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- Scarcity
- Opportunity cost and the Production Possibilities Curve
- Comparative advantage and gains from trade
- Supply and demand
- Market equilibrium, disequilibrium, and changes in equilibrium
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- The circular flow and GDP
- Unemployment
- Price indices and inflation
- Real vs. nominal GDP
- Business cycles
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- Aggregate demand
- Short-run and long-run aggregate supply
- Equilibrium and changes in the Aggregate Demand-Aggregate Supply Model
- Fiscal policy
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- Financial assets
- Definition, measurement, and functions of money
- Banking and the expansion of the money supply
- Monetary policy
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- The Phillips Curve
- Money growth and inflation
- Government deficits and national debt
- Crowding out
- Economic growth
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- Balance of payments accounts
- Exchange rates and the foreign exchange market
- Effects of changes in policies and economic conditions on the foreign exchange market
- Changes in the foreign exchange market and net exports
- Real interest rates and international capital flows
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