I. BASIC ECONOMICS	40%
A. Fundamental Economic Concepts                                                                           1.Scarcity 2. Resources 3. Factors of production 4. Economist Profile: Milton Friedman 5. Role of incentives in a market economy 6. Ceteris paribus 7. Case Study: Individual Responses to Incentives: The Tragedy of the Commons 8. Economics as the science of decision-making 9. The principles of voluntary exchange 10. Economic systems 11. The basic types of economic systems 12. Historical systems (terminology) 13. The potential roles of government in economies 14. Case Study: Role of Government: Environmental Protection B. Microeconomics                                                                          1. What is microeconomics? 2. Types and nature of markets 3. Adam Smith 4. Price signals and behavior in markets 5. Supply and demand 6. Behavior of Firms 7. Case Study: The Demand and Supply for Education 8. Markets 9.  Price floors and price ceilings 10. The basics of production and production decisions 11. Determinants of productivity 12. Costs of production (long-run and short-run) C. Macroeconomics                                                                          1. The circular flow model of the market economy 2. Say's law 3. Aggregate supply 4. Aggregate demand 5. Economic goals (Employment Act of 1946, Humphrey-Hawkins Act) 6. Measuring economic activity and economic growth 7. The nature of economic stability/instability and problems 8. Case Study: How Inflation Can Affect Wages—The Employment Act of 1946 9. Rational expectations theory 10. Monetary Policy 11. Money: What it is and what it is not 12. Gresham's law 13. Case Study: The "Euro" 14. Money supply (M1, M2, others) 15. Money creation and money multiplier 16. Overview of the Federal Reserve System 17. Economist Profile: Alan Greenspan 18. Interest rates 19. Case Study: How Interest Rates Affect Individuals' Behaviors 20. Fiscal policy 21. Economist Profile: John Maynard Keynes 22. Case Study: Capital Gains Taxes 23. Government spending and public goods 24. The size of government spending in the U.S. economy 25. Budget surpluses and budget deficits 26. National debt vs. budget deficit   D. International Trade and Global Economic Development                       1. Overview of global economic growth in the twentieth century 2. Economic development basics 3. The problems of less developed countries 4. Case Study: LDC (Nigeria) 5. The basics of trade (absolute and comparative advantage) 6. Economist Profile: David Ricardo 7. The basics of exchange rates 8. Trade barriers and the free trade debate 9. Case Study: Trade Sanctions (South Africa/China)
II. ECONOMIC RELATIONSHIPS	60%
A. Personal and Social Economic Goals and Relationships  1. The family as an economic unit (changes) 2. Case Study: Relative Wealth in the U.S., Germany, and Japan 3. The role and value of education (human capital) 4. The nature and evolution of work: effects on society 5. Changing demographics and the workforce 6. The role of social groups and economic choices 7. The "economics" of political groups 8. Benefit/cost analysis in individual economic thinking and decision-making 9. Benefit/cost analysis as a part of group decision-making                                  B. Labor Markets                                                                             1. Application of supply and demand to labor markets (wages and employment)    2. Case Study: The Supply and Demand for Computer Programmers 3. Derived demand for labor 4. Marginal product of labor 5. Labor force 6. Division of labor and specialization 7. Structural changes in labor markets in the twentieth century 8. Case Study: How Many Farmers Do We Need? 9. Types and nature of the types of income 10. Distribution of income (recent history and distribution) 11. Economics of leisure 12. The nature of labor organization 13. Case Study: Homestead Steel Strike            14. Case Study: Air Traffic Controllers Strike 15. Global competition and labor markets 16. Effects of technological change on the nature of work 17. Effects of labor shortages 18. The SCANS competencies (Secretary's Commission on Achieving Necessary Skills) C. Taxation and Public Policy                                                            1. Types and effects of taxes on individuals and firms 2. Tax principles 3. Case Study: Laffer Curve 4.  Tax policy effects on individuals and groups (incentives, business development) 5.  Public policy choices (application of the concepts of the role of government) D. Cultural Norms, Diversity, and Economic Behaviors              1.  Cultural diversity in the U.S. economy 2.  Potential effects of increasing diversity in the U.S. economy 3.  Cultural diversity in the U.S. 4.  Global economic trade and cooperation