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Table of Contents How the Economy Works Introduction: What Is Economics? The Big Picture: Macroeconomics Overview: Macroeconomics Basic Economic Concepts Scarcity Three Economic Questions: What, How, for Whom? Factors of Production: Land, Labor, Capital (including interest, wages, rent) Circular Flow of Economic Activity Ceteris Paribus Economic Systems and Philosophies Traditional Economic System Bartering Market Economy (free enterprise, capitalism) Classical Economics Neoclassical Economics Keynesian Economics Monetarist Theory Supply Side Theory Say's Law Rational Expectation Theory Planned (Command) Economy Marxian Economics Mixed Economic System Transition Economy What Is Money? Money Money Supply Inflation Deflation Stagflation Investment Debt Interest (interest rates) The Economy in Action Economic Growth Business Cycle Recession Great Depression Industries Employment and Unemployment Financial Markets Underground (Black) Market How the Economy Is Measured Gross Domestic Product Consumption Aggregate Demand Aggregate Supply Income Consumer Price Index Producer Price Index Index of Leading Economic Indicators Standard of Living The Individual Parts: Microeconomics Overview: Microeconomics Supply and Demand: The Relationship between Businesses and Consumers Markets Supply and Demand Marginal Utility Economic Shortage Economic Surplus (consumer and producer) Elastic and Inelastic Demand Income and Substitution Effects Market Failures Externalities (Third Party Costs and Benefits, Social versus Private Costs, Spillover Effect) Economic Rent Competition between Businesses Perfect Competition Monopoly Natural Monopoly Government-granted Monopoly (including utilities) Monopolistic Competition (competitive market) Oligopoly (include Duopoly) Cartel Game Theory What Motivates Businesses Revenue Profit and Loss Long Run versus Short Run Economies of Scale Barriers to Entry Law of Diminishing Returns Opportunity Costs (Explicit and Implicit Costs) Production Possibility Curve (Frontier) Technology Consumer Sovereignty Labor: The People Working in the Economy Labor Force Division of Labor Wages Distribution of Income Productivity Labor Union Labor-Management Relations How Countries Work Together: International Trade Overview: International Trade Basic Concepts Exports Imports Absolute Advantage Comparitive Advantage Free Trade Money Moving between Countries Balance of Payments Trade Surplus and Trade Deficit Foreign Exchange (exchange rates) Foreign Investment International Trends Globalization Developed (Industrialized) Countries Developing (Third World) Countries International Labor Issues Foreign (Migrant) Worker Government's Role in the Economy Overview: Government's Role in the Economy Basic Responsibilities Private Property and Property Rights Creation of Public Goods Problem of Free Riders Government Spending Fiscal Policy Government Failures Economic Development Sustainable Development Transfer Payments Welfare Foreign Aid Monetary Policy Bank Reserves (mention excess reserves, required reserves) Multiplier Effect Economic Laws Antitrust Legislation Intellectual Property (patents and copyrights) Labor Laws Minimum Wage Protectionism (include trade barriers: quotas, tariffs, subsidies) Free Trade Zones Price Ceilings and Price Floors How Goverments Raise Money Taxes Income Taxes Sales Taxes Excise Taxes Property Taxes Estate Taxes Business Taxes Who Oversees the Economy: Government Organizations United States Bureau of Economic Analysis Bureau of Labor Statistics Consumer Product Safety Commission Federal Deposit Insurance Corporation Federal Open Market Committee Food and Drug Administration Federal Reserve System Federal Trade Commission Internal Revenue Service Securities & Exchange Commission International Group of Eight (G8) International Monetary Fund Trade Blocs (including NAFTA and EU) World Trade Organization World Bank Personal Finance: Buying, Borrowing, Saving, and Insuring Introduction: Personal Finance Buying: The Consumer's Role in the Economy Overview: Personal Decision Making and Shopping Common Concerns Budgeting Bills Renting an Apartment (sidebar on renting vs. buying) Buying a Home (including condominiums) Buying a Car (mention sticker price, dealer add-ons, and car payments) How to Pay for Everyday Purchases Cash Checking Account (explain balancing a checkbook, mention interest bearing) Credit Card (include late