• Understanding Economics and Scarcity
• The Concept of Opportunity Cost
• Labor, Markets, and Trade
• Microeconomics and Macroeconomics
• Economic Models
• Purpose of Functions
• Solving Simple Equations
• Creating and Interpreting Graphs
• Interpreting Slope
• Types of Graphs

Module 2: Choice in a World of Scarcity

• Budget Constraints and Choices
• Calculating Opportunity Cost
• The Production Possibilities Frontier
• Productive Efficiency and Allocative Efficiency
• Rationality and Self-Interest
• Marginal Analysis
• Positive and Normative Statements

Module 3: Supply and Demand

• Economic Systems
• What Is Demand?
• Factors Affecting Demand
• What is Supply?
• Factors Affecting Supply
• Equilibrium, Surplus, and Shortage
• Changes in Equilibrium
• Finding Equilibrium
• Changes in Supply and Demand

Module 4: Applications of Supply and Demand

• Price Ceilings
• Price Floors
• A Closer Look at Price Controls
• Trade and Efficiency
• Consumer & Producer Surplus
• Inefficiency of Price Floors and Price Ceilings
• Labor and Financial Markets

Module 5: Elasticity

• Elasticity of Demand
• Examples of Elastic and Inelastic Demand
• Calculating Elasticity and Percentage Changes
• Calculating Price Elasticities Using the Midpoint Formula
• Categories of Elasticity
• Price Elasticity of Supply
• Income Elasticity, Cross-Price Elasticity & Other Types of Elasticities
• Elasticity and Total Revenue
• Elasticity, Costs, and Customers
• Tax Incidence

Module 6: Utility

• Consumer Choice and Utility
• Marginal Utility versus Total Utility
• Rules for Maximizing Utility
• Income Changes and Consumption Choices
• The Foundations of the Demand Curve
• Indifference Curve Analysis
• Behavioral Economics: An Alternative Viewpoint

Module 7: Production and Costs

• What is Production?
• The Production Function
• Costs and Profit
• Costs in the Short Run
• Average Costs and Curves
• Lessons From Alternative Measures of Cost
• Production in the Long Run
• Long Run Costs and Production Technology
• Economies of Scale
• The Size and Number of Firms in an Industry

Module 8: Perfect Competition

• Perfect Competition
• Profit Maximization in a Perfectly Competitive Market
• Calculating Profits and Losses
• The Shutdown Point
• Entry and Exit Decisions in the Long Run
• Efficiency in Perfectly Competitive Markets

Module 9: Monopoly

• Monopolies
• How Monopolies Form: Barriers to Entry
• Profit Maximization for a Monopoly
• Computing Monopoly Profits
• The Inefficiency of Monopoly
• Price Discrimination and Efficiency
• Corporate Mergers
• Regulating Anticompetitive Behavior
• Regulating Natural Monopolies
• The Great Deregulation Experiment

Module 10: Monopolistic Competition and Oligopoly

• Monopolistic Competition
• Profit Maximization under Monopolistic Competition
• Entry, Exit and Profits in the Long Run
• Monopolistic Competition and Efficiency
• Product Differentiation and Advertising
• Why do Oligopolies Exist?
• Collusion or Competition?
• Prisoner’s Dilemma

Module 11: Public Goods and Externalities

• Externalities
• Public Goods
• Free Riders
• Positive Externalities and Technology
• Negative Externalities: Pollution
• Command-and-Control Regulation
• U.S. Environmental Laws
• How Governments Can Encourage Innovation
• Market-Oriented Environmental Tools

Module 12: Labor Markets

• Labor Markets
• The Demand for Labor
• Labor Market Power by Employers
• Labor Market Power by Employees
• Employment Discrimination
• Immigration

Module 13: Income Distribution

• How is Poverty Defined and How Widespread is it?
• The Poverty Trap
• The Safety Net
• Measuring Income Inequality
• Causes of Growing Inequality
• Government Policies to Reduce Income Inequality

Module 14: Globalization and Trade

• Absolute and Comparative Advantage
• Comparative Advantage and the Gains from Trade
• Intra-Industry Trade
• Demand and Supply Analysis of International Trade
• Protectionism
• The Tradeoffs of International Trade
• The Role of the GATT in Reducing Barriers to Trade
• Trade Policy: Organizations and Agreements

Module 15: Exchange Rates and International Finance

• The Foreign Exchange Market
• Strengthening and Weakening Currency
• Demand and Supply Shifts in Foreign Exchange Markets
• Macroeconomic Effects of Exchange Rates
• Exchange-Rate Policies