User:Kruckenberg.1/Microeconomics
Microeconomics CLEP exam requirements: wikilink this.
8-12%[edit]
- 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%[edit]
- 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%[edit]
- 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%[edit]
- 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%[edit]
- 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%[edit]
- Economic Growth and Productivity
- Investment in human capital
- Investment in physical capital
- Research and development, and technological progress
- Growth policy
10-15%[edit]
- 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