An Introduction to Economic Analysis

• I. Fundamentals of Economics (10%)
  • A. Scarcity and Opportunity Cost
  • B. The Fundamental Questions
  • C. The Factors of Production
  • D. The Production Possibilities Frontier
  • E. Marginal Analysis
  • F. Economic Systems
  • G. Specialization and Trade
• II. Introduction to Microeconomics (25%)
  • A. Supply and Demand
  • B. Market Equilibrium
  • C. Complementary and Substitute Goods
  • D. Income and Price Elasticity
  • E. Indifference Curves and Individual Decision-Making
  • F. Market Types
  • G. Factor Markets and Derived Demand
  • H. Market Regulation in the United States
• III. Introduction to Macroeconomics (25%)
  • A. The Circular Flow
  • B. Aggregate Supply and Aggregate Demand
  • C. Determining Gross Domestic Product
  • D. Economic Indicators
  • E. Inflation and Unemployment
  • F. Taxes, Government Spending and Fiscal Policy
  • G. Money and Monetary Policy
  • H. Influential Macroeconomic Theorists
• IV. Economic Globalization and International Trade (10%)
  • A. Absolute and Comparative Advantage
  • B. Tariffs, Quotas and Trade Barriers
  • C. Free Trade Agreements and the World Trade Organization
  • D. Recent Case Studies in Trade*
  • E. Bretton Woods Institutions*
• V. The Economics of Wealth and Poverty (10%)
  • A. Defining Wealth and Poverty
  • B. Climate, Geography, and Prosperity
  • C. Factors Affecting Individual Prosperity
  • D. Divisions in the Global Economy

* Topic includes Directed Research Areas