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Economics,9780764134197

Economics

by
Edition:
4th
ISBN13:

9780764134197

ISBN10:
0764134191
Format:
Paperback
Pub. Date:
7/1/2006
Publisher(s):
Barrons Educational Series Inc
List Price: $18.99

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What version or edition is this?
This is the 4th edition with a publication date of 7/1/2006.
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  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.

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Summary

Books in this series are intended mainly for classroom use. They makexcellent supplements to main texts when included in college-level businessourses. In adult education and business brush-up programs, they can serve asain textbooks. All titles in this series include review questions withnswers. This expanded, updated text explains plotting and understandingconomic graphs, market equilibrium and the nature of the price system,acroeconomics, microeconomics, and the dynamics of international trade.

Table of Contents

Preface xiii
ESSENTIALS OF ECONOMICS
What is Economics All About?
1(19)
What Is Economics About?
2(1)
The Basis for Economics
2(11)
Scarcity
3(1)
Opportunity Cost
3(7)
Marginal Analysis
10(3)
Know the Concepts
13(1)
Practical Application
14(2)
Answers
16(4)
How to Use Graphs in Economics
20(12)
Reading Graphs
20(2)
How Two Variables Are Related
21(1)
Plotting Graphs
22(3)
Measuring the Slope
23(2)
Know the Concepts
25(1)
Practical Application
25(2)
Answers
27(5)
Supply and Demand: Part One
32(20)
How to Study Supply and Demand
32(2)
Price
33(1)
Demand and the Law of Demand
34(3)
The Demand Curve
35(2)
Supply and the Law of Supply
37(2)
The Supply Curve
38(1)
Market Equilibrium
39(7)
Studying Demand and Supply Curves
41(2)
Price Floors
43(1)
Price Ceilings
44(1)
Effects of Price Ceilings and Floors
45(1)
On the Nature of the Price System
46(1)
Know the Concepts
47(1)
Practical Application
47(2)
Answers
49(3)
Supply and Demand: Part Two
52(16)
The Difference Between Economic Shifts and Movements
52(8)
Factors Shifting Demand
53(4)
Factors Shifting Supply
57(3)
How to Avoid Mistakes in Analyzing Supply and Demand
60(1)
Know the Concepts
61(1)
Practical Application
62(3)
Answers
65(3)
MACROECONOMICS: AGGREGATE SUPPLY AND DEMAND
Measuring National Output
68(16)
Introduction
68(1)
Basic Premises
69(1)
The Circular Flow of Income
70(5)
Measuring GDP
71(4)
GDP and National Welfare
75(1)
National Income Accounting Formulas
75(1)
Applying the National Income Premises
76(3)
Know the Concepts
79(1)
Practical Application
79(2)
Answers
81(3)
Inflation and Unemployment
84(16)
Measuring Inflation
84(3)
The Three Main Price Indexes
86(1)
Problems with Price Indexes
86(1)
The Meaning of Inflation
87(4)
How Inflation Affects Real Income
87(2)
The Economic Costs of Inflation
89(2)
Measuring Unemployment
91(3)
The Effect of Recession
92(1)
The Types and Costs of Unemployment
92(2)
Know the Concepts
94(1)
Practical Application
95(2)
Answers
97(3)
Introduction to Macroeconomics: Output, Growth, and Capital
100(21)
What Is Macroeconomics?
101(2)
Recessions
101(1)
Why Recessions Occur
102(1)
Full-Employment Output
103(5)
The Level of Current Output
104(2)
Growth Accounting
106(2)
Creation of Capital
108(7)
Capital Markets
109(4)
Will Savings Be Invested?
113(2)
