Apply economic principles to business decisions
331
Sub Topics
968
MCQs
470
MCOs
722
True/False
416
Fill Blanks
152
Rearrange
378
Matching
227
Comprehensions
364
Flashcard Decks
Curriculum
What You'll Learn
01 Introduction to Economics 4 topics
1 Definition and Scope of Economics
- Evolution of Economic Thought
- Positive vs. Normative Economics
- Microeconomics vs. Macroeconomics
2 Economic Methodology
- Economic Models and Assumptions
- Ceteris Paribus Principle
- Economic Data and Empirical Methods
3 Scarcity and Choice
- The Economic Problem
- Opportunity Costs
- Production Possibilities Frontier
4 Economic Systems
- Traditional Economies
- Command Economies
- Market Economies
- Mixed Economies
02 Supply and Demand 4 topics
1 Markets and Competition
- Types of Markets
- Market Participants
- Market Structures
2 Demand
- The Law of Demand
- Individual and Market Demand
- Determinants of Demand
- Movements Along vs. Shifts in Demand Curve
3 Supply
- The Law of Supply
- Individual and Market Supply
- Determinants of Supply
- Movements Along vs. Shifts in Supply Curve
4 Market Equilibrium
- Equilibrium Price and Quantity
- Disequilibrium: Surplus and Shortage
- Changes in Equilibrium
- Price Controls and Market Outcomes
03 Elasticity 3 topics
1 Price Elasticity of Demand
- Definition and Measurement
- Determinants of Price Elasticity
- Elasticity and Total Revenue
- Applications of Price Elasticity
2 Price Elasticity of Supply
- Definition and Measurement
- Determinants of Supply Elasticity
- Short-Run vs. Long-Run Supply Elasticity
3 Other Elasticities
- Income Elasticity of Demand
- Cross-Price Elasticity of Demand
- Advertising Elasticity
04 Consumer Theory 4 topics
1 Utility Theory
- Cardinal Utility
- Ordinal Utility
- Marginal Utility and Consumer Choice
2 Budget Constraints
- Income and Prices
- Budget Line
- Changes in Income and Prices
3 Consumer Optimization
- Utility Maximization
- Corner Solutions
- Consumer Equilibrium
4 Consumer Demand
- Individual Demand Curves
- Income and Substitution Effects
- Giffen and Inferior Goods
- Consumer Surplus
05 Production Theory and Costs 4 topics
1 Production Functions
- Inputs and Outputs
- Short-Run vs. Long-Run
- Returns to Scale
2 Productivity and Efficiency
- Total, Average, and Marginal Product
- Law of Diminishing Returns
- Technical and Economic Efficiency
3 Cost Analysis
- Economic vs. Accounting Costs
- Fixed and Variable Costs
- Short-Run Cost Curves
- Long-Run Cost Curves
- Economies and Diseconomies of Scale
4 Producer Optimization
- Cost Minimization
- Profit Maximization
- Producer Surplus
06 Market Structures 4 topics
1 Perfect Competition
- Characteristics and Assumptions
- Short-Run Profit Maximization
- Long-Run Equilibrium
- Market Supply Curve
- Efficiency in Perfect Competition
2 Monopoly
- Characteristics and Sources
- Profit Maximization
- Price Discrimination
- Deadweight Loss and Efficiency
- Natural Monopoly and Regulation
3 Monopolistic Competition
- Characteristics and Examples
- Short-Run and Long-Run Equilibrium
- Product Differentiation and Advertising
- Efficiency Considerations
4 Oligopoly
- Characteristics and Market Concentration
- Game Theory and Strategic Behavior
- Cournot, Bertrand, and Stackelberg Models
- Cartels and Collusion
- Price Leadership and Barriers to Entry
07 Factor Markets 4 topics
1 Labor Markets
- Labor Demand
- Labor Supply
- Labor Market Equilibrium
- Wage Differentials
- Labor Unions and Collective Bargaining
2 Capital Markets
- Present Value and Discounting
- Investment Decisions
- Capital Supply and Demand
- Interest Rates and Capital Allocation
3 Land and Natural Resources
- Economic Rent
- Resource Exploitation
- Sustainability and Scarcity
4 Entrepreneurship
- Role in Economic Development
- Innovation and Risk-Taking
- Profit as Incentive
08 Market Failures and Government Intervention 4 topics
1 Externalities
- Positive and Negative Externalities
- Coase Theorem
- Government Solutions: Taxes, Subsidies, Regulation
- Cap and Trade Systems
2 Public Goods
