Topic Outline
- I. Basic Economic Concepts (8%-12%)
- A. Scarcity, choice, and opportunity costs
- B. Production possibilities curve
- C. Comparative advantage, absolute advantage, specialization, and exchange
- D. Demand, supply, and market equilibrium
- E. Macroeconomic issues: business cycle, unemployment, inflation, growth
- II.Measurement of Economic Performance (12%-16%)
- A. National income accounts
- Circular flow
- Gross domestic product
- Components of gross domestic product
- Real versus nominal gross domestic product
- B. Inflation measurement and adjustment
- Price indices
- Nominal and real values
- Costs of inflation
- C. Unemployment
- Definition and measurement
- Types of unemployment
- Natural rate of unemployment
- A. National income accounts
- III. National Income and Price Determination (10%-15%)
- A. Aggregate demand
- Determinants of aggregate demand
- Multiplier and crowding-out effects
- B. Aggregate supply
- Short-run and long-run analyses
- Sticky versus flexible wages and prices
- Determinants of aggregate supply
- C. Macroeconomic Equilibrium
- Real output and price level
- Short and long run
- Actual versus full-employment output
- Economic fluctuations
- A. Aggregate demand
Read more about this topic: Advanced Placement Macroeconomics
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