1. UNDERSTANDING ECONOMICS
1.1. BASIC ECONOMIC PROBLEMS
1.1.1. CONSUMPTION
1.1.2. PRODUCTION
1.1.2.1. Market Agreggation
1.1.2.2. Market Segmentation
1.1.3. RESOURCES
1.2. SOCIETY'S TECHNOLOGICAL POSSIBILITIES
1.2.1. PRODUCTION-POSSIBILITY FRONTIER -Law of Increasing Opportunity Cost -Law of Diminishing Returns
1.2.1.1. SHIFT IN PPC
1.2.1.1.1. Changes in Resource Availability
1.2.1.1.2. Increase in the Capital Stack
1.2.1.1.3. Effects of Technological Change
1.2.1.2. APPROACHES TO EXTENDING PRODUCTION POSSIBILITIES
1.2.1.2.1. Specialization
1.2.1.2.2. Law of Comparative Advantage
1.2.1.2.3. Law of Absolute Advantage
1.2.1.2.4. International Trade
2. UNEMPLOYMENT & INFLATION
2.1. UNEMPLOYMENT
2.1.1. HIDDEN UNEMPLOYMENT
2.1.1.1. Underemployed
2.1.1.2. Discouraged Workers
2.1.2. TYPES OF UNEMPLOYMENT
2.1.2.1. Frictional
2.1.2.2. Structural
2.1.2.3. Technological
2.1.2.4. Cyclical
2.1.2.5. Seasonal
2.1.3. WAGE & WAGE-RELATED BENEFITS
2.1.3.1. Minimum Wage
2.1.3.2. Overtine
2.1.3.3. Premium Pay
2.1.3.4. Holiday Pay
2.1.3.5. Night Shift Differential
2.1.3.6. Service Charges
2.1.3.7. Service Incentive Leave
2.1.3.8. Parental Leave
2.1.3.9. Other Leaves
2.1.3.10. 13TH Month Pay
2.1.3.11. Separation Pay
2.1.3.12. Retirement Pay
2.1.3.13. Gross Benefits & De Minimis Benefit
2.1.4. EFFICIENCY WAGE THEORY
2.1.4.1. Wage Cuts Argument
2.1.4.2. Insider Outsider Model
2.1.4.3. Relative Wage Coordination Argument
2.2. INFLATION
3. AN INTRODUCTION TO DEMAND AND SUPPLY
3.1. MARKET
3.2. MARKET STRUCTURE
3.3. DEMAND
3.3.1. LAW OF DEMAND
3.3.1.1. EXCEPTIONS TO THE LAW OF DEMAND
3.3.1.1.1. Ostentatious Consumption
3.3.1.1.2. Speculative Demand
3.3.2. DEMAND SCHEDULE
3.3.3. DEMAND EQUATION/FUNCTION
3.3.4. SHIFTS/CHANGES IN THE DEMAND CURVE
3.3.4.1. Population
3.3.4.2. Income
3.3.4.3. Tastes & Preferences
3.3.4.4. Price of Related Goods
3.3.4.5. Range of Goods Available
3.3.4.6. Expectations of Future Prices & Income
3.4. SUPPLY
3.4.1. LAW OF SUPPLY
3.4.2. SUPPLY SCHEDULE
3.4.3. SUPPLY EQUATION/FUNCTION
3.4.4. SHIFTS/CHANGES IN THE SUPPLY CURVE (Non-Price Determinants)
3.4.4.1. Number of Sellers
3.4.4.2. Resources Used
3.4.4.3. Prices of Resources/Cost of Production
3.4.4.4. Technology
3.4.4.5. Importation
3.4.4.6. Taxes & Subsidies
3.4.4.7. Producer's Objectives
3.5. MARKET EQUILIBRIUM
3.6. ELASTICITY CONCEPTS
3.6.1. FACTORS AFFECTING PRICE ELASTICITY OF DEMAND
3.6.1.1. Number of Close Substitutes
3.6.1.2. Cost of Switching b/n Products
3.6.1.3. Degree of Necessity
3.6.1.4. The proportion of a consumer’s income allocated to spending on the good
3.6.1.5. The time period allowed following a price change
3.6.1.6. Whether the good is subject to habitual consumption
3.6.1.7. Peak and off-peak demand
3.6.1.8. The breadth of definition of a good or service
3.6.2. FACTORS AFFECTING PRICE ELASTICITY OF SUPPLY
3.6.2.1. Spare production capacity
3.6.2.2. Stocks of finished products and components
3.6.2.3. The ease and cost of factor substitution
3.6.2.4. Time period and production speed
3.6.3. CROSS ELASTICITY
3.6.3.1. Substitute Goods
3.6.3.2. Complementary Goods
4. NATIONAL INCOME ACCOUNTING
4.1. OBJECTIVES & INSTRUMENTS EMPLOYED BY MACROECONOMIC PLOICY
4.1.1. OBJECTIVES
4.1.1.1. Output
4.1.1.2. Employment
4.1.1.3. Price Level Stability
4.1.1.4. International Trade
4.1.2. INSTRUMENTS
4.1.2.1. Fiscal Policy
4.1.2.2. Monetary Policy
4.1.2.3. Income Policies
4.1.2.4. Foreign Economics
4.2. MEASURING NATIONAL OUTPUT & INCOME
4.2.1. GNP & GDP
4.2.2. THREE APPROACHES IN MEASURING NATIONAL INCOME
