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  1. 1. Everyday Finance: Subsection 5: How the Economy Is Measured Economics, Personal Money Gross Domestic Product Consumption Management, and Aggregate Demand Aggregate Supply Entrepreneurship Income Consumer Price Index Producer Price Index Table of Contents Index of Leading Economic Indicators Standard of Living Unit 1: How the Economy Works Introduction: What Is Economics? Section 2: The Individual Parts: Microeconomics Adam Smith Overview: Microeconomics Alfred Marshall Section 1: The Big Picture: Macroeconomics Overview: Macroeconomics Subsection 1: Supply and Demand: The Relationship between Businesses and Consumers Subsection 1: Basic Economic Concepts Markets Scarcity Supply and Demand Three Economic Questions: What, How, for Whom? Marginal Utility Factors of Production: Land, Labor, Capital (including Economic Shortage interest, wages, rent) Economic Surplus (consumer and producer) Circular Flow of Economic Activity Elastic and Inelastic Demand Ceteris Paribus Income and Substitution Effects Thomas Malthus Market Failures Externalities (Third Party Costs and Benefits, Subsection 2: Economic Systems and Philosophies Social versus Private Costs, Spillover Effect) Traditional Economic System Economic Rent Bartering Market Economy (free enterprise, capitalism) Subsection 2: Competition between Businesses Classical Economics Perfect Competition Neoclassical Economics Monopoly Keynesian Economics Natural Monopoly Monetarist Theory Government-granted Monopoly (including Supply Side Theory utilities) Say's Law Monopolistic Competition (competitive market) Rational Expectation Theory Oligopoly (include Duopoly) Planned (Command) Economy Cartel Marxian Economics Game Theory Karl Marx Mixed Economic System Subsection 3: What Motivates Businesses Transition Economy Revenue Profit and Loss Subsection 3: What Is Money? Long Run versus Short Run Money Economies of Scale Money Supply Barriers to Entry Inflation Law of Diminishing Returns Deflation Opportunity Costs (Explicit and Implicit Costs) Stagflation Production Possibility Curve (Frontier) Investment Technology Debt Consumer Sovereignty Interest (interest rates) Subsection 4: Labor: The People Working in the Economy Subsection 4: The Economy in Action Labor Force Economic Growth John Stuart Mill Business Cycle Division of Labor Recession Wages Great Depression Distribution of Income Industries Productivity Employment and Unemployment Labor Union Financial Markets Labor-Management Relations Underground (Black) Market Everyday Finance: Table of Contents Page 1 of 4
  2. 2. Section 3: How Countries Work Together: Subsection 3: Who Oversees the Economy: Government International Trade Organizations Overview: International Trade United States David Ricardo Bureau of Economic Analysis Bureau of Labor Statistics Subsection 1: Basic Concepts Consumer Product Safety Commission Exports Federal Deposit Insurance Corporation Imports Federal Open Market Committee Absolute Advantage Food and Drug Administration Comparitive Advantage Federal Reserve System Free Trade Federal Trade Commission Internal Revenue Service Subsection 2: Money Moving between Countries Securities & Exchange Commission Balance of Payments International Trade Surplus and Trade Deficit Group of Eight (G8) Foreign Exchange (exchange rates) International Monetary Fund Foreign Investment Trade Blocs (including NAFTA and EU) World Trade Organization Subsection 3: International Trends World Bank Globalization Developed (Industrialized) Countries Unit 2: Personal Finance: Buying, Borrowing, Saving, Developing (Third World) Countries and Insuring International Labor Issues Introduction: Personal Finance Foreign (Migrant) Worker Section 1: Buying: The Consumer’s Role in the Section 4: Government's Role in the Economy Economy Overview: Government’s Role in the Economy Overview: Personal Decision Making and Shopping John Maynard Keynes Subsection 1: Common Concerns Subsection 1: Basic Responsibilities Budgeting Private Property and Property Rights Bills Creation of Public Goods Renting an Apartment (sidebar on renting vs. buying) Problem of Free Riders Buying a Home (including condominiums) Government Spending Buying a Car (mention sticker price, dealer add-ons, and Fiscal Policy car payments) Government Failures Economic Development Subsection 2: How to Pay for Everyday Purchases Sustainable Development Cash Transfer Payments Checking Account (explain balancing a checkbook, Welfare mention interest bearing) Foreign Aid Credit Card (include late fees and cash advances) Monetary Policy MasterCard Bank Reserves (mention excess reserves, Visa Card required reserves) Charge Card Multiplier Effect Debit Card Economic Laws Electronic Banking (including PayPal) Antitrust Legislation Money Order Intellectual Property (patents and copyrights) Cashiers Check Labor Laws Traveler's Check Minimum Wage Gift Certificate Protectionism (include trade barriers: quotas, Gift Card tariffs, subsidies) Free Trade Zones Section 2: Borrowing: When You Need More Money Price Ceilings and Price Floors Than You Have Overview: Why People Go into Debt Subsection 2: How Goverments Raise Money Taxes Subsection 1: Types of Loans Income Taxes Basic Loan (or Credit; sidebar on prime rate) Sales Taxes Line of Credit Excise Taxes Personal (Unsecured, Signature) Loan Property Taxes Student Loan (sidebar on financial aid) Estate Taxes Home Loan (mortgage; include closing costs, escrow Business Taxes account, FHA, and VA) Home Equity Loan (Second Mortgage) Everyday Finance: Table of Contents Page 2 of 4