Know the Concepts
115(1)
Practical Application
115(2)
Answers
117(4)
Aggregate Demand and Supply: The Key to Macroeconomics
121(17)
Aggregate Demand and Supply
122(10)
Aggregate Demand
123(2)
Aggregate Supply (Short Run)
125(2)
The Effects of Shifts in Aggregate Demand and Supply
127(3)
Aggregate Supply (Long Run)
130(2)
How to Apply Aggregate Demand and Supply
132(1)
Know the Concepts
133(1)
Practical Application
133(2)
Answers
135(3)
Aggregate Demand in the Private Sector: The Keynesian Model
138(21)
The Basic Keynesian Model
139(7)
Consumption Function
139(3)
Investment Function
142(1)
Equilibrium in Aggregate Demand
143(3)
Applying the Keynesian Model
146(5)
Shifts in Investment
146(3)
Determinants of Consumption
149(1)
Determinants of Investment
150(1)
Factors Shifting the Total Spending Curve
151(1)
Plotting Aggregate Demand
151(1)
The Keynesian Model
152(1)
Know the Concepts
153(1)
Practical Application
154(2)
Answers
156(3)
Aggregate Supply and Getting to Full Employment
159(19)
Constructing the Aggregate Supply Curve to Get to Full Employment
160(6)
Long-Run Equilibrium
160(2)
From Recession to Full Employment
162(3)
From Too Little Unemployment to Full Employment
165(1)
The Effects of Employment on the Spending Multiplier
166(4)
The Natural Rate of Unemployment
167(3)
Know the Concepts
170(1)
Practical Application
171(3)
Answers
174(4)
MACROECONOMICS: FISCAL AND MONETARY POLICY
Fiscal Policy: Government Spending and Taxation
178(14)
What Fiscal Policy Is
179(5)
The Effect of Spending
179(2)
The Effect of Taxation
181(3)
The Overall Effects of Spending and Taxation
184(1)
Limits of an Active Fiscal Policy
184(4)
The Effect on Aggregate Supply and Demand
185(1)
Deficits: Do They Matter?
185(3)
Know the Concepts
188(1)
Practical Application
188(2)
Answers
190(2)
The Supply of Money
192(17)
What Is Money?
192(7)
How Money Is Measured
193(1)
The Federal Reserve
194(1)
Balance Sheets and Banks: Federal and Commercial
195(1)
How Money Is Created
196(3)
How the Fed Controls the Money Supply
199(2)
Taylor's Rule: What Does the Federal Reserve Do?
201(2)
Know the Concepts
203(1)
Practical Application
204(2)
Answers
206(3)
Money and Aggregate Demand
209(24)
Money Demand
209(1)
The Quantity Theory of Money
210(6)
The Long-Run Neutrality of Money
212(3)
How to Predict Inflation
215(1)
The German Hyperinflation
216(1)
The Short-Run Effects of Money: The Monetarist Model
216(2)
Keynesian Model of the Short-Run Effects of Money
218(4)
The Long-Run Effects of Money Supply on Interest Rates
221(1)
The Spending Multiplier and Fiscal Policy
222(1)
Bonds: Interest Rates and Prices
222(2)
The Differences Between Keynesian and Monetarist Views
224(2)
Know the Concepts
226(1)
Practical Application
227(2)
Answers
229(4)
Inflation and Unemployment
233(21)
What Causes the Short-Run Aggregate Supply Curve (AS) to Shift?
233(2)
The Relationship Between the AS Curve and the Phillips Curve
235(9)
How Shifts Affect the AS Curve and the Phillips Curve
237(1)
Visualizing the Business Cycle
238(3)
Inflation and the Phillips Curve
241(3)
The Business Cycle
244(4)
Can Economic Recovery Be Made Faster?
244(1)
Can Inflation (at Full Employment) Be Reduced?
245(1)
Does the Phillips Curve Tell the Real Story?
246(2)
Know the Concepts
248(1)
Practical Application
248(3)
Answers
251(3)
Rational Expectations and Other Models of the Business Cycle
254(24)
