Economics: Principles and Practices

by Clayton, Gary E.

• ISBN13: 9780028235561
• ISBN10: 0028235568
• Format: Hardcover
• Copyright: 1999-01-01
• Publisher: Glencoe/McGraw-Hill School Pub Co

Table of Contents

UNIT 1 FUNDAMENTAL ECONOMIC CONCEPTS	4	(74)
What Is Economics?	6	(24)
Scarcity and the Science of Economics	8	(6)
Trade-Offs and Opportunity Costs	14	(5)
Basic Economic Concepts	19	(11)
Economic Systems and Decision Making	30	(22)
Economic Systems	32	(6)
Evaluating Economic Performance	38	(5)
Capitalism and Free Enterprise	43	(9)
Business Organizations and Economic Institutions	52	(26)
Business Organizations	54	(10)
Business Growth and Expansion	64	(5)
Other Organizations and Institutions	69	(9)
UNIT 2 MICROECONOMICS	78	(100)
Demand	80	(22)
What Is Demand?	82	(4)
The Law of Demand	86	(6)
Elasticity of Demand	92	(10)
Supply	102	(24)
What Is Supply?	104	(7)
The Theory of Production	111	(6)
Supply and the Role of Cost	117	(9)
Prices and Decision Making	126	(24)
Prices as Signals	128	(6)
How Prices Are Determined	134	(6)
The Price System at Work	140	(10)
Competition, Market Structures, and the Role of Government	150	(28)
Competition and Market Structures	152	(11)
Market Failures	163	(6)
The Role of Government	169	(9)
UNIT 3 MACROECONOMICS: INSTITUTIONS	178	(166)
Employment, Labor, and Wages	180	(28)
The Labor Movement	182	(7)
Resolving Union and Management Differences	189	(5)
Labor and Wages	194	(4)
Employment Trends and Issues	198	(10)
Sources of Government Revenue	208	(28)
The Economics of Taxation	210	(6)
The Federal Tax System	216	(6)
State and Local Tax Systems	222	(6)
Current Tax Issues	228	(8)
Government Spending	236	(28)
The Economics of Government Spending	238	(5)
Federal Government Expenditures	243	(6)
State and Local Government Expenditures	249	(4)
Federal Deficits and the National Debt	253	(11)
Money and Banking	264	(28)
The Evolution of Money	266	(6)
Early Banking and Monetary Standards	272	(7)
The Development of Modern Banking	279	(5)
Crisis, Reform, and Evolution in the 1980s	284	(8)
The Federal Reserve System and Monetary Policy	292	(26)
The Federal Reserve System	294	(8)
Monetary Policy	302	(7)
Monetary Policy, Banking, and the Economy	309	(9)
Financial Investments, Markets, and Equities	318	(26)
Savings and the Financial System	320	(5)
Investing in Financial Assets	325	(9)
Investing in Equities, Futures, and Options	334	(10)
UNIT 4 MACROECONOMICS: POLICIES	344	(100)
Gross Domestic Product	346	(22)
Measuring the Nation's Output	348	(6)
Measuring the Nation's Income	354	(7)
GDP and Changes in the Price Level	361	(7)
Population, Economic Growth, and Business Cycles	368	(24)
Population	370	(6)
Economic Growth	376	(7)
Business Cycles and Fluctuations	383	(9)
Unemployment, Inflation, and Poverty	392	(24)
Unemployment	394	(5)
Inflation	399	(6)
Poverty and the Distribution of Income	405	(11)
Achieving Economic Stability	416	(28)
The Cost of Economic Instability	418	(4)
Macroeconomic Equilibrium	422	(5)
Stabilization Policies	427	(9)
Economics and Politics	436	(8)
UNIT 5 INTERNATIONAL AND GLOBAL ECONOMICS	444	(96)
International Trade	446	(24)
Absolute and Comparative Advantage	448	(5)
Barriers to International Trade	453	(8)
Financing and Trade Deficits	461	(9)
Comparative Economic Systems	470	(26)
The Spectrum of Economic Systems	472	(5)
The Rise and Fall of Communism	477	(6)
The Transition to Capitalism	483	(5)
The Various Faces of Capitalism	488	(8)
Developing Countries	496	(22)
Economic Development	498	(6)
A Framework for Development	504	(5)
Financing Economic Development	509	(9)
Global Economic Challenges	518	(22)
The Global Demand for Resources	520	(7)
Economic Incentives and Resources	527	(5)
Applying the Economic Way of Thinking	532	(8)
Appendix	540	(67)
World Map	542	(2)
United States Map	544	(2)
Life Skills	546	(10)
Glossary	556	(14)
Spanish Handbook	570	(37)
Spanish Glossary	570	(16)
Spanish Chapter Digests	586	(21)
Index	607	(19)
Acknowledgments	626