  3. 3. Car Loan COBRA (Consolidated Omnibus Budget Leasing a Car Reconciliation Act of 1985) Payday Loan Dental Insurance Debt Consolidation Loan Disability Insurance Life Insurance Subsection 2: Who Lends Money Bank (outline different types of banks) Subsection 2: Government Protection Credit Union Health Insurance Savings and Loan Association Medicare Finance Company Medicaid Pawnbroker Income Assistance Rent-to-Own Store Food Stamps Check-Cashing Store Social Security Temporary Assistance for Needy Families (Aid to Family Subsection 3: Problems with Debt with Dependent Children) Credit (Debt) Counseling WIC Program (Special Supplemental Nutrition Program for Credit Bureau (reporting agency; include credit score) Women, Infants, and Children) Bankruptcy Worker's Compensation Garnished Wages Consumer Laws Consumer Bill of Rights Section 3: Saving and Investing: Planning for the Consumer Credit Protection Act (include Truth in Lending Future Act and Fair Credit Reporting Act) Overview: Saving and Investing Money Usury Laws Subsection 1: Motivations for Saving and Investing Unit 3: The World of Business Time Value of Money Introduction: Entreprenuership Risk versus Reward (include risk pyramid) Financial Planning Section 1: How Businesses Are Run Saving for College Overview: Business Organization (including labor Retirement Plans (general definition plus various management and delegating) retirement plans) Subsection 1: Types of Businesses Subsection 2: Where to Save and Invest Corporation (including C and S corporations) Savings Account Board of Directors Money Market Account Limited and Unlimited Liability Stock Partnership Stock Market Sole Proprietorship NYSE Nonprofit Corporation NASDAQ Charitable Organization Bond (include corporate, municipal, zero coupon, and high Franchise yield, or junk) Multinational Corporation Mutual Fund Independent Contractor Certificate of Deposits (CDs) Treasury Securities (Treasury bill, Treasury bond, Subsection 2: Starting a Business Treasury note, TIPS, saving bond) Starting a Business Equity (various economic senses) Business Plan (include sales and revenue projections) Hedge Fund Management Safe Deposit Box Risk Taking Venture Capital Section 4: Protecting Yourself from Risk Small Business Administration Overview: Insurance Subsection 3: Creating Products and Services Subsection 1: Types of Insurance Product Development Insurance for Property Brand (mention store brand) Home Insurance Manufacturing Renters Insurance Mass Production Car Insurance (comprehensive, liability, bodily Outsourcing injury, and no fault) Quality Control Warranty Total Quality Management Insurance for People Product Liability Medical Insurance Customer Satisfaction HMO (Health Maintenance Organization) PPO (Preferred Provider Organization) Section 2: Attracting Customers Everyday Finance: Table of Contents Page 3 of 4
  4. 4. Overview: Marketing Mix (Four Ps of Marketing): Product, Place, Price, Promotion Subsection 1: Marketing and Advertising Market Research (including test marketing) Advertising (Media Marketing) Mass Marketing Niche Marketing Direct Mailing Subsection 2: Bringing the Product to the Customer Distribution (including wholesale) Pricing (including markup) Selling (including sales force) Retailing E-commerce Web Management Public Relations Section 3: Money Management Overview: Accounting (financial management) Subsection 1: Managing Money and Costs within a Business Cash Flow Cost-Benefit Analysis Costs of Production (fixed, variable, and total costs) Inventory Control Investment Management Business Financing Subsection 2: Making Financial Reports Financial Statements Capital Gains and Losses Depreciation Trade Credit Dividend Section 4: Working with Employees Overview: Hiring and Managing Employees Job Applications Human Resources Payroll Cost of Living Adjustment (COLA) Employee (fringe) Benefit Equal Opportunity Ergonomics Stress Management Section 5: Business Ethics and the Law Overview: Business Ethics Business Laws Bait and Switch Tactics Pyramid Scheme Identity Theft Insider Trading Better Business Bureau Everyday Finance: Table of Contents Page 4 of 4