Students need to learn:
Static Properties of General Equilibrium State:
Equilibrium of Production and Equilibrium of Consumption
Simultaneous Equilibrium
General Equilibrium and Allocation of Resources
Prices of Commodities and Factors
Factor Ownership and Income Distribution
Relationship between Relative Commodity and Factor Prices (Stolper-Somuelson Theorem)
Relationship between Output Mix and Real Factor Prices
Effect of Changes in Factor Supply in Closed Economy (Rybezynky Theorem)
Production and Consumption
