Key Terms /Concepts to Know: 1. GDP 2. National Wealth 3. Standard of Living 4. Final Goods 5. Intermediate Goods 6. Nominal GDP 7. Real GDP 8. Recession 9. Business Cycle 10. national spending approach 11. Consumption 12. Investment 13. Government Purchases 14. Net Exports 15. Factor income approach 16. GDP growth 17. GDP per capita 18. Purchasing power parity 19. Economic Growth 20. Physical capital 21. Human capital 22. Technological knowledge 23. Institutions 24. Economic System 25. Command Economy 26. Market Economy 27. Invisible Hand Theory 28. Property Rights 29. Economies of scale 30. Catch Up Growth 31. Cutting Edge Growth 32. Productivity 33. Marginal Product of capital 34. Law of Diminishing Returns 35. Capital stock 36. Investment 37. Depreciation 38. Steady State 39. Non-rivalrous 40. Spillover benefits (positive externality) 41. Conditional Convergence Key Graphs to Know: 1. Solow Growth Model Key Math to Know: 1. Calculate GDP using national spending approach 2. Calculate GDP per capita (standard of living) 3. Calculate GDP growth rate 4. Economic Growth rate 5. Rule of 70 Key Names to Know: 1. Adam Smith 2. Karl Marx 3. Robert Solow 4. Paul Romer