Rational-Expectations Macroeconomics
255(6)
Assumptions
256(2)
Results
258(3)
Rational-Expectations Model
261(4)
An Example of a Rational-Expectations Model
262(2)
Criticisms of Rational Expectations
264(1)
Rational Expectations, Random Walk, and the Stock Market
265(1)
Real Business Cycle Theory
266(1)
Neo-Keynesian Macroeconomics
267(3)
Where Does Business Cycle Theory Stand Today?
270(1)
Know the Concepts
271(1)
Practical Application
272(2)
Answers
274(4)
Open-Market Macroeconomics
278(27)
Introduction
278(2)
The Key to Understanding World Trade
279(1)
The Exchange Rate
280(15)
The Demand and Supply of the Dollar
282(3)
The Market for Assets
285(5)
Factors Affecting the Exchange Rate
290(3)
Other Equations
293(2)
Fixed Exchange Rates
295(3)
Runs on Currencies and Capital Flight
297(1)
Fiscal and Monetary Policy in an Open Economy
298(1)
Know the Concepts
299(1)
Practical Application
300(2)
Answers
302(3)
MICROECONOMICS: CONSUMER AND COST
Elasticity
305(19)
The Price Elasticity of Demand
305(8)
Measuring the Price Elasticity of Demand
308(2)
Elasticity and Total Revenue
310(3)
Factors Affecting Elasticity
313(5)
Pertaining to Demand
313(3)
Pertaining to Supply
316(2)
Interactions of Demand and Supply
318(1)
Know the Concepts
319(1)
Practical Application
320(1)
Answers
321(3)
The Theory of Demand
324(15)
Market and Individual Demand
324(1)
The Law of Diminishing Marginal Utility
325(1)
The Law of Equal Marginal Utility per Dollar
326(3)
Deriving the Law of Demand from the Law of Equal Marginal Utility per Dollar
328(1)
Income Effects and Substitution Effects
329(2)
Consumer Surplus
331(2)
Applications for Business: Principle of Equal Marginal Benefit per Unit
333(1)
Know the Concepts
334(1)
Practical Application
335(1)
Answers
336(3)
Cost and Output
339(17)
Short-and Long-Run Costs
339(10)
Short-Run Costs
339(7)
Long-Run Costs
346(3)
Profits and Costs
349(1)
Know the Concepts
350(1)
Practical Application
351(2)
Answers
353(3)
MICROECONOMICS: COMPETITION AND MONOPOLY
Competitive Supply
356(25)
Rules of Basic Decision Making
356(4)
Concerning Costs
356(1)
Concerning Output
357(3)
How Competitive Firms Make Decisions Concerning Costs and Output
360(12)
Rules of Supply
362(3)
The Construction of the Industry's Short-Run Supply Curve
365(5)
Effects of Costs on Supply
370(2)
Competition Bids Price Down to Cost
372(1)
Short and Long Runs
372(1)
Auction Theory
373(1)
Know the Concepts
374(1)
Practical Application
375(2)
Answers
377(4)
Assymmetric Information
381(23)
Adverse Selection
383(3)
The Market for Lemons
386(4)
Market Signaling
387(3)
Moral Hazard
390(2)
Principal-Agent Problems
392(3)
Know the Concepts
395(1)
Practical Application
396(3)
Answers
399(5)
Monopolies
404(17)
Why Do Monopolies Exist?
404(1)
Basic Elements
405(9)
Marginal Revenue
405(3)
The Output Decision
408(1)
Fallacies and Facts
409(2)
Price Discrimination
411(3)
Taxes and Monopolies
414(1)
Know the Concepts
415(1)
Practical Application
416(2)
Answers
418(3)
Between Monopoly and Competition
421(19)
Perfectly Contestable Markets
422(1)
Monopolistic Competition
423(3)
Oligopoly
426(7)
Special Models of Oligopolies
428(4)
Game Theory and Oligopoly
432(1)
Forces That Promote Competition
433(1)
Know the Concepts
434(1)
Practical Application
435(3)
Answers
438(2)
Game Theory
440(20)
Cooperation
440(1)
Noncooperation
441(7)
Nash Equilibrium
443(2)
