Scarcity Economics Positive Economics Normative economics Three pillars of economics Opportunity cost "Correlation doesn't equal causation "
Principle of Optimization at the Margin Classical Economics Marxist Econonmics Austrian Economics Keynesian Economics Perfectly Competitive Market Demand (Factors) Ceteris Paribus Ways to interpret demand curve Ways to interpret supply curve Supply (Factors) "Buyer's Problem "
Budget Set Budget Constraint Opportunity Cost Formula Utility Equal bang for your buck rule changing budget constraint curve Consumer Surplus vs. Total Benefit Price Elasticity of Demand Cross price elasticity of demand Income elasticity of demand Indifference Curves Income Effect Substitution Effect "Seller's Problem "
Factors of production (micro) Marginal product Marginal Cost Marginal Revenue (perfect comp) Profit Maximization Condition Accounting Profits Short run supply curve Price Elasticity of Supply Shutdown Long run supply Long run competitive market equilibrium Zero Economic Profits (Long Run) Long Run Econ profits in non identical market Reservation Value Social Surplus Pareto Efficient Invisible Hand Price controls Command Economy Negative Externalities Total Externality Privately Internalizing Externalities Government Solutions to Externalities Excludability Rivalry in Consumption Ordinary Private Goods Club Goods Common Pool Goods Public Goods Primary Reasons for Government Taxation Government Taxation Effect of elasticities on taxation Government Regulation Monopolies Legal Market Power (Barrier to Entry) Natural Market Power (Barrier to Entry) Network Externalities Natural Monopolies "Monopolist's Problem "
Price Descrimination Perfect Price Discrimination (First Degree) Government Policies Toward Monopolies Game Theory Elements of Simultaneous Move Game Dominant Strategy Dominant Strategy Equilibrium Nash Equilibrium Tragedy of the Commons, Game Theory Approach Zero-Sum Games Production Posibilities Curve/Frontier Comparative Advantage Complete Specialization Absolute Advantage Terms of Trade Joint PPF in a Market US Trade Economy-Wide PPC Autarchy Free Trade Exporters/Importers Country-Level Determinants of Comparative Advantage Arguments against free trade Protectionism Tariffs Macroeconomics National Income Accounts GDP Production-based National Income Accounts Expenditure-based National Income Accounts Income-based National Accounts Factors of production (macro) Circular Flows National Income Accounting Identity Saving What does GDP not account for? GDP vs. GNP Real GDP GDP deflator Consumer Price Index CPI vs. GDP Deflator Inflation Rate rGDP growth rate Adjusting Nominal Variables for Inflation Purchasing Power Parity GDP per worker Aggregate Production Function Role of Technology Exponential GDP growth Physical Capital Accumulation Sustained Growth Average Compound Growth Rate Malthusian Model and Beginnings of Growth Growth, Inequality, and Poverty Potential Workers Unemployment Rate Labor Force Participation Rate Demand for Labor Supply of Labor Technological Unemployment Voluntary Unemployment Frictional Unemployment Wage Rigidity Structural Unemployment Downward Wage Rigidity Cyclical Unemployment Fundamental Causes of Prosperity Inclusive Economic Institutions Return to Entrepeneurship Curve Extractive Economic Institutions Creative Destruction Foreign Aid and Poverty Stock Market Real Interest Rate Credit Demand Curve Credit Supply Curve Credit Market Types of Financial Intermediaries Bank Assets Bank Liabilities "Stockholder's Equity "
Bank Functions Bank Runs Investment Banks Functions of Money Fiat Money M2 Money Supply Quantity Theory of Money Hyperinflation Inflation Winners and Losers Real Wage Rate Social Costs of Inflation Social Benefits of Inflation Central Bank Dual Mandate of the Fed Roles of the Fed Federal Funds Market Federal Funds Market Demand Federal Funds Market Supply Open Market Operations Strategies of the Fed How the Fed Influences the Economy 2008 Recession Economic Recession Properties of Economic Fluctuations Labor Supply Fluctuations Labor Demand Fluctuations Multipliers Recovery mechanisms Overheated Economy Countercyclical Policy Monetary Policy Fiscal Policy Tools of the Fed Zero lower bound Taylor Rule Countercyclical Fiscal Policy Government Expenditure Multiplier Government Taxation Multiplier Unemployment Insurance Wage Subsidy Fiscal Policy Downsides THREE TAKEAWAYS