Chapter 1 - Nature, Scope and
Determinants of Demand
Methodology of Economics
1 - The Origin of Economics
2 - Definition of Economics
a. As a Science
b. As a Social Science
c. Economics and Human Wants
d. Economics and the Concept of
Scarcity
3 - Importance of Economics
4 - Macroeconomics vs. Microeconomics
5 - Economic Methodology
a. Positive vs. Normative Economics
b. Inductive vs. Deductive Method
c. Understanding Economic
Approaches using a Function,
Schedule and a Graph
Chapter 2 - Scarcity and Economic
Systems
1 - Indicators of Scarcity
2 - Classification of Resources
3 - The Production Possibilities Curve
4 - Basic Economic System
5 - Economic Systems
a. Traditional Economic System
b. Market System
c. Command Economy
d. Mixed Economy
6 - Economic Goals
7 - The Millennium Development Goals
Part II - Microeconomics:
Circular Flow for Microeconomics
Chapter 3 - Market Demand and Market
Supply
1 - Definition of Market
2 - Demand
a. The Law of Demand
b. Demand Function, Schedule and
Curve
c.
d. Change in Demand and Change in
Qd
3 - Supply
a. Law of Supply
b. Supply Function, Schedule and
Curve
c. Determinants of Supply
d. Change in Supply and Change in Qs
4 - Market Equilibrium
a. Finding the Equilibrium
Mathematically
b. Finding the Equilibrium in Tabular
Form
c. Finding the Equilibrium on Graph
Form
5 - The Effect of a Change in Demand or
Change in Supply on Market Equilibrium
a. Effect of Increase in Demand
b. Effect of Decrease in Demand
c. Effect in Increase Supply
d. Effect of Decrease Supply
6 - Effect of a Simultaneous Changes in
Demand and Supply
a. Supply Increases, Demand
Increases
b. Supply Increases, Demand
Decreases
c. Supply Decreases, Demand
Increases
d. Supply Decreases, Demand
Decreases
Chapter 4 - Application of Demand and
Supply and the Concept of Elasticity
1 - Government Intervention in the Market
a. Price Control or Price Ceiling
b. Price Support or Floor Price
c. Minimum Wages
2 - Elasticity
a. Price Elasticity of Demand
i. Elastic or Relatively Elastic
 ii. Unitary or Unit Elastic 5 - Economic Cost
Demand a. Economic Cost and Opportunity
iii. Inelastic or Relatively Cost
Inelastic Demand b. Explicit Cost vs. Implicit Cost
iv. Perfectly Elastic Demand c. Total (TC), Average (AV) and
v. Perfectly Inelastic Demand Marginal Cost (MC)
b. The Price Elasticity of Supply d. Total Fixed Cost (TVC), Total
c. The Income Elasticity of Demand Variable Cost (TVC), and Total Cost
i. Normal vs. Inferior Goods (TC)
d. The Cross (Price) Elasticity of e. Average Total Cost (ATC), Average
Demand Fixed Cost (AFC), Average Variable
i. Substitute vs. Cost (AVC), and Marginal Cost (MC)
Complementary Goods
e. Factors that Affect Elasticity of
Goods of Demand for Goods

Chapter 5 - Theory of Consumers

Behavior
1 - Cardinal Utility or Marginal Utility Theory
The Law of Diminishing Marginal
Utility Theory
2 - The Ordinal Utility Theory or Indifference
Curve Theory
a. The Indifference Curve
b. The Budget Constraint
c. The Consumer’s Equilibrium

Chapter 6 - The Theory of Production

and Cost
1 - Production Function
a. Fixed Inputs and Variable Inputs
2 - Production Periods or Market Periods in
Economics
a. Very short-run Period or Immediate
PEriod
b. Short-run Period
c. Long-run Period
3 - The Law of Diminishing Marginal
Returns
4 - Three Stages of Production
a. Stage of Increasing Returns
b. Stage of Decreasing Returns
c. Stage of Negative Returns