PART 01 MICROECONOMICS

Chapter 01: Fundamentals of Economics
ISSUE 01 Opportunity Cost
ISSUE 02 Production Possibilities Curve

Chapter 02 Theory of Supply and Demand
ISSUE 01 Demand Function and Shifts in the Demand Curve
ISSUE 02 Demand Function and the Nature of Goods
ISSUE 03 Price Elasticity
ISSUE 04 Price Elasticity and a Firm's Total Revenue
ISSUE 05 Income Elasticity and Cross Elasticity
ISSUE 06 Supply Function and Shifts in the Supply Curve
ISSUE 07 Supply Elasticity and the Market Supply Curve
ISSUE 08 Market Equilibrium and Changes in Equilibrium
ISSUE 09 Consumer and Producer Surplus
ISSUE 10 Tax Incidence and Elasticity
ISSUE 11 Calculating the Impact of Taxes
ISSUE 12: Excessive Tax Burden and Elasticity
ISSUE 13 Calculating the Excess Burden of Taxes
ISSUE 14 Maximum Price Regulation
ISSUE 15 Minimum Price Regulation

Chapter 03 Consumption Theory
ISSUE 01 Indifference Curves and Budget Lines
ISSUE 02 Conditions for optimal consumer choice
ISSUE 03 Derivation of Consumer Optimal Choice and Exceptions
ISSUE 04 Changes in Consumer Optimal Choice
ISSUE 05 Price Effect
ISSUE 06 Leisure-Income Choice Model
ISSUE 07 Intertemporal Consumption Choice Model
ISSUE 08 Social Welfare System
ISSUE 09 Present Preference Theory
ISSUE 10 Attitudes Toward Risk
ISSUE 11 Lottery and the Risk Premium
ISSUE 12 Fair Insurance Premiums and Maximum Premiums

Chapter 04 Production Theory
ISSUE 01 Characteristics of the Production Function
ISSUE 02 Characteristics of the Cost Function
ISSUE 03 Producer Optimal Selection (Production Maximization & Cost Minimization) and Exceptions
ISSUE 04 Changes in Producer Optimal Choice
ISSUE 05 Economies of Scale and Economies of Scope
ISSUE 06 Elasticity of Substitution
ISSUE 07 Profit and Profit Maximization
ISSUE 08 The Duality of Production and Cost

Chapter 05 Product Market Theory
ISSUE 01 Short-term Equilibrium of Competitive Firms
ISSUE 02 Long-Run Equilibrium of Competitive Firms
ISSUE 03 Equilibrium in the Monopoly Market
ISSUE 04 Monopoly Market Other Issues
ISSUE 05 Price Discrimination
ISSUE 06 Two-part price
ISSUE 07 Multi-factory monopoly
ISSUE 08 Cournot Model
ISSUE 09 Bertrand Model
ISSUE 10 Stackelberg Model (Stackelberg Quantity Model)
ISSUE 11 Discriminatory Price Leadership Model (Stackelberg Price Model)
ISSUE 12: The Bendable Demand Curve Model
ISSUE 13 Monopolistic Competitive Market
ISSUE 14 Dominant Strategy Equilibrium and Nash Equilibrium
ISSUE 15 Sequential Game

Chapter 06 Factor Market Theory
ISSUE 01 Balance and Change in Factor Markets
ISSUE 02 Profit Maximization in the Factors of Production Market
ISSUE 03 Imperfect Competition and Factor Markets
ISSUE 04 Income Distribution by Function
ISSUE 05 Income Distribution by Class

Chapter 07 Market Equilibrium, Efficiency, and Welfare
ISSUE 01 Pareto Efficiency of Consumption
ISSUE 02 Pareto Efficiency in Production
ISSUE 03 Comprehensive Pareto Efficiency of Consumption and Production
ISSUE 04 Welfare Economics 1 & 2 Summary
ISSUE 05 Desirable Resource Allocation

Chapter 08 Market Failure Theory
ISSUE 01 Market Failure in General
ISSUE 02 Characteristics of Public Goods
ISSUE 03 Optimal Provision of Public Goods
ISSUE 04 The Significance and Effects of Externalities
ISSUE 05 Calculating Externalities and Socially Optimal Output
ISSUE 06 Optimal Contamination Model
ISSUE 07 Pigou Tax and Pigou Subsidies
ISSUE 08 Cause Summary
ISSUE 09 Emissions Trading System
ISSUE 10 Commons

Chapter 09 Other Microeconomic Theories
ISSUE 01 Information Economics Theory
ISSUE 02 Behavioral Economics Theory

