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Economics
Author
Publisher
Barron's
Publication Date
Varies, see individual formats and editions
Language
English
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Table of Contents
From the Book - 4th ed.
Essentials of economics
1. What is economics all about?
What is economics about?
The basis for economics
Scarcity
Opportunity cost
Marginal analysis
Know the concepts
Practical application
Answers
2. How to use graphs in economics
Reading graphs
How two variables are related
Plotting graphs
measuring the slope
Know the concepts
Practical application
Answers
3. Supply and demand : part one
How to study supply and demand
Price
Demand and the law of demand
The demand curve
Supply and the law of supply
The supply curve
Market equilibrium
Studying demand and supply curves
price floors
Price ceilings
Effects of price ceilings and floors
On the nature of the price system
Know the concepts
Practical application
Answers
4. Supply and demand : part two
The difference between economic shifts and movements
Factors shifting demand
Factors shifting supply
How to avoid mistakes in analyzing supply and demand
Know the concepts
Practical application
Answers
Macroeconomics : aggregate supply and demand
5. Measuring national output
Introduction
Basic premises
The circular flow of income
Measuring GDP
GDP and national welfare
National income accounting formulas
Applying the national income premises
Know the concepts
Practical application
Answers
6. Inflation and unemployment
Measuring inflation
The three main price indexes
Problems with price indexes
The meaning of inflation
How inflation affects real income
The economic costs of inflation
Measuring unemployment
The effect of recession
The types and costs of unemployment
Know the concepts
Practical application
Answers
7. Introduction to macroeconomics : output, growth, and capital
What is macroeconomics?
Recessions
Why recessions occur
Full-employment output
The level of current output
Growth accounting
Creation of capital
Capital markets
Will savings be invested?
Know the concepts
Practical application
Answers
8. Aggregate demand and supply : the key to macroeconomics
Aggregate demand and supply
Aggregate demand
Aggregate supply (short run)
The effects of shifts in aggregate demand and supply
Aggregate supply (long run)
How to apply aggregate demand and supply
Know the concepts
Practical application
Answers
9. Aggregate demand in the private sector : the Keynesian model
The basic Keynesian model
Consumption function
Investment function
Equilibrium in aggregate demand - Applying the Keynesian model
Shifts in investment
Determinants of consumption
Determinants of investment
Factors shifting the total spending curve
Plotting aggregate demand
The Keynesian model
Know the concepts
Practical application
Answers
10. Aggregate supply and getting to full employment
Constructing the aggregate supply curve to get to full employment
Long-run equilibrium
From recession to full employment
From too little unemployment to full employment
The effects of employment on the spending multiplier
The natural rate of unemployment
Know the concepts
Practical application
Answers
Macroeconomics : fiscal and monetary policy
11. Fiscal policy : government spending and taxation
What fiscal policy is
The effect of spending
The effect of taxation
The overall effects of spending and taxation
Limits of an active fiscal policy
The effect on aggregate supply and demand
Deficits : do they matter?
Know the concepts
Practical application
Answers
12. The supply of money
What is money?
How money is measured
The Federal Reserve
Balance sheets and banks : federal and commercial
How the Fed controls the money supply - Taylor's rule : what does the Federal Reserve do?
Know the concepts
Practical application
Answers
13. Money and aggregate demand
Money demand
The quantity theory of money
The long-run neutrality of money
How to predict inflation
The German hyperinflation
The short-run effects of money : the monetarist model
Keynesian model of the short-run effects of money
The long-run effects of money supply on interest rates
The spending multiplier and fiscal policy
Bonds : interest rates and prices
The differences between Keynesian and monetarist views
Know the concepts
Practical application
Answers
14. Inflation and unemployment
What causes the short-run aggregate supply curve (AS) to shift?
The relationship between the AS curve and the Phillips curve
How shifts affect the AS curve and the Phillips curve
Visualizing the business cycle
Inflation and the Phillips curve
The business cycle
Can economic recovery be made faster?
Can inflation (at full employment) be reduced?
Does the Phillips curve tell the real story?
Know the concepts
Practical application
Answers
15. Rational expectations and other models of the business cycle
Rational-expectations macroeconomics
Assumptions
Results
Rational-expectations model
An example of a rational-expectations model
Criticisms of rational expectations
Rational expectations, random walk, and the stock market
Real business cycle theory
Neo-Keynesian macroeconomics
Where does business cycle theory stand today?
