User:Kruckenberg.1/Microeconomics

Microeconomics CLEP exam requirements: wikilink this.

8-12%

 * Basic Economic Concepts
 * Scarcity, choice, and opportunity costs
 * Production possibilities curve
 * Comparative advantage, specialization, and exchange
 * Demand, supply, and market equilibrium
 * Macroeconomic issues: business cycle, unemployment, inflation, growth

12-16%

 * Measurement of Economic Performance
 * National income accounts
 * Circular flow
 * Gross domestic product
 * Components of gross domestic product
 * Real versus nominal gross domestic product
 * Inflation measurement and adjustment
 * Price indices
 * Nominal and real values
 * Costs of inflation
 * Unemployment
 * Definition and measurement
 * Types of unemployment
 * Natural rate of unemployment

10-15%

 * National Income and Price Determination
 * Aggregate demand
 * Determinants of aggregate demand
 * Multiplier and crowding-out effects
 * Aggregate supply
 * Short-run and long-run analyses
 * Sticky versus flexible wages and prices
 * Determinants of aggregate supply
 * Macroeconomic equilibrium
 * Real output and price level
 * Short and long run
 * Actual versus full-employment output
 * Economic fluctuations

15-20%

 * Financial Sector
 * Money, banking, and financial markets
 * Definition of financial assets: money, stocks, bonds
 * Time value of money (present and future value)
 * Measures of money supply
 * Banks and creation of money
 * Money demand
 * Money market
 * Loanable funds market
 * Central bank and control of the money supply
 * Tools of central bank policy
 * Quantity theory of money
 * Real versus nominal interest rates

20-30%

 * Inflation, Unemployment, and Stabilization Policies
 * Fiscal and monetary policies
 * Demand-side effects
 * Supply-side effects
 * Policy mix
 * Government deficits and debt
 * Inflation and unemployment
 * Types of inflation
 * Demand-pull inflation
 * Cost-push inflation
 * The Phillips curve: short run versus long run
 * Role of expectations

5-10%

 * Economic Growth and Productivity
 * Investment in human capital
 * Investment in physical capital
 * Research and development, and technological progress
 * Growth policy

10-15%

 * Open Economy: International Trade and Finance
 * Balance of payments accounts
 * Balance of trade
 * Current account
 * Capital account
 * Foreign exchange market
 * Demand for and supply of foreign exchange
 * Exchange rate determination
 * Currency appreciation and depreciation
 * Net exports and capital flows
 * Links to financial and goods markets