• what is principal one (People face trade-off) about and how it applies to the US economy.

• what are the concept in the circular flow model.

• what the input/output circle shows.

• What is the difference between absolute advantage and comparative advantage?

• what are the law of supply and describe the concept.

• what the equilibrium point is and how a sector in the economy reached that point.

• what "elasticity" refers to in economics.and 1 example of an inelastic and an elastic product, with an explaination of why each would fit in that group.

• How does rent control policies effect society in short-run versus the long-run.

• What are the parts of a GDP

• what the difference is between nominal GDP and real GDP.

• what are the 3 main issues of using indexes to measure consumer price index.

• what are the 8 major groups measured in the CPI by the BLS.

• what are the 4 determinants of productivity.

• Four example of each one how are bonds and stocks different.