fees and cash advances) MasterCard Visa Card Charge Card Debit Card Electronic Banking (including PayPal) Money Order Cashiers Check Traveler's Check Gift Certificate Gift Card Borrowing: When You Need More Money Than You Have Overview: Why People Go into Debt Types of Loans Basic Loan (or Credit; sidebar on prime rate) Line of Credit Personal (Unsecured, Signature) Loan Student Loan (sidebar on financial aid) Home Loan (mortgage; include closing costs, escrow account, FHA, and VA) Home Equity Loan (Second Mortgage) Car Loan Leasing a Car Payday Loan Debt Consolidation Loan Who Lends Money Bank (outline different types of banks) Credit Union Savings and Loan Association Finance Company Pawnbroker Rent-to-Own Store Check-Cashing Store Problems with Debt Credit (Debt) Counseling Credit Bureau (reporting agency; include credit score) Bankruptcy Garnished Wages Saving and Investing: Planning for the Future Overview: Saving and Investing Money Motivations for Saving and Investing Time Value of Money Risk versus Reward (include risk pyramid) Financial Planning Saving for College Retirement Plans (general definition plus various retirement plans) Where to Save and Invest Savings Account Money Market Account Stock Stock Market NYSE NASDAQ Bond (include corporate, municipal, zero coupon, and high yield, or junk) Mutual Fund Certificate of Deposits (CDs) Treasury Securities (Treasury bill, Treasury bond, Treasury note, TIPS, saving bond) Equity (various economic senses) Hedge Fund Safe Deposit Box Protecting Yourself from Risk Overview: Insurance Types of Insurance Insurance for Property Home Insurance Renters Insurance Car Insurance (comprehensive, liability, bodily injury, and no fault) Warranty Insurance for People Medical Insurance HMO (Health Maintenance Organization) PPO (Preferred Provider Organization) COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) Dental Insurance Disability Insurance Life Insurance Government Protection Health Insurance Medicare Medicaid Income Assistance Food Stamps Social Security Temporary Assistance for Needy Families (Aid to Family with Dependent Children) WIC Program (Special Supplemental Nutrition Program for Women, Infants, and Children) Worker's Compensation Consumer Laws Consumer Bill of Rights Consumer Credit Protection Act (include Truth in Lending Act and Fair Credit Reporting Act) Usury Laws The World of Business Introduction: Entreprenuership How Businesses Are Run Overview: Business Organization (including labor management and delegating) Types of Businesses Corporation (including C and S corporations) Board of Directors Limited and Unlimited Liability Partnership Sole Proprietorship Nonprofit Corporation Charitable Organization Franchise Multinational Corporation Independent Contractor Starting a Business Starting a Business Business Plan (include sales and revenue projections) Management Risk Taking Venture Capital Small Business Administration Creating Products and Services Product Development Brand (mention store brand) Manufacturing Mass Production Outsourcing Quality Control Total Quality Management Product Liability Customer Satisfaction Attracting Customers Overview: Marketing Mix (Four Ps of Marketing): Product, Place, Price, Promotion Marketing and Advertisting Market Research (including test marketing) Advertising (Media Marketing) Mass Marketing Niche Marketing Direct Mailing Bringing the Product to the Customer Distribution (including wholesale) Pricing (including markup) Selling (including sales force) Retailing E-commerce Web Management Public Relations Money Management Overview: Accounting (financial management) Managing Money and Costs within a Business Cash Flow Cost-Benefit Analysis Costs of Production (fixed, variable, and total costs) Inventory Control Investment Management Business Financing Making Financial Reports Financial Statements Capital Gains and Losses Depreciation Trade Credit Dividend Working with Employees Overview: Hiring and Managing Employees Job Applications Human Resources Payroll Cost of Living Adjustment (COLA) Employee (fringe) Benefit Equal Opportunity Ergonomics Stress Management Business Ethics and the Law Overview: Business Ethics Business Laws Bait and Switch Tactics Pyramid Scheme Identity Theft Insider Trading Better Business Bureau Biographies Adam Smith David Ricardo Thomas Malthus John Stuart Mill Karl Marx Alfred Marshall John Maynard Keynes
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