Know the concepts
Practical application
Answers
16. Open-market macroeconomics
Introduction
The key to understanding world trade
The exchange rate
The demand and supply of the dollar
The market for assets
Factors affecting the exchange rate
Other equations
Runs on currencies and capital flight
Fiscal and monetary policy in an open economy
Know the concepts
Practical application
Answers
Microeconomics : consumer and cost
17. Elasticity
The price elasticity of demand
Measuring the price elasticity of demand
Elasticity and total revenue
Factors affecting elasticity
Pertaining to demand
Pertaining to supply
Interactions of demand and supply
Know the concepts
Practical application
Answers
18. The theory of demand
Market and individual demand
The law of diminishing marginal utility
The law of equal marginal utility per dollar
Deriving the law of demand from the law of equal marginal utility per dollar
Income effects and substitution effects
Consumer surplus
Applications for business : principle of equal marginal benefit per unit
Know the concepts
Practical application
Answers
19. Cost and output
Short- and long-run costs
Short-run costs
Long-run costs
Profits and costs
Know the concepts
Practical application
Answers
Microeconomics : competition and monopoly
20. Competitive supply
Rules of basic decision making
Concerning costs
Concerning output
How competitive firms make decisions concerning costs and output
Rules of supply
The construction of the industry's short-run supply curve
Effects of costs on supply
Competition bids price down to cost
Short and long runs
Auction theory
Know the concepts
Practical application
Answers
21. Assymmetric information
Adverse selection
The market for lemons
Market signaling
Moral hazard
Principal-agent problems
Know the concepts
Practical application
Answers
22. Monopolies
Why do monopolies exist?
Basic elements
Marginal revenue
The output decision
Fallacies and facts
Price discrimination
Taxes and monopolies
Know the concepts
Practical application
Answers
23. Between monopoly and competition
Perfectly contestable markets
Monopolistic competition
Oligopoly
Special models of oligopolies
Game theory and oligopoly
Forces that promote competition
Know the concepts
Practical application
Answers
24. Game theory
Cooperation
Noncooperation
Nash equilibrium
Sequential games
Coordination games
Games and pay
Keynesian games
Evolutionary games
Know the concepts
Practical application
Answers
25. Efficiency and regulation
The competitive process
The efficiency of competitive markets
The social loss from monopoly
Regulating monopoly
Vertical integration
Vertical integration and antitrust
Is monopoly bad?
When won't a competitive economy be efficient?
Know the concepts
Practical application
Answers
Microeconomics : what people earn
26. Factor demand and productivity
How to measure productivity and profits
Determining marginal benefit by marginal revenue product
Determining marginal cost by marginal factor cost
The four cases combined
Efficiency
Income allocation
Know the concepts
Practical application
Answers
27. Wages, labor markets, and unions
Workers and jobs
Model 1 : Workers alike, jobs alike
Model 2 : Workers alike, jobs different
Other models of differences in wages
Discrimination
Unions
Unions in price-taking firms
Unions and efficiency
Unions and monopsonistic employers
The minimum wage
Know the concepts
Practical application
Answers
28. Rent, interest, and profits
Economic rent
Interest
Making investment decisions
Value of an asset
Economic profits
Know the concepts
Practical application
Answers
Microeconomics : government and the economy
29. Public choice and externalities
Social optimality and free markets
Solutions to market failures caused by externalities
Public goods
An application : pollution control
Public choice
Dealing with special interests
Know the concepts
Practical application
Answers
30. Government spending and taxation
Cost-benefit analysis of government spending
The economics of transfer payments
Taxation
Equity in taxes
Taxes and efficiency
Major distortions in our current tax codes
Some special taxes
Comparing taxes
Tax incidence and tax shifting
Know the concepts
Practical application
Answers
International trade
31. International trade
When will a nation benefit from trade?
What goods should a nation trade?
The law of comparative advantage
Graphical analysis of comparative advantage
The effect of tariffs and quotas
Trade and unemployment
Arguments for tariffs
Factor price equalization
Know the concepts
Practical application
Answers
Appendix
Web sites for economics
Indifference curve analysis
Glossary
List of abbreviations
Elements of accounting
The balance sheet
The income statement
How to overstate profit
Sources of economic data
Business cycle indicators
Review and additional material
The geometry of profit-maximizing
The algebra of income determination in the Keynesian model
Summary of macroeconomic models
Index.
Excerpt
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Author Notes
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More Details
ISBN
9780764134197
9780812013924
9780812013924
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