- Non-rivalry and Non-excludability
- Free Rider Problem
- Optimal Provision of Public Goods
3 Information Asymmetry
- Adverse Selection
- Moral Hazard
- Principal-Agent Problems
- Signaling and Screening
4 Market Power
- Antitrust Policy
- Regulation of Natural Monopolies
- Consumer Protection
09 Income Distribution and Poverty 4 topics
1 Income and Wealth Distribution
- Measuring Inequality: Gini Coefficient, Lorenz Curve
- Causes of Inequality
- International Comparisons
2 Theories of Justice and Fairness
- Utilitarianism
- Rawlsian Justice
- Libertarian Perspectives
3 Poverty
- Absolute vs. Relative Poverty
- Measuring Poverty
- Causes and Consequences
4 Redistribution Policies
- Taxation Systems
- Transfer Programs
- Education and Opportunity Enhancement
- Efficiency-Equity Tradeoffs
10 National Income Accounting 4 topics
1 Circular Flow of Income
- Two-Sector Model
- Three-Sector Model
- Four-Sector Model
2 Gross Domestic Product
- Expenditure Approach
- Income Approach
- Value-Added Approach
- GDP Deflator and Real GDP
3 Alternative Measures of Output and Income
- Gross National Product
- Net National Product
- National Income
- Personal Income and Disposable Income
4 Limitations of National Income Accounting
- Non-Market Activities
- Environmental Considerations
- Income Distribution
- Alternative Measures: HDI, GPI
11 Aggregate Demand and Supply 3 topics
1 Aggregate Demand
- Components of Aggregate Demand
- Factors Affecting Aggregate Demand
- Shifts in the Aggregate Demand Curve
2 Aggregate Supply
- Short-Run Aggregate Supply
- Long-Run Aggregate Supply
- Factors Affecting Aggregate Supply
- Shifts in the Aggregate Supply Curve
3 Macroeconomic Equilibrium
- Short-Run Equilibrium
- Long-Run Equilibrium
- Adjustments to Equilibrium
- Output Gaps and Inflationary Gaps
12 Economic Growth 4 topics
1 Measurement and Importance
- Growth Accounting
- Rule of 70 and Compounding
- Growth vs. Development
2 Sources of Economic Growth
- Capital Accumulation
- Labor Force Growth
- Technological Progress
- Human Capital Development
3 Growth Theories
- Classical Growth Theory
- Harrod-Domar Model
- Solow-Swan Model
- Endogenous Growth Theory
- Unified Growth Theory
4 Growth Policies and Sustainable Development
- Investment Promotion
- Education and Research Policies
- Institutional Quality
- Environmental Considerations
13 Business Cycles 3 topics
1 Characteristics and Measurement
- Phases of Business Cycles
- Leading, Coincident, and Lagging Indicators
- Historical Business Cycles
2 Theories of Business Cycles
- Classical and Neoclassical Theories
- Keynesian Business Cycle Theory
- Monetarist Explanation
- Real Business Cycle Theory
- Austrian Business Cycle Theory
3 Economic Fluctuations and Stabilization
- Aggregate Demand Shocks
- Aggregate Supply Shocks
- Automatic Stabilizers
- Policy Responses to Recessions
14 Unemployment and Inflation 3 topics
1 Unemployment
- Types of Unemployment
- Measuring Unemployment
- Natural Rate of Unemployment
- Costs of Unemployment
- Policies to Reduce Unemployment
2 Inflation
- Types and Causes of Inflation
- Measuring Inflation: CPI, PPI
- Costs of Inflation
- Deflation and Its Consequences
3 Relationship Between Unemployment and Inflation
- Phillips Curve
- Natural Rate Hypothesis
- Expectations-Augmented Phillips Curve
- Stagflation
15 Money and Banking 4 topics
1 Money and Its Functions
- Definition and Types of Money
- Money Supply Measures
- Money Demand
- Quantity Theory of Money
2 Banking System
- Commercial Banks and Their Operations
- Fractional Reserve Banking
- Money Creation Process
- Shadow Banking System
3 Central Banking
- Functions of Central Banks
- Central Bank Independence
- Balance Sheet of Central Banks
- Lender of Last Resort
4 Financial Innovations and Crises
- Financial Derivatives
- Cryptocurrencies and Digital Money
- Financial Bubbles
- Banking and Financial Crises
16 Monetary Policy 4 topics
1 Objectives and Instruments
- Price Stability
- Full Employment
- Economic Growth
- Financial Stability
2 Policy Tools
