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Assignment

Circular-flow diagram

Define/ understand the components as it relates to firms vs. households.

Production possibilities frontier

• Efficient vs. inefficient
• Opportunity cost/ tradeoff
• Unattainable points
• Shifts i.e. outward, inward

Micro vs. Macro Economics

Positive vs. normative economics

Market

Characteristics / pricing strategy of the four market structures

1. Free / competitive
2. Monopolistically Competitive
3. Oligopoly
4. Monopoly

Demand vs. Quantity Demanded/ supply vs. Quantity Supplied

• Shift factors (demand, supply)

Market equilibrium, Shortage and Surplus

• Invisible Hand theory

GDP

• Definition
• Four components
• Consumer Price Index

1. Calculating
2. Fixed basket
3. Inflation rate
4. Deflator

• Inflation/ deflation
• Real vs. Nominal
• Subjective issue i.e. Measure of economics well-being
• Historical trend

Unemployment

• Labor force
• Natural rate
• Three Categories

Money

• Functions
• Kinds
• Supply
• Liquidity
• The federal Reserve System

1. Money Multiplier

International Trade
Balance, deficit, Surplus
Aggregate Demand / Aggregate Supply

• Short Run Fluctuations i.e. recession, inflationary gap etc.
• Model i.e. AS curve, AD curve
• Keynesian vs. Classical
• Shift in AD
• Reasons for downward slope

Monetary Policy

• Expansionary vs. Contractionary
• Tools

Fiscal Policy

• Expansionary vs. Contractionary.

Macroeconomics, Economics

  • Category:- Macroeconomics
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