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Current
Table of Contents
About the Authors
Acknowledgments
Preface
1
Economics: The Study of Choice
1.1
Start Up: Economics in the News
1.2
Defining Economics
1.3
The Field of Economics
1.4
The Economists’ Tool Kit
1.5
Review and Practice
2
Confronting Scarcity: Choices in Production
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2.1
Start Up: Tightening Security at the World’s Airports
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2.2
Factors of Production
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2.3
The Production Possibilities Curve
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2.4
Applications of the Production Possibilities Model
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2.5
Review and Practice
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3
Demand and Supply
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3.1
Start Up: Crazy for Coffee
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3.2
Demand
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3.3
Supply
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3.4
Demand, Supply, and Equilibrium
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3.5
Review and Practice
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4
Applications of Demand and Supply
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4.1
Start Up: A Composer Logs On
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4.2
Putting Demand and Supply to Work
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4.3
Government Intervention in Market Prices: Price Floors and Price Ceilings
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4.4
The Market for Health-Care Services
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4.5
Review and Practice
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5
The Analysis of Consumer Choice
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5.1
Start Up: A Day at the Grocery Store
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5.2
The Concept of Utility
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5.3
Utility Maximization and Demand
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5.4
Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
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5.5
Review and Practice
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6
Markets, Maximizers, and Efficiency
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6.1
Start Up: A Drive in the Country
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6.2
Maximizing in the Marketplace
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6.3
Market Failure
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6.4
Review And Practice
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7
Socialist Economies in Transition
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7.1
Start Up: The Collapse of Socialism
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7.2
The Theory and Practice of Socialism
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7.3
Socialist Systems in Action
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7.4
Economies in Transition: China and Russia
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7.5
Review and Practice
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8
A Brief History of Macroeconomic Thought and Policy
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8.1
Start Up: Three Revolutions in Macroeconomic Thought
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8.2
The Great Depression and Keynesian Economics
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8.3
Keynesian Economics in the 1960s and 1970s
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8.4
An Emerging Consensus: Macroeconomics for the Twenty-First Century
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8.5
Review and Practice
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9
Macroeconomics: The Big Picture
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9.1
Start Up: Financial Crisis Batters Economy
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9.2
Growth of Real GDP and Business Cycles
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9.3
Price-Level Changes
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9.4
Unemployment
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9.5
Review and Practice
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10
Measuring Total Output and Income
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10.1
Start Up: The Lockup
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10.2
The Significance of Economic Growth
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10.3
Measuring Total Output
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10.4
Measuring Total Income
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10.5
GDP and Economic Well-Being
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10.6
Review and Practice
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11
Inflation and Unemployment
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11.1
Start Up: The Inflation/Unemployment Conundrum
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11.2
Relating Inflation and Unemployment
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11.3
Explaining Inflation–Unemployment Relationships
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11.4
Inflation and Unemployment in the Long Run
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11.5
Review and Practice
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12
Economic Development
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12.1
Start Up: Being Poor in a Poor Country
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12.2
The Nature and Challenge of Economic Development
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12.3
Population Growth and Economic Development
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12.4
Keys to Economic Development
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12.5
Review and Practice
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13
International Trade
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13.1
Start Up: Trade Winds
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13.2
The Gains from Trade
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13.3
Two-Way Trade
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13.4
Restrictions on International Trade
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13.5
Review and Practice
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14
The Nature and Creation of Money
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14.1
Start Up: How Many Macks Does It Cost?
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14.2
What Is Money?
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14.3
The Banking System and Money Creation
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14.4
The Federal Reserve System
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14.5
Review and Practice
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15
Monetary Policy and the Fed
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15.1
Start Up: The Fed’s Extraordinary Challenges in 2008
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15.2
Monetary Policy in the United States
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15.3
Problems and Controversies of Monetary Policy
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15.4
Monetary Policy and the Equation of Exchange
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15.5
Review and Practice
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16
Interest Rates and the Markets for Capital and Natural Resources
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16.1
Start Up: Building the “Internet in the Sky”
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16.2
Time and Interest Rates
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16.3
Interest Rates and Capital
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16.4
Natural Resources and Conservation
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16.5
Review and Practice
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17
Government and Fiscal Policy
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17.1
Start Up: A Massive Stimulus
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17.2
Government and the Economy
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17.3
The Use of Fiscal Policy to Stabilize the Economy
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17.4
Issues in Fiscal Policy
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17.5
Review and Practice
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18
Public Finance and Public Choice
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18.1
Start Up: Where Your Tax Dollars Go
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18.2
The Role of Government in a Market Economy
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18.3
Financing Government
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18.4
Choices in the Public Sector
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18.5
Review and Practice
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19
Antitrust Policy and Business Regulation
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19.1
Start Up: The Plastic War
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19.2
Antitrust Laws and Their Interpretation
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19.3
Antitrust and Competitiveness in a Global Economy
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19.4
Regulation: Protecting People from the Market
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19.5
Review and Practice
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20
The Economics of the Environment
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20.1
Start Up: A Market for Carbon Emissions
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20.2
Maximizing the Net Benefits of Pollution
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20.3
Alternatives in Pollution Control
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20.4
Review and Practice
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21
Inequality, Poverty, and Discrimination
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21.1
Start Up: Poverty in the United States
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21.2
Income Inequality
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21.3
The Economics of Poverty
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21.4
The Economics of Discrimination
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21.5
Review and Practice
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A
Appendix A: Graphs in Economics
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A.1
How to Construct and Interpret Graphs
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A.2
Nonlinear Relationships and Graphs without Numbers
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A.3
Using Graphs and Charts to Show Values of Variables
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B
Appendix B: Extensions of the Aggregate Expenditures Model
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B.1
The Algebra of Equilibrium
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B.2
The Aggregate Expenditures Model and Fiscal Policy
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B.3
Review and Practice
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