- Open Market Operations
- Discount Rate
- Reserve Requirements
- Interest on Reserves
- Quantitative Easing and Credit Easing
3 Transmission Mechanisms
- Interest Rate Channel
- Credit Channel
- Exchange Rate Channel
- Asset Price Channel
- Expectations Channel
4 Monetary Policy Strategies
- Inflation Targeting
- Price Level Targeting
- Nominal GDP Targeting
- Taylor Rule and Policy Rules
- Forward Guidance
17 Fiscal Policy 4 topics
1 Government Budget
- Revenue Sources
- Expenditure Categories
- Budget Deficit and Surplus
- Balanced Budget Multiplier
2 Fiscal Policy Tools
- Discretionary Fiscal Policy
- Automatic Stabilizers
- Tax Policies
- Spending Policies
3 Fiscal Policy Effects
- Expansionary and Contractionary Policies
- Multiplier Effect
- Crowding Out
- Ricardian Equivalence
4 Public Debt Management
- Measurement of Public Debt
- Sustainability of Public Debt
- Debt Dynamics
- Intergenerational Effects
18 International Trade 4 topics
1 Basis for International Trade
- Absolute Advantage
- Comparative Advantage
- Factor Endowment Theory
- New Trade Theory and Economies of Scale
2 Trade Policies
- Tariffs
- Quotas and Non-Tariff Barriers
- Export Subsidies
- Free Trade Agreements and Economic Integration
3 Trade and Welfare
- Gains from Trade
- Income Distribution Effects
- Terms of Trade
- Trade and Development
4 Global Trade Organizations and Agreements
- World Trade Organization
- Regional Trade Blocs
- Bilateral Trade Agreements
- Trade Disputes and Resolution
19 International Finance 4 topics
1 Balance of Payments
- Current Account
- Capital and Financial Account
- Official Reserves Account
- Balance of Payments Equilibrium
2 Exchange Rate Systems
- Fixed Exchange Rates
- Floating Exchange Rates
- Managed Float
- Currency Boards and Dollarization
3 Exchange Rate Determination
- Purchasing Power Parity
- Interest Rate Parity
- Asset Market Approach
- Exchange Rate Overshooting
4 International Monetary System
- Gold Standard
- Bretton Woods System
- Post-Bretton Woods System
- International Monetary Fund
- Global Financial Architecture
20 Economic Development and Transition 4 topics
1 Development Economics
- Characteristics of Developing Countries
- Measures of Development
- Theories of Economic Development
- Sustainable Development Goals
2 Development Strategies
- Import Substitution Industrialization
- Export-Led Growth
- Balanced vs. Unbalanced Growth
- Role of Agriculture and Industry
3 Development Challenges
- Poverty and Inequality
- Population Growth and Demographic Transition
- Rural-Urban Migration
- Environmental Sustainability
4 Transition Economies
- Shift from Planned to Market Economy
- Privatization and Structural Reforms
- Challenges in Transition
- Case Studies of Successful Transitions
21 Contemporary Economic Issues 4 topics
1 Globalization
- Economic Integration
- Global Value Chains
- Benefits and Challenges of Globalization
- Global Governance
2 Technology and Labor Markets
- Automation and Employment
- Skill-Biased Technological Change
- Gig Economy and Future of Work
- Income Distribution Effects
3 Environmental Economics
- Economic Valuation of Environment
- Climate Change Economics
- Renewable Energy Transition
- Green Growth Strategies
4 Health Economics
- Healthcare Markets
- Health Insurance
- Pharmaceutical Economics
- Healthcare System Comparisons
22 Economic History and Thought 3 topics
1 Economic History
- Pre-Industrial Economies
- Industrial Revolution
- Great Depression and New Deal
- Post-War Economic Boom
- Stagflation of the 1970s
- Financial Crisis of 2008
2 Schools of Economic Thought
- Classical Economics
- Marxian Economics
- Neoclassical Economics
- Keynesian Economics
- Monetarism
- Austrian Economics
- New Classical and New Keynesian Economics
- Behavioral Economics
3 Great Economists and Their Contributions
- Adam Smith
- David Ricardo
- Karl Marx
- Alfred Marshall
- John Maynard Keynes
- Milton Friedman
- Joseph Schumpeter
- Contemporary Economists
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