The economic role of government Discuss the economic functions of government. Describe the various types of tax systems. List the criteria of sound taxation. Discuss the various types of taxes collected in the United States. Macroeconomic flows Define the input and output flows of the macroeconomy.
Macroeconomic goals Define the basic goals of macroeconomic policy.
Measuring economic performance and national income accounting Discuss basic accounting concepts. Define the most widely used measures of economic growth. Describe various price indexes. Fluctuations in output, employment, and prices Define aggregate demand and aggregate supply and the characteristics of each. Explain the relationship among the level of employment, the level of output, and the level of prices.