1. Identify economic trends and direction.
2. Make informed investment decisions.
3. Give examples of economic indicators and variables.
4. Identify sources of economic data/variables to be analyzed.
5. Find access to current federal economic indicators.

Module 2
THE SCOPE OF ECONOMICS

1. List and define the objectives of economics.
2. Differentiate between microeconomics and macroeconomics.
3. Distinguish between the private and public sector of the economy.
4. Explain and give examples of economic systems.
5. Outline and diagram economic theories and models.
6. State and interpret economic policy.

Module 3
BASIC CONCEPTS IN ECONOMICS

1. Use functions, graphs, and equations.
2. Define marginal measures.
3. Determine the relationships of the production possibility frontier.
4. Explain the relationships between supply and demand.
5. Diagram market equilibrium between price and quantity.
6. Explain the relationships among macroeconomic variables.
7. Explain the function of aggregate demand and supply.

Module 4
FUNDAMENTAL MACROECONOMIC CONCEPTS

1. Define and explain the uses of money.
2. Relate prices to resource allocation.
3. Distinguish among firms, households, and government.
4. Explain the circular flow of income.
5. Diagram the business cycle.
6. Explain the economic issues of unemployment.
7. Define inflation and deflation.
8. Compare the factors of unemployment and full employment.

Module 5
MEASURING ECONOMIC ACTIVITY

1. Define the gross domestic product.
2. Give examples of other national income measures.
3. Use simple index numbers to compare changes in economic phenomena.
4. Compare the relationships among bundled (weighted) index numbers.
5. List and define measures of inflation.
6. Identify index number problems.
7. Distinguish between real and nominal measures.
8. List and explain the measures of money supply.
9. State and examine the factors measuring unemployment.

Module 6
EQUILIBRIUM OUTPUT AND INCOME

1. Diagram the 45 degree line graph.
2. Distinguish between consumption and marginal propensity to consume.
3. Give examples of savings and marginal propensity to save.
4. Define the components of investment.
5. Determine equilibrium output and income.
6. Explain the multiplier effect on production volume.
7. Differentiate between saving and investment.
8. Express and clarify the aspects of net exports.

Module 7
FISCAL POLICY

1. Define taxation and the consumption function.
2. Describe the sources of government spending.
3. Discuss and define the expenditure multiplier.
4. Elaborate on the function of the tax multiplier.
5. Explain what the balanced budget multiplier is.
6. Explain the fiscal policy program’s role.
7. Detail the outcome of inflationary effects.
8. Define when there is a budget deficit.
9. Explain the role of automatic stabilizers.
10. Explain what the full employment budget indicates.

Module 8
MONEY, FINANCIAL MARKETS, AND THE BANKING SYSTEM

1. Define the meaning and function of money.
2. List and give examples of financial instruments.
3. Describe financial institutions and markets.
4. Explain the role of the federal reserve system.
5. Define the functions of the federal reserve.
6. Explain the organization of the banking system.
7. Detail how banks create money.
8. Define the types of demand for money.
9. Explain the role of the federal reserve and the money supply.
10. Differentiate between interest and interest rates.

Module 9
MONETARY POLICY

1. Identify the roles of price level and inflation.
2. Discuss the role of income and interest rates.
3. Describe the relationship between investment and interest rates.
4. Explain the quantity theory of money.
5. Give examples of interest and money demand.
6. Enumerate the relationship between supply of and demand for money.
7. List and define the tools of monetary policy.

Module 10
THE FULL MACROECONOMIC MODEL

1. Articulate the concept of aggregate supply and demand: equilibrium.
2. Explain the aggregate supply in the short run.
3. Define the function of aggregate supply.
4. Explain the role of labor supply, wages, and productivity.
5. Diagram the Phillips curve.
6. Explain and define aggregate demand.
7. Describe the function of equilibrium in money and goods markets.
8. Identify and explain stagflation.
9. Identify the various approaches to reduce federal deficits.

Module 11
INTERNATIONAL TRADE AND FINANCE

1. Explain how gains are made from trade.
2. Define the foreign trade multiplier.
3. Discuss the case for free trade.
4. Clarify the case for restricted trade.
5. Outline the arguments for protection.
6. Describe the role of the balance of payments with other countries.
7. Explain the foreign exchange market.
8. Outline the effects of a strong dollar and a weak dollar.
9. Understand the concept of correcting a persistent payments deficit.

