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9780028227115

Applying Economic Principles

by ;
  • ISBN13:

    9780028227115

  • ISBN10:

    0028227115

  • Format: Hardcover
  • Copyright: 1994-01-01
  • Publisher: Glencoe/McGraw-Hill School Pub Co

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Table of Contents

To The Student xxx
PART 1 Understanding the Fundamentals of Economics 3(58)
Life Is Economics
5(28)
Unlimited Wants and Limited Resources
8(3)
Personal Narrative: I Don't Have Enough
8(1)
Unlimited Wants and Limited Resources
9(1)
Consumers Must Choose
9(1)
Businesses Must Choose
9(1)
The Government Must Choose
9(2)
Everyone Pays Opportunity Costs
11(3)
Personal Narrative: If I Buy You a Pizza, I Can't Put Gas in My Car
11(1)
Opportunity Costs
11(1)
Businesses Pay Opportunity Costs
12(1)
Governments Pay Opportunity Costs
13(1)
Everyone Makes Trade-Offs
13(1)
From Resources to Products
14(3)
Personal Narrative: I Built a Dog House
14(1)
From Resources to Products
14(1)
The Four Factors of Production
15(2)
How Economists Use Models
17(3)
Personal Narrative: How Do You Talk to Someone You Don't Know?
17(1)
Using Models
17(1)
Models Are Based on Assumptions
18(1)
Models Can Be Revised
19(1)
Economic Predictions Affect US All
19(1)
Making Rational Choices
20(4)
Personal Narrative: My Mother Wants Me to be a Doctor
20(1)
Making Rational Choices
20(1)
Positive Statements
21(1)
Normative Statements
21(1)
Social Values and Choices
22(1)
Putting Rational Choices to a Test
22(2)
Using the Production Possibilities Frontier
24(9)
Personal Narrative: Should I Grow More Cucumbers or More Tomatoes?
24(1)
The Production Possibilities Frontier
25(2)
Current Consumer Issues: Should High School Graduates Come With a Guarantee?
27(1)
Review
28(3)
Developing Your Economic Skills: Constructing a Line Graph
31(2)
Economic Systems: Who Made the Rules?
33(28)
How Economic Systems Developed
35(5)
Personal Narrative: From Yesterday to Tomorrow
35(1)
The Division of Labor
36(1)
Specialization Increases Productivity
36(1)
Wealth Permits Investment
37(1)
Examples of Increased Productivity
37(3)
The Basic Questions: What, How, and For Whom?
40(4)
Personal Narrative: Should We Sell Yogurt in the School Store?
40(1)
Answering the Basic Economic Questions
41(1)
What?
41(1)
How?
41(1)
For Whom?
41(3)
The Role of Profits in the Economy
44(3)
Personal Narrative: If I Make It Big, I Can Retire When I'm 30
44(1)
Profits Allocate Resources
44(1)
Profits Are an Incentive
44(1)
Profits Allocate Resources
45(2)
Economic Decisions in Other Systems
47(14)
Personal Narrative: A Visit Home
47(1)
Other Ways to Decide What, How, and For Whom
48(1)
Capitalism Compared to Command Economies
48(1)
Decisions in a Command Economy
49(2)
Current Economic Issues: Achieving the American Dream
51(1)
Review
52(3)
Developing Your Economic Skills: Interpreting a Table
55(1)
Review
56(1)
Summary of Major Economic Concepts
56(1)
Understanding Economic Concepts
56(1)
Writing About Economics
57(1)
Discussing Economics
57(1)
Problem-Solving in Economics
58(3)
PART 2 Understanding How Individuals and Businesses Make Economic Decisions 61(152)
Demand and Supply
63(30)
The Elements of an Economic System
64(5)
Personal Narrative: My Father Was a Farmer
64(1)
The Circular Flow Model