4.2.2.1. FINAL EXPENDITURE INCOME
4.2.2.2. FACTOR INCOME APPROACH
4.2.2.3. INDUSTRIAL ORIGIN APPROACH
4.3. PROBLEMS IN NATIONAL INCOME ESTIMATION
4.3.1. Excluded goods & services
4.3.2. Valuation
5. CONSUMPTION,SAVINGS & INVESTMENTS
5.1. CONSUMPTION & INVESTMENTS
5.1.1. CONSUMER SPENDING
5.1.1.1. Main Factors Affecting Consumer's Spending
5.1.2. CHOICE & UTILITY THEORY
5.1.3. INDIFFERENCE CURVE
5.1.4. BUDGET CONSTRAINT
5.1.5. CONSUMER EQUILIBRIUM
5.1.6. CAPITAL INVESTMENT
5.1.7. GROSS & NET INVESTMENT
5.1.8. INVESTMENT & AGGREGATE DEMAND
5.1.9. INVESTMENT & JOBS
5.1.10. CAPACITY,COSTS, & COMPETITIVENESS
5.1.11. QUALITY OF INVESTMENT
5.1.11.1. Kay Reasons for the Fall of Investment During the Recession
5.1.11.2. Matching Up Savings & Investments Spending
5.1.11.3. The Saving-Investment Spending Identity
6. FINANCIAL INSTITUTIONS
6.1. MONEY & BANKING
6.1.1. EVOLUTION OF MONEY
6.1.1.1. Barter & Exchange
6.1.1.2. Commodity Market
6.1.1.3. Paper Money
6.1.1.4. Bank Money
6.1.1.5. E-Money
6.1.2. FUNCTIONS OF MONEY
6.1.2.1. Medium of Exchange
6.1.2.2. Measure of Value
6.1.2.3. Store of Wealth
6.1.3. CHARACTERISTICS OF MONEY
6.1.3.1. Portability
6.1.3.2. Durability
6.1.3.3. Homogeneity
6.1.3.4. Divisibility
6.1.3.5. Intrinsic Value
6.1.4. MONEY SUPPLY
6.1.4.1. M1-Transaction Money
6.1.4.2. M2-Broad Money
6.1.4.3. M3-Broadest Class of Money
6.1.5. DEMAND FOR MONEY
6.1.5.1. Keynesian Motives of Holding Money
6.1.5.1.1. Transaction
6.1.5.1.2. Precautionary
6.1.5.1.3. Speculative
6.1.5.2. Four Influences of the Demand in Money
6.1.5.2.1. The Prices level
6.1.5.2.2. Income
6.1.5.2.3. Interest Rate
6.1.5.2.4. Credit Availability
6.1.6. FINANCIAL INTERMEDIARIES
6.1.6.1. Modern Banking
6.1.6.1.1. Commercial Banks
6.1.6.1.2. Non-commercial Banks
6.1.6.1.3. Central Bank
6.1.7. MONETARY POLICY
6.1.7.1. Instruments of Monetary Policy
6.1.7.1.1. Open Market Operations
6.1.7.1.2. Reserve Requirements Policy
6.1.7.1.3. Discount Rate Policy
7. FISCAL POLICY
7.1. TAXATION
7.1.1. OBJECTIVES OF TAXATION
7.1.1.1. Productions of Goods & Services
7.1.1.2. Protection
7.1.1.3. Redistribution
7.1.1.4. Sumptuary
7.1.2. APPROACHES TO EQUITABLE TAXATION
7.1.2.1. Benefits Received
7.1.2.2. Ability-to-pay
7.1.3. ESSENTIAL CHARACTERISTICS OF TAX
7.1.3.1. It is an enforced contribution
7.1.3.2. It is generally payable in money
7.1.3.3. It is proportionate in character
7.1.3.4. It is levied on persons and property
7.1.3.5. It is levied by the state which has jurisdiction over the person or property
7.1.3.6. Levied for public purposes
7.1.3.7. Levied by the law-making body of the state
7.1.4. THEORY & BASIS OF TAXATION
7.1.4.1. Tax Exemption
7.1.4.2. Tax Evasion
7.1.4.3. Tax Avoidance
8. INTERNATIONAL TRADE
8.1. TRADING
8.1.1. Law of Absolute Advantage
8.1.2. Law of Comparative Advantage
8.2. TRADE BARRIERS
8.2.1. Tariffs
8.2.2. Qoutas
8.2.3. Voluntary Export Restrictions
8.2.4. Non-Tariff Trade Barriers
8.3. PROTECTIONISM
8.3.1. Arguments in Support of Protectionism
8.3.1.1. Increased Domestic Employment Argument
8.3.1.2. Infant Industry
8.3.1.3. Protection Against Dumping
8.4. GLOBALIZATION
8.4.1. Foreign Exchange
8.4.1.1. Foreign Exchange Rate
8.4.1.2. Foreign Exchange Market
8.4.1.2.1. Three Exchange Rate System
9. THE CIRCULAR FLOW OF ECONOMIC ACTIVITIES
9.1. ECONOMIC THEORIES & MODEL
9.1.1. CIRCULAR FLOW
9.1.1.1. Producing & Consuming Households
9.1.1.2. Consuming Households & Producing Business Firms
9.1.1.3. Consuming & Resource Owning Households, Independent Business Firms
9.1.1.4. Outflows & Inflows