1. Basic Economic Concepts

    1. Macroeconomics vs. Microeconomics
    2. Scarcity, choice, and opportunity costs
    3. Comparative advantage, absolute advantage, specialization, and trade
    4. Demand, supply, and market equilibrium
    5. Macroeconomic issues: business cycle, unemployment, inflation, growth

  2. National Income Accounts

    1. Circular flow
    2. Gross domestic product
    3. Components of gross domestic product
    4. Real versus nominal gross domestic product

  3. Inflation

    1. Price indices
    2. Nominal and real values
    3. Costs of inflation

  4. Unemployment

    1. Definition and measurement
    2. Types of unemployment
    3. Natural rate of unemployment

  5. Aggregate Demand

    1. Determinants of aggregate demand
    2. Multiplier and crowding-out effects

  6. Aggregate Supply

    1. Short-run and long-run analyses
    2. Sticky versus flexible wages and prices
    3. Determinants of aggregate supply

  7. Macroeconomic Equilibrium

    1. Real output and price level
    2. Short and long run
    3. Actual versus full-employment output
    4. Business cycle and economic fluctuations

  8. Money, Banking, and Financial Markets

    1. Definition of financial assets: money, stocks, bonds
    2. Time value of money (present and future value)
    3. Measures of money supply
    4. Banks and creation of money
    5. Money demand
    6. Money market and the equilibrium nominal interest rate

  9. Loanable Funds Market

    1. Supply of and demand for loanable funds
    2. Equilibrium real interest rate
    3. Crowding out

  10. Central Bank and Control of the Money Supply

    1. Tools of central bank policy
    2. Quantity theory of money
    3. Real versus nominal interest rates

  11. Stabilization: Fiscal and Monetary Policies

    1. Demand-side effects
    2. Supply-side effects
    3. Policy mix
    4. Government deficits and debt

  12. The Phillips Curve

    1. Short-run and long-run Phillips curves
    2. Demand-pull versus cost-push inflation
    3. Role of expectations

  13. Economic Growth

    1. Definition of economic growth
    2. Determinants of economic growth
    3. Investment in human capital
    4. Investment in physical capital
    5. Research and development, and technological progress
    6. Growth policy

  14. International Trade and Finance

    1. Balance of trade
    2. Current account
    3. Financial account (formerly known as capital account)

  15. Foreign Exchange

    1. Demand for and supply of foreign exchange
    2. Exchange rate determination
    3. Currency appreciation and depreciation
    4. Imports, exports, and financial capital flows
    5. Relationships between international and domestic financial and goods markets