65(3)
Profile
68(1)
Adam Smith
The Law of Demand
69(4)
Personal Narrative: He Used to Say, ``Everyone's Got to Eat''
69(1)
Demand
69(1)
Demand Schedule
70(1)
Demand Curve
70(1)
Changes in Demand
71(2)
The Law of Supply
73(4)
Personal Narrative: Many Other People Thought the Same
Supply
73(1)
Supply Schedule
74(1)
Supply Curve
75(1)
Changes in Supply
75(2)
Surpluses, Shortages, and Equilibrium
77(4)
Personal Narrative: Some Years Were Good, and Some Years Were Bad
77(1)
Determining Equilibrium
78(3)
Elasticity
81(12)
Personal Narrative: Every Time We Grew More Food, the Price Went Down
81(1)
Elasticity of Demand
81(6)
Current Consumer Issues: What Value Is There In Designer Clothing?
87(1)
Review
88(3)
Developing Your Economic Skills: Using a Demand and Supply Graph
91(2)
The Consumer and the Economy: Getting What You Pay For
93(22)
How We Make Spending Decisions
94(4)
Personal Narrative: What Should I Do with My Pay?
94(1)
Diminishing Marginal Utility
94(4)
Consumer Sovereignty
98(4)
Personal Narrative: Baggy Pants Are Out This Year
98(1)
Consumer Sovereignty
98(2)
The Invisible Hand
100(2)
Individual Freedom and Consumer Protection
102(4)
Personal Narrative: My Uncle Smokes a Pack a Day
102(1)
Why Consumer Protection?
103(1)
What Are the Trade-Offs?
104(2)
Advertising and Consumer Demand
106(9)
Personal Narrative: The Man on TV Said I Should Buy It
106(1)
Increasing Demand
107(2)
Current Consumer Issues: How Should We Regulate Cigarette Advertising?
109(1)
Review
110(2)
Developing Your Economic Skills: Using Line Graphs to Compare Data
112(3)
Business and the Economy
115(26)
Forms of Business Organization
116(6)
Personal Narrative: I Want to Be the Boss: How Should I Begin?
116(1)
Forms of Business Organization
117(1)
Single Proprietorship
117(2)
Partnership
119(1)
Corporation
119(3)
The Costs of Production
122(3)
Personal Narrative: How Much Does It Cost to Run a Business?
122(1)
Costs
122(1)
Fixed Costs
123(1)
Variable Costs
123(1)
Controlling Costs
123(2)
Reducing Average Fixed Costs
125(4)
Personal Narrative: I Could Earn A Bigger Profit if I Sold Popcorn Too
125(1)
Reducing Average Fixed Costs
125(4)
Rent, Interest, and How Businesses Obtain Money
129(12)
Personal Narrative: If I Borrow $50,00 I Can Open Up Another Store
129(1)
Obtaining Resources
130(1)
Loans
130(2)
Bonds
132(1)
Stock
132(2)
Current Economic Issues: The Fixed Cost of Medical Equipment
134(1)
Review
135(3)
Developing Your Economic Skills: Using Tables to Help Make Decisions
138(3)
Perfect and Imperfect Competition
141(32)
Perfect Competition
143(4)
Personal Narrative: One in a Million
143(1)
Perfect Competition
143(1)
Diversification
144(1)
The Market as a Regulator
144(3)
Monopolies
147(6)
Personal Narrative: One of a Kind
147(1)
Imperfect Competition
147(5)
Profile
152(1)
Joan Robinson
Combinations and Big Business
153(5)
Personal Narrative: A Discount Store Opened Up in Town and I May Lose My Business
153(1)
Small Business---Big Business
154(1)
The Emergence of a Monopoly
155(1)
A Horizontal Combination
156(1)
A Vertical Combination
156(2)
Advantages and Disadvantages of Big Business
158(4)
Personal Narrative: A Discount Store Opened Up in Town and I Can Buy For Less
158(1)
Economies and Diseconomies of Scale
158(2)
Costs and Benefits from a Monopoly
160(2)
