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The information contained here is designed to help you
review key concepts presented in each chapter of the text. The information
contained here should jog your memory about what was covered in class and in
homework assignments. These notes do not contain all you need to know about
these topics. They are simply provided here as a way to organize your thoughts.
Many students have found it helpful
to print out a copy of these notes and bring them to class. Following classroom
instruction is much easier with the printed notes handy. Students simply add
information covered in class to the printed notes. Try it, you may like it.
- Chapter 1: What is Economics?
- This chapter outlines the scope of Economics and introduces the basis
economic concepts used throughout the course.
- Chapter 2: Economic Systems
- This chapter outlines the characteristics of a free enterprise system. In
addition, the free enterprise system is compared to the command system.
Advantages and disadvantages of each system are examined.
- Chapter 3: Business Organization
- This chapter explores the characteristics of businesses in a market
economy. The types of businesses included are sole proprietorship,
partnership, and a variety of corporations. Business expansion is explored as
well.
- Chapter 4: Demand
- This chapter reviews demand curves. Changes in quantity demanded are
distinguished from shifts in the demand curve. Elasticity of demand is
explained and measured.
- Chapter 5: Supply
- This chapter reviews supply curves Changes in quantity supplied are
distinguished from shifts in the supply curve. Elasticity of supply is
explained and measured. The relationships between production costs and profit
maximization are explored.
- Chapter 6: Price System
-
This chapter puts the demand and
supply curves on one graph and explores equilibrium pricing. Shortages and
surpluses are discussed.
- Chapter 7: Market Structures
-
This chapter explores the nature of
business competition. Imperfect competition in the form of monopoly and
oligopoly are also examined. Market failures and externalities are examined
from the perspective of government regulation and control. Students teach this
chapter, so there are no chapter notes provided in advance.
- Chapter 8: The Labor Market
- This chapter discusses the nature of labor in the U.S. and explores the
influence labor unions and government regulation have had on the labor market.
- Chapter 9: Government Taxation
- This chapter explores the effect of taxes in a market economy. Types of
taxes at the various levels of government are explored. Current tax issues are
presented.
- Chapter 10: Government
Spending
- This chapter explores the effect government spending in a market economy.
Expenditures at the various levels of government are explored. Government
budgets, surpluses and deficits are discussed.
- Chapter 11: Financial Markets
- Because Personal Finance is now being offered as a course, this chapter
is not covered in Economics. This chapter explores the role of saving and investing in the economy.
Financial instruments are examined and strategies for personal investment are
discussed.
- Chapter 12: Economic Performance
- This chapter introduces the macro-economic measures of production. The
relationships between Gross Domestic Product, inflation, and population
growth are examined. Factors influencing economic growth and contributing to
income distribution are discussed.
- Chapter 13: Economic Instability
-
This chapter introduces the concept
of business cycles. Factors that contribute to economic instability are
discussed. Unemployment and inflation are examined closely.
- Chapter 14: Monetary Policy
- This chapter explores the nature of money and the money supply. A timeline
of banking in the U.S. is outlined.
-
This chapter introduces the
structure of the Federal Reserve System. Policy tools used by the FED to
achieve economic stability are compared.
- Chapter 15: Economic Stability
-
This chapter compares fiscal and
monetary policies. The effects of these policies on overall economic activity
are graphed and explained. Political pressures affecting the effectiveness of
economic policies are also presented.
- Chapter 16: International Trade
-
This chapter reviews the issues
faced by nations involved in international trade. The nature of imports and
exports, exchange rates and comparative advantages are explored.
- Chapter 17: Economic Systems
- This chapter compares economic systems worldwide. Communism, socialism,
and market economies are analyzed. Current events relating to world economic
developments are addressed.
- Chapter 19 - 20: The Global Economy
-
These chapters explore the problems faced by developing countries and
apply economic principles to the challenges of globalization.
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