Fundamentals of Economics

by Boyes, William; Melvin, Michael

• ISBN13: 9780618246854
• ISBN10: 0618246851
• Edition: 2nd
• Format: Paperback
• Copyright: 2002-08-05
• Publisher: South-Western College Pub

Summary

Fundamentals of Economicsremains the first brief survey textbook to thoroughly integrate international economic issues while retaining concise coverage of core economic models. Fundamental Questionspreview key points at the beginning of each chapter, reappear next to the relevant in-text discussion, and form the basis of chapter-ending summaries. International topics include the effects of exchange rates on individual markets, price discrimination on an international scale, multinationals, measuring national and international economies, a comparative analysis of different countries' fiscal policies, and international banking.

Table of Contents

The Price System

Economics and the World Around You

The Definition of Economics Specialization and Exchange Trade

Appendix: Working with Graphs: The Production Possibilities Curve Reading and Constructing Graphs Application: The PPC

Markets and the Market Process

Allocation Mechanisms

How Markets Function Demand Supply Equilibrium: Putting Demand and Supply Together Alternatives to Market Allocation

Applications of Demand and Supply

The Market for Fast Foods

The Labor Market

Market Intervention: Medical Care, Rent Controls, and Agricultural Price Supports

Consumers, Firms, and Social Issues

The Firm and the Consumer Revenue

How Does a Firm Learn About Its Demand?

Knowing the Customer What's to Come?

Costs and Profit Maximization Costs Maximizing Profit

The Profit-Maximizing Rule: MR=MC

Competition and Market Structures

Characteristics of the Market Structures

Firm Behavior in the Long Run

The Benefits of Competition What's to Come?

Competition, Cooperation, and the Government Price

Strategies for Independent Firms

Firm Behavior When There Are Few Rivals Government and Firms

Social Issues

The Environment Illicit Drugs Discrimination

Minimum Wages Income Inequality and Poverty

The National and Global Economies

An Overview of the National and International Economies

Households Business Firms

The International Sector Overview of the U.S. Government Linking the Sectors

Macroeconomic Measures

Measures of Output and Income

Nominal and Real Measures

Flows of Income and Expenditures

The Foreign Exchange Market

The Balance of Payments

Unemployment, Inflation, and Business Cycles

Business Cycles Unemployment Inflation

Macroeconomic Equilibrium: Aggregate Demand and Supply

Aggregate Demand, Aggregate Supply, and Business Cycles

Factors That Influence Aggregate Demand

The Aggregate Demand Curve

Aggregate Supply

Aggregate Demand and Supply Equilibrium

Fiscal Policy Fiscal Policy and Aggregate Demand

Fiscal Policy in the United States Fiscal Policy in Different Countries

Money and Banking What Is Money?

Banking Banks and the Money Supply

Macroeconomic Policy

Monetary Policy

The Federal Reserve System Implement Monetary Policy Monetary Policy and Equilibrium Income

The European Central Bank

Macroeconomic Policy, Business Cycles, and Growth

The Phillips Curve

The Role of Expectations Sources of Business Cycles

The Link Between Monetary and Fiscal Policies Economic Growth

Issues in International Trade and Finance

An Overview of World Trade International

Trade Restrictions

Exchange Rate Systems and Practices

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