Indexes
  • Price Indexes and Their Usage
  • Explaining Inflation

P - Monetary and Fiscal Policy

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• Introduction to Monetary and Fiscal Policy
• Money: Functions, Creation, and Definition
  • The Functions of Money
  • Paper Money and the Money Creation Process
  • Definitions of Money
• Money: Quantity Theory, Supply and Demand, Fisher Effect
  • The Demand for Money
  • The Supply and Demand for Money
  • The Fisher Effect
• The Costs of Inflation

P - International Trade and Capital Flows

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• Introduction & International Trade: Basic Terminology
  • International Trade
• Patterns and Trends in International Trade and Capital Flows
• Comparative Advantage and the Gains from Trade: Absolute and Comparative Advantage
  • Gains from Trade: Absolute and Comparative Advantage
• Ricardian and Heckscher–Ohlin Models of Comparative Advantage
• Balance of Payments: Accounts and Components
  • Balance of Payments Accounts
  • Balance of Payments Components
• National Economic Accounts and the Balance of Payments

P - Currency Exchange Rates

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• Introduction & The Foreign Exchange Market
• Market Functions
• Exchange Rates and the Trade Balance: The Elasticities Approach
• Exchange Rates and the Trade Balance: The Absorption Approach