Document serves as a summary as well as class notes on Chapter 1 of Economics: Principles & Policy. Full lesson including notes, simple definitions, examples, and graphs. Topics: Definition of Economics Positive Economics Normative Economics Economic Bad/Economic Good Resources Opportunity Cost Free Good Factors of Production Renewable/Nonrenewable Resources Micro/Macroeconomics Graphical Analysis in Economics

Economics: Principles & Policy: Ch 2 Summary & Class Notes This download includes both a PowerPoint and PDF version. It introduces marginal costs & benefits and explains the production possibilities frontier curve. Full lesson including notes, simple definitions, examples, and graphs. Topics: • Economic Good • Opportunity Cost • Marginal-Benefit, -Cost, -Revenue • Supply Curve/Marginal Cost Curve • Demand Curve/Marginal Benefit Curve • Production Possibilities Frontier Curve (PPF/PPC) • Law of Diminishing Returns • Law of Increasing Cost

Associate Level: This document acts as a practice quiz and includes answers to the following questions: Distinguish between balance of payment and balance of trade List three components of the balance of payments Discuss factors that could lead to a balance of payment deficient and two factors that could lead to a balance of payment surplus Which year indicates a favorable balance of trade? Distinguish between balance of trade (BOT) and terms of trade (TOT) State the difference between a balance of payments deficient and a balance of payment problem and identify three factors which could account for a balance of problem.

Economics: Principles & Policy Ch 6: GDP/GNP Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Gross Domestic Product (GDP) Market Value Calculating GDP Gross Domestic Product (GDP) vs. Gross National Product (GNP) Real vs. Nominal GDP Consumer Price Index (CPI)

Associate Level: This documents serves as a mock exam and includes the answers to the following questions: If the economy is on a decline. Output is falling. EXPLAIN one way the executive Government can try and fix it. The economy is growing too fast. The Executive government does not want to stop the growth because elections are due in less than a year. EXPLAIN one way that this growth can be dealt with without the Executive government. If the economy is in an inflationary period what action would fiscal policy most likely take? St. Maarten has an on and off discussion about direct and in direct taxation. Select the type of taxation you think is best for St. Maarten. Defend your answer. There are three ways the government can levy taxes. Select the one you think is best and defend your answer. Outline one way in which you will encourage short term growth. Explain why this will cause growth. Explain one way you can stimulate long term growth. Explain why this will cause growth. This is the Philips curve. When Unemployment goes up inflation goes down and the opposite. Explain what is happening in the economy when the inflation goes from 2% to 8% If the taxes are raised above 30 percent the government will start to collect less. Explain why this is the case.

Associate Level: This document serves as a practice quiz and includes the answers to the following questions: What is the formula for GDP Distinguish between nominal and real GDP. Using the formula for GDP, Explain one way that a county can grow its GDP. St Lulu residents own an insurance company in Tortola. Whose GDP is it counted in? Justify your answer. Whose GNP is it counted in? Justify your answer. Politician Sabie Highfigure said that the GDP grew in leaps and bound. Media man said these politicians must stop confusing the people. He should tell the people if this is real GDP or not. What is he talking about? Explain in details. Explain how a decline in government spending could affect the Gross Domestic Product of St. Martins List three types of exchange rates South St. Martin (dutch) has a fixed exchange rate. What would be two disadvantages of switches to a floating exchange rate? Which exchange rate do you think is superior? Justify your answer If China devalue its currency what would be the impact on its economy and why?

Economics: Principles & Policy: Ch 3 Summary & Class Notes This download includes both a PowerPoint Presentation and a Word Doc version. It includes simple definitions, examples, and graphs. Topics: Market Market Demand Supply & Demand Law of Demand Changes in Demand/Quantity Demanded Determinants of Demand Law of Supply Changes in Supply Determinants of Supply Equilibrium

Economics: Principles & Policy Ch 9 Fiscal/Monetary Policy: Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Fiscal & Monetary Policy Government Objectives Contractionary Policy Central Bank Taxation: Direct & Indirect Tax Structures Philips Curve Demand-Pull Inflation

Economics: Principles & Policy Ch 8 The Businessc Cycle & Unemployment & Inflation: Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Business Cycle Stages of Business Cycle Labor Force Unemployment Types of Unemployment Costs of Unemployment Inflation Costs of Inflation Types of Inflation

Economics: Principles & Policy Ch 7 Foreign Exchange: Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Foreign Exchange Market Exchange Rate Currency Appreciation/Depreciation Types of Foreign Exchange Balance of Payments: Current Account, Financial Account, Capital Account

Economics: Principles & Policy Ch 4: Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Market Coordination 3 Fundamental Questions of Economies: What? How? For Whom? Market Economy The Invisible Hand of Competition/Market The Private Sector Circular Flow: Income & Expenditure Aggregate Demand

Economics: Principles & Policy Ch 5: Public Sector: Summary & Class Notes Word Document includes notes, simple definitions, examples, and graphs. Topics: Government in Circular Flow Technical Efficiency Economic Efficiency Types of Efficiency Market Failure Pareto Efficiency Micro/Macroeconomic Policy Budget Surplus/Deficit