Economics
Microeconomics
Supply and demand, elasticity, market structures (perfect competition, monopoly, oligopoly), and externalities. Trap: confusing a shift of the curve with a movement along it. A price change moves along the curve; income or technology shifts it.
Macroeconomics
GDP, inflation, unemployment, monetary and fiscal policy, exchange-rate regimes, and the Phillips curve. Know the difference between nominal and real variables and the role of the Central Bank (inflation targeting, Selic). Trap: stating that raising interest rates expands credit.
International economics
Comparative advantage (Ricardo), trade barriers, balance of payments, and exchange-rate regimes (floating, fixed, managed). Trap: confusing current account and capital account.
Brazilian economy
Import substitution, Plano Real (1994), fiscal responsibility law, and primary surplus concepts.
Worked example
If a country has a current account deficit financed by capital inflows, the balance of payments still balances, but vulnerability rises if inflows are short-term. The best answer identifies financing composition, not just the deficit.