Lessons

Definitions of Economics / Extra-Sensory Economic Perception / Scarcity and Production / Adam Smith, Specialization and the Division of Labor / Markets and Mayhem: Economic Systems / Assumptions of Neoclassical Economics / Demand / Price Elasticity / Supply / Equilibrium and Surplus / Taxes and Subsidies / Market Failure / Externalities / Moral Hazard / Government Intervention / Government Failure / Macroeconomic Indicators / Inflation / Unemployment / The Phillips Curve / The Balance of Payments / Aggregate Demand / Consumption / Investment / Government Spending: Purchases and Transfers / Circular Flow / The Multiplier / Conflicting Macroeconomic Objectives / Fiscal Policy / Monetary Policy / Supply Side Policies / Business: The Collective Creative Enterprise / Business Size / Business Objectives / Revenue / Costs / Scale / Market Structures / Profits and Losses / Perfect Competition / Monopoly / Oligopoly / Monopolistic Competition / Contestability / Types of Efficiency / Labor Demand / Labor Supply and the Marial Boatlift / Wages and Wage Determination / Labor Market Failure / Government Intervention in Labor Markets / Causality of Globalization / Consequences of Globalization /Comparative Advantage / Patterns of World Trade / The Terms of Trade Formula / Trade Liberalization / The Balance of Payments Revisited / Exchange Rate Systems / Exchange Rate Impacts / Institutions / Risk and Financial Crises /