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SyllabusTopicDiagramsTerms
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0Basic Economic Concepts#1- Production Possibilities CurveWant
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Need
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Scarcity
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Tradeoff
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Opportunity cost
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Factors of production
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Ceteris paribus
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Economics
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1.1Competitive Markets: Supply & Demand#2- Circular Flow of the Market EconomyMarket
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#3- Demand CurveFirm
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#4- Supply CurveIndustry
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#5- Market EquilibriumDemand
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#6- Consumer and Producer Surplus at equilibriumQuantity Demanded
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Law of Demand
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Normal Good
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Inferior Good
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Substitute Good
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Complementary Good
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Supply
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Quantity Supplied
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Law of Supply
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Market Equilibrium
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Excess Supply
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Excess Demand
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Consumer Surplus
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Producer Surplus
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Welfare Loss
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1.2Elasticities#7- Perfectly Inelastic Demand (or Supply)Elasticity
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#8- Perfectly Elastic Demand (or Supply)Price Elasticity of Demand (PED)
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#9- Total RevenueCross-Price Elasticity of Demand (XED)
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Income Elasticity of Demand (YED)
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Price Elasticity of Supply (PES)
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Total Revenue
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1.3Government Intervention#10- Indirect TaxTax
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#11- Ad valorem taxSpecific Tax (Flat Tax)
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#12- SubsidyAd Valorem tax (Value Added Tax)
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#13- Price CeilingDeadweight Loss / Welfare Loss
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#14- Price FloorSubsidy
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Price Ceiling
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Price Floor
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Minimum Wage
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1.4Market Failure#15- Marginal Benefit & Marginal CostLaw of Diminishing Marginal Utility
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#16- Positive Producer ExternalityMarket Failure
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#17- Negative Producer ExternalityExternalities
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#18- Positive Consumer Externality--Positive Producer & Consumer
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#19- Negative Consumer Externality--Negative Producer & Consumer
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Marginal Benefit (Social & Private)
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Marginal Cost (Social & Private)
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Merit Good
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Public Good
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Demerit Good
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Common Access Resource
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Sustainability
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1.5Costs, Revenue, & Profits#20- Total, Average, & Marginal ProductionShort run
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#21- Short Run CostsLong run
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#22- Long Run Costs & Economies of ScaleTotal product
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#23- Total, Average, & Marginal RevenueMarginal product
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Average product
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Law of diminishing returns
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Costs of production
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Explicit costs
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Implicit costs
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Fixed costs
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Total costs
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Average costs
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Marginal costs
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Constant returns to scale
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Increasing returns to scale
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1.6Market Structures
#22- short run perfect competition [one firm, profit and loss]
Perfectly competitive market
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#23- long-run perfect competition [one firm + all firms]
Free exit and entry
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#24- long and short run monopoly [one firm]Allocative efficiency
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#25- Natural monopolyProductive efficiency
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#26- short run monopolistic competition [one firm, profit or loss]
Monopoly
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#27- long-run monopolistic competition [one firm]Barriers to entry
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#28- Formal collusion, price fixing oligopolyMonopolistic competition
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#29- Non-Collusive Oligopoly (Kinked demand curve)
Product differentiation
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Oligopoly
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Game theory (prisoner’s dilemma)
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Price war
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Collusion [formal and informal]
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Cartel
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Non-collusive oligopoly
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2.1Overall Macroeconomic Activity#30- Circular Flow of the Economymacroeconomics
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#31- Business Cycleclosed economy
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leakages
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injections
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gross domestic product
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gross national income
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nominal statistics
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real statistics
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per capita statistics
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green GDP
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economic growth
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recession
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potential GDP
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2.2Aggregate Demand and Supply#32- Aggregate demandaggregate demand
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#33- Short-run aggregate supplyconsumer confidence
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#34- Classical Long-run aggregate supplypersonal income tax
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#35- Keynesian Long-run aggregate supplydisposable income
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