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Table of Contents

    • About the Authors
    • Acknowledgments
    • Dedication
    • Preface
    • 1Economics: The Study of Choice
      • 1.1Start Up: Economics in the News
      • 1.2Defining Economics
      • 1.3The Field of Economics
      • 1.4The Economist’s Tool Kit
      • 1.5Review and Practice
    • 2Confronting Scarcity: Choices in Production

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      • 2.1Start Up: An Attempt to Produce Safer Air Travel

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      • 2.2Factors of Production

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      • 2.3The Production Possibilities Curve

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      • 2.4Applications of the Production Possibilities Model

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      • 2.5Review and Practice

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    • 3Demand and Supply

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      • 3.1Start Up: Crazy for Coffee

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      • 3.2Demand

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      • 3.3Supply

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      • 3.4Demand, Supply, and Equilibrium

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      • 3.5Review and Practice

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    • 4Applications of Demand and Supply

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      • 4.1Start Up: Better. Faster. Cheaper.

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      • 4.2Putting Demand and Supply to Work

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      • 4.3Government Intervention in Markets: Price Floors and Price Ceilings

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      • 4.4Government Intervention in Markets: Taxes

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      • 4.5Review and Practice

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    • 5Introduction to the Macroeconomy: Measuring the Economy’s Output

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      • 5.1Start Up: Your Uncertain Future

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      • 5.2Measuring Total Output: GDP and Its Components

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      • 5.3Real GDP, Economic Growth, and Business Cycles

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      • 5.4GDP and Economic Well-Being

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      • 5.5Review and Practice

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    • 6The Price Level and Inflation

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      • 6.1Start Up: College Is More Expensive Than Ever . . . Or Is It?

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      • 6.2Measuring Prices and Inflation

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      • 6.3The Causes of Inflation

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      • 6.4The Consequences of Inflation

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      • 6.5Review and Practice

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    • 7Unemployment

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      • 7.1Start Up: This One Was Different . . . But Was That Better or Worse?

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      • 7.2Measuring Unemployment

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      • 7.3The Nature of Unemployment

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      • 7.4Policy Implications of Unemployment

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      • 7.5Review and Practice

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    • 8Aggregate Demand and Aggregate Supply

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      • 8.1Start Up: The Great Warning

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      • 8.2Aggregate Demand

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      • 8.3Aggregate Demand and Aggregate Supply: The Long Run and the Short Run

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      • 8.4Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium

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      • 8.5Review and Practice

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    • 9Economic Growth

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      • 9.1Start Up: How Important Is Economic Growth?

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      • 9.2The Significance of Economic Growth

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      • 9.3Growth and the Long-Run Aggregate Supply Curve

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      • 9.4A Recipe for Economic Growth

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      • 9.5Review and Practice

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    • 10The Nature and Creation of Money

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      • 10.1Start Up: Holy Mackerel—This Fish Story Is True!

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      • 10.2What Is Money?

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      • 10.3The Banking System and Money Creation

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      • 10.4The Federal Reserve System

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      • 10.5Review and Practice

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    • 11Financial Markets and the Economy

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      • 11.1Start Up: Who Wants to Be a Millionaire?

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      • 11.2The Functions of Financial Instruments

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      • 11.3The Bond and Foreign Exchange Markets

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      • 11.4Demand, Supply, and Equilibrium in the Money Market

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      • 11.5Review and Practice

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    • 12Monetary Policy and the Fed

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      • 12.1Start Up: The Fed Goes to War

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      • 12.2Monetary Policy in the United States

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      • 12.3Problems and Controversies of Monetary Policy

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      • 12.4The Trade-Off Between Inflation and Unemployment

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      • 12.5Review and Practice

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    • 13Government and Fiscal Policy

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      • 13.1Start Up: A Massive Stimulus

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      • 13.2Government and the Economy

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      • 13.3The Use of Fiscal Policy to Stabilize the Economy

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      • 13.4Fiscal Policy in Practice

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      • 13.5Review and Practice

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    • 14Consumption and the Aggregate Expenditures Model

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      • 14.1Start Up: Consumption Spending Plummets as the COVID-19 Recession Begins

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      • 14.2Determining the Level of Consumption

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      • 14.3The Aggregate Expenditures Model

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      • 14.4Aggregate Expenditures and Aggregate Demand

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      • 14.5Review and Practice

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    • 15Investment and Economic Activity

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      • 15.1Start Up: Jittery Firms Slash Investment as Great Recession Unfolds

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      • 15.2The Role and Nature of Investment

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      • 15.3Determinants of Investment

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      • 15.4Investment and the Economy

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      • 15.5Review and Practice

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    • 16Net Exports and International Finance

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      • 16.1Start Up: Currency Crises Shake the World

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      • 16.2The International Sector: An Introduction

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      • 16.3International Finance

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      • 16.4Exchange Rate Systems

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      • 16.5Review and Practice

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    • 17A Brief History of Macroeconomic Thought and Policy

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      • 17.1Start Up: Three Revolutions in Macroeconomic Thought

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      • 17.2The Great Depression and Keynesian Economics

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      • 17.3Keynesian Economics in the 1960s and 1970s

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      • 17.4Macroeconomics for the Twenty-First Century

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      • 17.5Review and Practice

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    • 18Inequality, Poverty, and Discrimination

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      • 18.1Start Up: Occupy Wall Street; Change the World?

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      • 18.2Income Inequality

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      • 18.3The Economics of Poverty

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      • 18.4The Economics of Discrimination

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      • 18.5Review and Practice

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    • AGraphs in Economics

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      • A.1Graphs in Economics

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      • A.2Nonlinear Relationships and Graphs Without Numbers

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      • A.3Using Graphs and Charts to Show Values of Variables

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      • A.4Review and Practice

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    • BThe Solow Model of Economic Growth

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      • B.1Capital Accumulation and Economic Growth

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      • B.2Review and Practice

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