Economics Basics and Indicators

📋 Course Outline

1. Economic Indicators and National Output
2. Trade Balance and Trade Outcomes
3. Tariffs and Trade Agreements
4. Supply, Demand, and Price Changes
5. The Primary Economic Sector

📖 1. Economic Indicators and National Output

🔑 Key Concepts & Definitions

• Economic indicators : Figures, statistics, or indexes used to understand the evolution of an economy over time or across countries.
• Gross domestic product : The money produced within a country’s national territory by both nationals and non-nationals.

📝 Essential Points

• Examples of economic indicators include:
  • the price index
  • the minimum wage
  • the unemployment rate

💡 Memory Hook

GDP counts production inside borders, whereas GNP counts nationals’ production wherever it occurs.

📖 2. Trade Balance and Trade Outcomes

🔑 Key Concepts & Definitions

• Trade balance : The trade balance compares a country’s exports with its imports.

★ Must-know

📌 A country has a trade surplus when it exports more than it imports.

📌 A country has a trade deficit when it exports less than it imports.

Further detail

📌 A trade deficit means that a country spends more than it earns, whereas a trade surplus means that it earns more than it spends.