SocSci LT pointers

LT's on July 27, so we got lotsa time to review (I hope :P). :D

I. Significance of Economics
II. Definition of Economics
1. Microeconomics
2. Macroeconomics
III. Pitfalls in Economic Reasoning
1. Failure of Ceteris Paribus
2. Post Hoc Fallacy
3. Fallacy of Composition
4. Subjectivity
IV. Positive and Normative Economics
V. Concepts
1. Efficiency and Effectiveness
2. Scarcity and Shortage
3. Opportunity Cost
4. Factors of Production
a. Land (Natural Resources)
b. Labor
c. Capital
5. Needs and Wants (Goods and Service)
VI. Economic Systems
1. Command
2. Market
3. Mixed
VII. The Market
1. Invisible Hand
2. Perfect Competition
a. many buyers and sellers
b. free entry and exit
c. almost the same products
3. Price System
4. Private Property
a. Land-->Rent
b. Labor-->Wage
c. Capital-->Interest
VIII. Command
1. Functions of Gov't.
a. Efficiency
b. Equity/Security
c. Stability
2. Macro Objectives
a. Output (GNP, GDP)
b. Employment
c. Price Stability
d. Foreign Balance
e. Economic freedom
IX. Market Failures
1. Imperfect Competition
2. Externalities
3. Public Goods
X. Government Failures
XI. History
1. slavery
2. feudalism
3. capitalism
4. socialism
5. communism