Topics you should know include... The definition of economics Micro vs. macro The goal of individuals, businesses, and nations. The three economic questions all societies must answer Scarcity and trade-offs Opportunity costs The PPC and how to graph it using various scenarios What are the causes of an increasing or decreasing PPC? The Circular Flow Model The three economic goals of a healthy economy The business fluctuation graph. The four categories of unemployment. Which categories of unemployment can be helped by the government and how? What is the labor force and who is in it? How the unemployment rate is calculated What is inflation and why is it harmful? What is GDP and what is included in it? Excluded? Real vs. nominal GDP Real vs nominal interest rates What were the major points of JM Keynes