Relationship between interest rates and bond/stock prices
GDP calculation (nominal and real)
Growth rates of real GDP (finding annual averages)
Calculating inflation with GDP deflators and CPIs, $\text{GDP Deflator}=\frac{NGDP}{RGDP}\times 100$
Calculating CPIs
Adjusting prices/wages to compare “real” values at various points in time (forwards and back) \(\text{Nominal wage}_\text{YR1} \times \frac{CPI_\text{YR2}}{CPI_\text{YR1}}=\text{Real wage}_\text{YR2}\)
Anticipated v. Unanticipated inflation
Calculate growth of real prices/wages
Supply and demand, manipulating curves and comparative statics
Surplus v. shortage
Basic understanding of price floors and ceilings
Understanding of market failure and externalities
Total savings, $(S_\text{total}=Y-C-G-NX)$
OR $(S_\text{total}=S_\text{public}+S_\text{private}+S_\text{foreign}=I)$