Premium
Opening Credits
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Preface
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Chapter 1: Welcome to Economics
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1.1 What Is Economics, and Why Is It Important?
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1.2 Microeconomics and Macroeconomics
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1.3 How Economists Use Theories and Models to Understand Economic Issues
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1.4 How To Organize Economies: An Overview of Economic Systems
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Key Terms
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Key Concepts and Summary
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Chapter 2: Choice in a World of Scarcity
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2.1 How Individuals Make Choices Based on Their Budget Constraint
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2.2 The Production Possibilities Frontier and Social Choices
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2.3 Confronting Objections to the Economic Approach
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Chapter 3: Demand and Supply
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3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
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Key Terms
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3.2 Shifts in Demand and Supply for Goods and Services
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Key Concepts and Summary
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3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
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3.4 Price Ceilings and Price Floors
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3.5 Demand, Supply, and Efficiency
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Chapter 4: Labor and Financial Markets
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4.1 Demand and Supply at Work in Labor Markets
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4.2 Demand and Supply in Financial Markets
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4.3 The Market System as an Efficient Mechanism for Information
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Chapter 5: Elasticity
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5.1 Price Elasticity of Demand and Price Elasticity of Supply
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5.2 Polar Cases of Elasticity and Constant Elasticity
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5.3 Elasticity and Pricing
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5.4 Elasticity in Areas Other Than Price
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Chapter 6: The Macroeconomic Perspective
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6.1 Measuring the Size of the Economy: Gross Domestic Product
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6.2 Adjusting Nominal Values to Real Values
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6.3 Tracking Real GDP over Time
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6.4 Comparing GDP among Countries
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6.5 How Well GDP Measures the Well-Being of Society
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Chapter 7: Economic Growth
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7.1 The Relatively Recent Arrival of Economic Growth
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7.2 Labor Productivity and Economic Growth
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7.3 Components of Economic Growth
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7.4 Economic Convergence
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Chapter 8: Unemployment
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8.1 How Economists Define and Compute Unemployment Rate
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8.2 Patterns of Unemployment
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8.3 What Causes Changes in Unemployment over the Short Run
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8.4 What Causes Changes in Unemployment over the Long Run
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Chapter 9: Inflation
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9.1 Tracking Inflation
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9.2 How to Measure Changes in the Cost of Living
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9.3 How the U.S. and Other Countries Experience Inflation
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9.4 The Confusion Over Inflation
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9.5 Indexing and Its Limitations
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Chapter 10: The International Trade and Capital Flows
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10.1 Measuring Trade Balances
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10.2 Trade Balances in Historical and International Context
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10.3 Trade Balances and Flows of Financial Capital
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10.4 The National Saving and Investment Identity
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10.5 The Pros and Cons of Trade Deficits and Surpluses
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10.6 The Difference between Level of Trade and the Trade Balance
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Chapter 11: The Aggregate Demand/Aggregate Supply Model
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11.1 Macroeconomic Perspectives on Demand and Supply
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11.2 Building a Model of Aggregate Demand and Aggregate Supply
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11.3 Shifts in Aggregate Supply
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11.4 Shifts in Aggregate Demand
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11.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
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11.6 Keynes’ Law and Say’s Law in the AD/AS Model
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Chapter 12: The Keynesian Perspective
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12.1 Aggregate Demand in Keynesian Analysis
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12.2 The Building Blocks of Keynesian Analysis
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12.3 The Phillips Curve
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12.4 The Keynesian Perspective on Market Forces
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Chapter 13: The Neoclassical Perspective
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13.1 The Building Blocks of Neoclassical Analysis
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13.2 The Policy Implications of the Neoclassical Perspective
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13.3 Balancing Keynesian and Neoclassical Models
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Chapter 14: Money and Banking
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14.1 Defining Money by Its Functions
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14.2 Measuring Money: Currency, M1, and M2
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14.3 The Role of Banks
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14.4 How Banks Create Money
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Chapter 15: Monetary Policy and Bank Regulation
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15.1 The Federal Reserve Banking System and Central Banks
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15.2 Bank Regulation
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15.3 How a Central Bank Executes Monetary Policy
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15.4 Monetary Policy and Economic Outcomes
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15.5 Pitfalls for Monetary Policy
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Chapter 16: Exchange Rates and International Capital Flows
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16.1 How the Foreign Exchange Market Works
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16.2 Demand and Supply Shifts in Foreign Exchange Markets
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16.3 Macroeconomic Effects of Exchange Rates
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16.4 Exchange Rate Policies
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Chapter 17: Government Budgets and Fiscal Policy
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17.1 Government Spending
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17.2 Taxation
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17.3 Federal Deficits and the National Debt
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17.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
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17.5 Automatic Stabilizers
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17.6 Practical Problems with Discretionary Fiscal Policy
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17.7 The Question of a Balanced Budget
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Chapter 18: The Impacts of Government Borrowing
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18.1 How Government Borrowing Affects Investment and the Trade Balance
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18.2 Fiscal Policy and the Trade Balance
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18.3 How Government Borrowing Affects Private Saving
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18.4 Fiscal Policy, Investment, and Economic Growth
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Chapter 19: Macroeconomic Policy Around the World
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19.1 The Diversity of Countries and Economies across the World
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19.2 Improving Countries’ Standards of Living
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19.3 Causes of Unemployment around the World
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19.4 Causes of Inflation in Various Countries and Regions
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19.5 Balance of Trade Concerns
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Chapter 20: International Trade
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20.1 Absolute and Comparative Advantage
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20.2 What Happens When a Country Has an Absolute Advantage in All Goods
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20.3 Intra-industry Trade between Similar Economies
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20.4 The Benefits of Reducing Barriers to International Trade
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Chapter 21: Globalization and Protectionism
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21.1 Protectionism: An Indirect Subsidy from Consumers to Producers
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21.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions
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21.3 Arguments in Support of Restricting Imports
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21.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally
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21.5 The Tradeoffs of Trade Policy
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Closing Credits
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