Principles of Economics

Preface

• To the Student
• What is Economics?
• What kind of economist are you?

Introduction

Thinking Like An Economist

• Scarcity
• Economic Modeling
• Assumptions Economists Make
• Allocation
• Perfect Competition
• Cautions

Specialization and Gains From Trade

• Production Possibilities

Market Forces

• Competition
• Demand
• Supply

Microeconomics

Consumer Behavior

• Utility
• Marginal Utility (req. Utility)
• Opportunity Costs (req. Allocation, Marginal utility)
• Demand Laws (req. Opportunity costs)
• Elasticity
• Economic Systems

Models

• Graphs
• Budget Constraints (req. Graphs)
• Production Possibilities (req. Budget constraints, Allocation)
• Indifference (req. Production possibilities, Demand laws)
• Types of Goods (req. Indifference)
• Budget Compensation (req. Indifference)
• Trade and Specialization (req. Production possibilities)
• Demand (req. Indifference)
• Labor Production (req. Budget compensation)
• Wage (req. Labor production)
• Costs to Firm (req. Perfect competition, Labor production)
• Supply (req. Costs to firm)
• Economies of Scale (req. Supply)
• Supply and Demand (req. Demand, Supply)
• S-D Shifts (req. Supply and Demand)

Macroeconomics

• Macro objectives
• GDP
• Multipliers
• Money Supply
• Money
• Monetary Policy
• Fiscal Policy
• Taxation
• Interest Rates
• Inflation

Models

• Laffer Curve
• Keynesian Cross Model
• Aggregate Supply & Demand Model (ASAD)
• Investment Savings Model (IS)
• Money Demand Model (MD)
• Liquidity Trap Money Model
• Investment Savings Loan Money model (ISLM)
• Philips Curve
• Back-ward Bending Labor Supply Curve
• Solow Growth Model

Appendices

• List of Contributing Authors