The basic economic problem - Economic goods, resource allocation, factors of production, opportunity cost, production possibility curves. Resource allocation - Microeconomics and macroeconomics, demand and supply, price determination, price elasticity, market failure, economic systems. Microeconomic decision makers - Money and banking, households, workers, trade unions, firms, production, costs and revenues, market structure. Government and macroeconomy - Role of government, macroeconomic aims, fiscal and monetary policies, supply-side policies, economic growth, employment, inflation. Economic development - Living standards, poverty, population, economic development differences between countries. International trade and globalization - National specialization, trade policies, foreign exchange rates, balance of payments.