Representative descriptions of topics covered in each category are provided below.
Current section: V. Economics
- I. United States
- II. World
- III. Government/
- IV. Geography
- V. Economics
- VI. Short
- Microeconomics I:
- Knows the concepts of scarcity, choice and opportunity costs.
- Knows the differences among market, command and mixed economies.
- Microeconomics II:
- Demonstrates knowledge of types of market structure and the characteristics and behavior of firms in perfect competition, monopoly, oligopoly and monopolistic competition.
- Demonstrates understanding of factor markets and the determination of income distributions and the returns to factors of production (wage, interest, rent, profits).
- Macroeconomics I:
- Demonstrates understanding of gross domestic product (GDP) and its components.
- Demonstrates understanding of how unemployment is measured and its causes and consequences.
- Understands the principle of supply and demand.
- Knows how government intervention and public policies affect the economy (e.g., taxation, regulation).
- Knows how consumer choices affect the economy.
- Understands basic principles of personal finance (e.g., budgeting, interest, investment).
- Understands how the factors of production (i.e., land, labor, capital and entrepreneurship) affect economic activity.
- Knows different measures of economic performance (e.g., GDP, unemployment, inflation).
- Understands basic functions of money and how it circulates through the economy.
- Knows the interdependence of the global economy.