Sequential Games
445(1)
Coordination Games
446(2)
Games and Pay
448(1)
Keynesian Games
448(2)
Evolutionary Games
450(2)
Know the Concepts
452(1)
Practical Application
452(3)
Answers
455(5)
Efficiency and Regulation
460(18)
The Competitive Process
460(1)
The Efficiency of Competitive Markets
461(2)
The Social Loss from Monopoly
463(8)
Regulating Monopoly
465(4)
Vertical Integration
469(1)
Vertical Integration and Antitrust
469(2)
Is Monopoly Bad?
471(1)
When Won't a Competitive Economy Be Efficient?
472(1)
Know the Concepts
473(1)
Practical Application
473(2)
Answers
475(3)
MICROECONOMICS: WHAT PEOPLE EARN
Factor Demand and Productivity
478(20)
How to Measure Productivity and Profits
479(10)
Determining Marginal Benefit by Marginal Revenue Product
480(5)
Determining Marginal Cost by Marginal Factor Cost
485(2)
The Four Cases Combined
487(2)
Efficiency
489(2)
Income Allocation
491(1)
Know the Concepts
491(1)
Practical Application
492(2)
Answers
494(4)
Wages, Labor Markets, and Unions
498(20)
Workers and Jobs
498(8)
Model 1: Workers Alike, Jobs Alike
498(5)
Model 2: Workers Alike, Jobs Different
503(1)
Other Models of Differences in Wages
504(2)
Discrimination
506(1)
Unions
507(5)
Unions in Price-Taking Firms
507(2)
Unions and Efficiency
509(1)
Unions and Monopsonistic Employers
510(2)
The Minimum Wage
512(1)
Know the Concepts
513(1)
Practical Application
513(2)
Answers
515(3)
Rent, Interest, and Profits
518(14)
Economic Rent
519(2)
Interest
521(5)
Making Investment Decisions
524(1)
Value of an Asset
525(1)
Economic Profits
526(1)
Know the Concepts
527(1)
Practical Application
528(1)
Answers
529(3)
MICROECONOMICS: GOVERNMENT AND THE ECONOMY
Public Choice and Externalities
532(19)
Social Optimality and Free Markets
532(4)
Solutions to Market Failures Caused by Externalities
533(3)
Public Goods
536(4)
An Application: Pollution Control
538(2)
Public Choice
540(4)
Dealing with Special Interests
541(3)
Know the Concepts
544(1)
Practical Application
544(3)
Answers
547(4)
Government Spending and Taxation
551(18)
Cost-Benefit Analysis of Government Spending
552(1)
The Economics of Transfer Payments
552(1)
Taxation
553(9)
Equity in Taxes
555(1)
Taxes and Efficiency
555(3)
Major Distortions in Our Current Tax Codes
558(2)
Some Special Taxes
560(1)
Comparing Taxes
560(1)
Tax Incidence and Tax Shifting
561(1)
Know the Concepts
562(1)
Practical Application
563(2)
Answers
565(4)
INTERNATIONAL TRADE
International Trade
569(58)
When Will a Nation Benefit from Trade?
570(1)
What Goods Should a Nation Trade?
571(1)
The Law of Comparative Advantage
572(5)
Graphical Analysis of Comparative Advantage
574(3)
The Effect of Tariffs and Quotas
577(2)
Trade and Unemployment
579(1)
Arguments for Tariffs
579(2)
Factor Price Equalization
581(1)
Know the Concepts
582(1)
Practical Application
582(3)
Answers
585(4)
APPENDIX
Web Sites for Economics
589(1)
Indifference Curve Analysis
590(25)
Glossary
599(15)
List of Abbreviations
614(1)
Elements of Accounting
615(1)
The Balance Sheet
615(1)
The Income Statement
615(1)
How to Overstate Profit
616(4)
Sources of Economic Data
617(1)
Business Cycle Indicators
618(2)
Review and Additional Material
620(1)
The Geometry of Profit-Maximizing
620(2)
The Algebra of Income Determination in the Keynesian Model
622(2)
Summary of Macroeconomic Models
624(3)
Index 627


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