The basic economic problem - Factors of production, scarcity, opportunity cost. Allocation of resources - Economic systems, market mechanisms, social costs and benefits. Individuals in the economy - Money and finance, occupations and earnings, role of trade unions, spending and borrowing behavior. Firms and production - Business organization types, production processes, firm growth, market competition. Government in the economy - Economic policy objectives, taxation types and impacts. Economic indicators - Price inflation, employment and unemployment trends, economic growth and corruption effects. Global economy and trade - Developed vs. developing economies, population issues, international trade and specialization, balancing international payments.