PART 02 Macroeconomics

Chapter 01: Fundamentals of Macroeconomics
ISSUE 01 The Concept and Measurement of Gross Domestic Product (GDP)
ISSUE 02 Items included and excluded when calculating gross domestic product (GDP)
ISSUE 03 GDP vs. GNP vs. GNI
ISSUE 04 Nominal GDP and Real GDP
ISSUE 05 Price Index
ISSUE 06 Inflation Rate
ISSUE 07: National Income and Prices: A Comprehensive Issue

Chapter 02 National Income Determination Theory
ISSUE 01 Keynesian Model
ISSUE 02 Multiplier Effect
ISSUE 03 Classical School Model

Chapter 03 National Income and Interest Rate Determination Theory
ISSUE 01 IS-LM Model
ISSUE 02 Calculating the IS-LM Equilibrium
ISSUE 03 IS-LM Model and Fiscal Policy
ISSUE 04 IS-LM Model and Monetary Policy
ISSUE 05: The Relative Effectiveness of Fiscal and Monetary Policies and Different Schools of Thought
ISSUE 06: The IS-LM Model and the Liquidity Trap

Chapter 04 National Income and Price Determination Theory
ISSUE 01 Derivation of the AD Curve
ISSUE 02 Derivation of the AS Curve
ISSUE 03 Balance and Mobility Factors of the AD-AS Model
ISSUE 04 Changes in Macroeconomic Equilibrium Due to Supply Shocks
ISSUE 05 Changes in Macroeconomic Equilibrium Due to Demand Shocks and Combined Shocks

Chapter 05 Unemployment and Inflation
ISSUE 01 The Concept and Classification of Unemployment
ISSUE 02 Calculating the Unemployment Rate
ISSUE 03 Determination of the Natural Rate of Unemployment
ISSUE 04 Causes of Involuntary Unemployment
ISSUE 05 The Effects (Costs) of Inflation
ISSUE 06 Inflation and Interest Rates
ISSUE 07 The Phillips Curve

Chapter 06 Business Cycle Theory
ISSUE 01 Stages and Characteristics of Business Fluctuations
ISSUE 02 The Latest Economic Fluctuation Theory

Chapter 07 Economic Policy and Schools of Economics
ISSUE 01 Theories by School
ISSUE 02 Debate on Economic Stabilization Policy
ISSUE 03 Taylor's Rule

Chapter 08 Microeconomics
ISSUE 01 Absolute Income Theory
ISSUE 02 Lifetime Income Theory and Permanent Income Theory
ISSUE 03 Random Walk Hypothesis and Relative Income Hypothesis
ISSUE 04 Investment Theory
ISSUE 05 Ricardo's Equivalence Theorem
ISSUE 06 Keynes's Theory of Money Demand and its Baumol-Tobin Complement
ISSUE 07 The Classical School's Theory of Money Demand
ISSUE 08 General Currency
ISSUE 09 Base Currency and Reserves
ISSUE 10 Money Supply and Money Multiplier
ISSUE 11 Monetary Policy Tools
ISSUE 12 The Path of Monetary Policy

Chapter 09 Economic Growth Theory
ISSUE 01 Solow Model General
ISSUE 02 Solow Model: Steady-State Calculations
ISSUE 03 Solow Model: Calculating the Golden Rule
ISSUE 04 Growth Accounting
ISSUE 05 Endogenous Growth Theory

PART 03 International Economics

Chapter 01 International Trade Theory
ISSUE 01 The Effects of Free Trade
ISSUE 02 Ricardo's Trade Theory
ISSUE 03 Heckscher-Ohlin Theory
ISSUE 04 Intra-Industry Trade Theory
ISSUE 05 Tariff Policy
ISSUE 06 Non-Tariff Trade Policy
ISSUE 07 Economic Integration

Chapter 02 International Financial Theory
ISSUE 01 Balance of Payments
ISSUE 02 Balance of Payments Determination Theory
ISSUE 03 The Significance of Exchange Rates
ISSUE 04 Exchange Rate Determination Theory 1 - Purchasing Power Parity Theory
ISSUE 05 Exchange Rate Determination Theory 2 - Interest Rate Parity Theory
ISSUE 06 IS-LM-BP Model
ISSUE 07 International Monetary System

The revised edition of the textbook '2026 Real Estate Appraiser Economics Principles Single-Volume Passing Notes (4th Edition)' has been published by Parkmungak Publishing Co., Ltd.


Because economics is tested in various fields, including microeconomics, macroeconomics, and international economics, in various qualification exams, such as real estate appraisal, it requires a significant amount of study compared to other subjects.
Moreover, economics is far more difficult than other subjects because it requires the use of mathematical techniques such as formulas and graphs, which students greatly avoid.

This book is a “summary textbook for organizing exam issues” following previously published basic economics textbooks and workbooks.
While the basic textbook presented the logical system and flow of economics in a clear and thematic manner, this summary textbook condenses and organizes the content tested on the exam into a topic-oriented format, providing the correct path for analyzing the test issues.

I wish all test takers success in their exams.