不使用任何教科书，所有的课程内容与问题、课后作业，全是由授课老师亲自编写。同时，不使用演讲式的授课方式，12 名学生和1名老师围着哈克尼斯圆桌（Harkness Table），以提问、讨论、辩论的方式教学。
- Basic economic problem: choice and the allocation of resources
2. The economicproblem: unlimited wants exceed scarce resources.
3. Factors ofproduction: the economic resources of capital, enterprise, labour and land.
4. Land: gifts ofnature available for production.
5. Labour: allhuman effort mental and physical involved in producing goods and services.
6. Enterprise; riskbearing and decision making in business.
7. Occupationallymobile: capable of changing use.
8. Geographicallyimmobile: incapable of moving from one location to another location.
9. Capital: humanmade goods used in production.
10.Investment: spending on capital goods.
11.Depreciation: the value of replacing capital.
12.Productivity: output per worker hour.
13.Opportunity cost: the next best alternative forgone.
14.Economic good: a product which requires resourcesto produce it and therefore has an opportunity cost.
15.Free good: a product which does not requireresources to produce it and therefore has an opportunity cost.
16.Production possibility curve: a curve that showsthe maximum output of two types of products and combination of those productsthat can be produced with existing resources and technology.
17.A planned economy: an economy where the governmentmakes the crucial decisions, land and capital are state-owned and resources areallocated by directives.
18.A market economy: an economy where consumersdetermine what is produced, resources are allocated by the price mechanism andland and capital are privately owned.
19.A mixed economy: an economy in which both theprivate and public sectors play an important role.
- The allocation of resources: how the market works; market failure
1. Demand: thewillingness and ability to buy a product.
2. Market demand:total demand for a product.
3. An extension indemand: a rise in the quantity demanded caused by a fall in the price of theproduct itself.
4. A contraction indemand: a fall in the quantity demanded caused by a rise in the price of theproduct itself.
5. Supply: thewillingness and ability to sell a product.
6. Market supply:total supply of the product.
7. An extension insupply: a rise in the quantity supplied caused by a rise in the price of theproduct itself.
8. A contraction insupply: a fall in the quantity supplied caused by a fall in the price of theproduct itself.
9. Equilibriumprice: the price where demand and supply are equal.
10.Disequilibrium: a situation where demand and supplyare not equal.
11.Changes in demand: shifts in the demand curve.
12.An increase in demand: a rise in demand at anygiven price, causing the demand curve to shift to the right.
13.A decrease in demand: a fall in demand at any givenprice, causing the demand curve to shift to the left.
14.Disposable income: Income after income tax andnational insurance contributions have been deducted.
15.Normal good: a product whose demand increases whenincome increases and decreases when income falls.
16.Inferior good: a product whose demand decreaseswhen income increases and increases when income falls.
17.Substitute: a product that can be used in place ofanother.
18.Compliment: a product that is used in conjunctionwith another product.
19.Ageing population: an increase in the average ageof the population.
20.Birth rate: the number of life birth per thousandof the population in a year.
21.An increase in supply: a rise in supply at anygiven price, causing the supply curve to shift to the right.
22.A decrease in supply: a fall in supply at any givenprice causing the supply curve to shift to the left.
23.Changes in supply: changes in supply conditionscausing shifts in the supply curve.
24.Unit cost: the average cost of production. It isfound by dividing total cost by output.
25.Improvements in technology: advances in the qualityof capital goods and methods of production.
26.A tax: a payment to the government.
27.Indirect taxes: taxes on goods and services.
28.A subsidy: a payment by a government to encouragethe production or consumption of a product.
29.Price elasticity of demand: a measure of theresponsiveness of demand to a change in price.
30.Private costs: costs borne by those directlyconsuming or producing a product.
31.Private benefits: benefits received by those directlyconsuming or producing a product.
32.External costs: costs imposed on those who are notinvolved in the consumption and production activities of others directly.
33.External benefits: benefits enjoyed by those whoare not involved in the consumption and production activities of othersdirectly.
34.Social costs: the total costs to a society of aneconomic activity.
35.Social benefits: the total benefits to a society ofan economic activity.
36.Cost benefits analysis: a method of assessinginvestment projects which takes into account, social costs and benefits.