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Unit 1: Basic Economic Concepts
- Topic 1.3Comparative advantage and gains from tradeOpportunity costs from a production table, who has the comparative advantage, and which terms of trade help both sides.
- Topic 1.6Equilibrium and disequilibriumEquilibrium price and quantity from linear supply and demand, and the shortage or surplus at another price.
Unit 2: Economic Indicators and the Business Cycle
- Topic 2.1GDP by the expenditures approachAdd consumption, investment, government purchases and net exports, and leave out what is not spending on final output.
- Topic 2.3Unemployment and labor force participationWho is in the labor force, the unemployment rate, and the labor force participation rate.
- Topic 2.4Price indices and inflationA consumer price index from a fixed basket, the inflation rate between two years, and a real wage.
- Topic 2.6Real and nominal GDPNominal GDP at current prices, real GDP at base-year prices, the GDP deflator, and real growth.
Unit 3: National Income and Price Determination
Unit 4: Financial Sector
- Topic 4.2Real and nominal interest ratesThe real interest rate from the nominal rate and inflation, and the nominal rate lenders set from what they expect.
- Topic 4.4, 4.6Reserves and the money multiplierRequired and excess reserves, the money multiplier, and how far lending and open-market purchases can expand the money supply.