Module 12
ISSUES IN MACROECONOMICS

1. Define the classical (market clearing) model.
2. Explain the Keynesian theory.
3. Discuss monetarism theory.
4. Discuss and explain neoclassical macroeconomics.
5. Describe the theory of rational expectations.
6. Articulate the concept of supply side economics.

Module 1: Understanding Economic Data and Indicators

Module 2: The Scope of Economics

            1.  The Objectives of Economics

            2.  Micro- and Macroeconomics

            3.  The Private and Public Sectors

            4.  Economic Systems

            5.  Economic Theories and Models

            6.  Economic Policy

Module 3: The Basics, Concepts, and Tools of Economics

            7.  Using Functions, Graphs, and Equations

            8.  Marginal Measures

            9.  The Production Possibility Frontier

            10. Supply and Demand

            11. Market Equilibrium

            12. Relationships among Macroeconomic Variables

            13. Aggregate Demand and Supply

Module 4: Fundamental Macroeconomic Concepts

            14. Money

            15. Prices and Resource Allocation

            16. Firms, Households and Government

            17. The Circular Flow

            18. The Business Cycle

            19. Unemployment

            20. Inflation and Deflation

            21. Unemployment and Full Employment

Module 5: Measuring Economic Activity

            22. Gross Domestic Product

            23. Other National Income Measures

            24. Simple Index Numbers 

            25. Bundled (Weighted) Index Numbers

            26. Measures of Inflation - Price Indexes

            27. Index Number Problems

            28. Real and Nominal Measures

            29. Measures of Money Supply

            30. Measuring Unemployment              

Module 6: Equilibrium Output and Income

            31. The 45-degree Line Graph

            32. Consumption and Marginal Propensity to Consume

            33. Saving and Marginal Propensity to Save

            34. Investment

            35. Determination of Equilibrium Output and Income

            36. The Multiplier

            37. Saving and Investment

            38. Net Exports

Module 7: Fiscal Policy

            39. Taxation and the Consumption Function

            40. Government Spending

            41. The Expenditure Multiplier

            42. The Tax Multiplier

            43. The Balanced Budget Multiplier

            44. Fiscal Policy

            45. Inflationary Effects

            46. The Budget Deficit

            47. Automatic Stabilizers

            48. Full Employment Budget

Module 8: Money, Financial Markets, and the Banking System

            49. The Meaning and Function of Money

            50. Financial Instruments

            51. Financial Institutions and Markets

            52. The Federal Reserve System

            53. Functions of the Federal Reserve

            54. Organization of the Banking System

            55. How Banks Create Money

            56. Demand for Money Balances

            57. The Federal Reserve and the Money Supply

            58. Interest and interest Rates

Module 9: Monetary Policy

            59. Price Level and Inflation

            60. Income and Interest Rates

            61. Investment and Interest Rates

            62. The Quantity Theory of Money

            63. Price Level and Money Demand

            64. Supply of and Demand for Money

            65. Tools of Monetary Policy

Module 10: The Full Macroeconomic Model

            66. Aggregate Supply and Demand: Equilibrium

            67. Aggregate Supply: Competitive Industry

            68. Aggregate Supply: Imperfect Competition

            69. Labor Supply, Wages, and Productivity

            70. The Phillips Curve

            71. Aggregate Demand

            72. Equilibrium in Money and Goods Market

            73. Stagflation

            74. Federal Deficits

Module 11: International Trade and Finance

            75. Gains from Trade

            76. The Foreign Trade Multiplier

            77. The Case for Free Trade

            78. The Case for Restricted Trade

            79. Arguments for Protection

            80. The Balance of Payments

            81. The Foreign Exchange Market

            82. Strong Dollar and Weak Dollar

            83. Correcting a Persistent Trade Deficit

Module 12:  Issues in Macroeconomics

            84. The Classical (Market Clearing) Model

            85. Keynesianism

            86. Monetarism

            87. Neoclassical Macroeconomics

            88. Rational Expectations

            89. Supply Side Economics

Glossary