The Government's Role in Competition
162(11)
Personal Narrative: I Can't Understand My Phone Bill
162(1)
Workable Competition and Antitrust Policy
163(3)
Where Is Antitrust Policy Today?
166(1)
Current Consumer Issues: Should Newspapers Be Allowed to Merge?
167(1)
Review
168(3)
Developing Your Economic Skills: Using a Table to Compare Prices
171(2)
Labor and the Economy: ``I Built a Railroad,...''
173(40)
How Wages Are Set
175(7)
Personal Narrative: Sure I'd Like a Job, But How Much Will It Pay?
175(1)
The Circular Flow Revisited
176(1)
Diminishing Returns
177(1)
Demand for Workers
177(1)
Supply of Workers
178(1)
Equilibrium for Wages
179(3)
Labor Unions in the Economy
182(6)
Personal Narrative: I Want a Living Wage
182(1)
What Are Labor Unions?
182(1)
Types of Unions
183(2)
Labor Legislation
185(1)
Union Membership
186(2)
Labor-Management Relations
188(5)
Personal Narrative: Daddy's out on Strike
188(1)
Resolving Conflict
189(1)
Collective Bargaining
190(1)
The Government's Role
191(2)
Minimum Wages and Employment
193(20)
Personal Narrative: I've Got Some Good News and Some Bad News
193(1)
The Impact of Minimum Wages
193(4)
Current Consumer Issues: What Should You Look For in a Job?
197(1)
Review
198(4)
Developing Your Economic Skills: Using Line Graphs to Compare Trends
202(2)
Review
204(1)
Summary of Major Economic Concepts
204(1)
Understanding Economic Concepts
205(1)
Writing About Economics
206(1)
Discussing Economics
207(1)
Problem-Solving with Economics
208(5)
PART 3 Understanding the Economy as a Whole 213(152)
Measuring the Economy: Made in America
215(20)
What Is the Gross Domestic Product?
216(5)
Personal Narrative: More Is Better, Isn't It?
216(1)
How to Compute the Gross Domestic Product
216(1)
The Expenditure Approach
217(1)
The Income Approach
218(1)
The Production Approach
218(1)
Problems in Computing GDP
218(1)
The Underground Economy
219(2)
What GDP Really Means
221(4)
Personal Narrative: If We're So Rich, Why Aren't We Happy?
221(1)
Cutting GDP Down to Size
222(1)
Adjustments to the GDP
222(1)
GDP and the Quality of Life
222(3)
Life Within the Business Cycle
225(10)
Personal Narrative: I've Got a Job!
225(1)
Phases of the Business Cycle
225(1)
Forecasting
226(3)
Current Economic Issues: What Should Be Done About the Underground Economy?
229(1)
Review
230(3)
Developing Your Economic Skills: Using Dollar Values and Percentage Values in Graphs
233(2)
Government's Role in the Economy
235(30)
Public Goods and Services
237(6)
Personal Narrative: I Took a Bus to School This Morning
237(1)
The Need for Public Goods and Services
238(1)
Characteristics of Public and Private Goods
239(1)
Correcting for Externalities
239(2)
Redistribution of Income
241(2)
Taxes and the Economy
243(5)
Personal Narrative: I Got My First Paycheck Today
243(1)
Principles of Taxation
243(2)
The Burden of Taxation
245(1)
Federal, State, and Local Taxes
245(1)
Federal Taxes
245(2)
State and Local Revenues
247(1)
Government Spending
248(5)
Personal Narrative: They Closed the City Swimming Pools
248(1)
Public Decision Making
248(1)
There Go My Consumer Dollars
249(1)
Redistribution of Income
249(1)
Writing the Budget
250(3)
The Problem of the National Debt
253(12)
Personal Narrative: My Neighbor Didn't Pay His Bills
253(1)
The Government's Debt
254(1)
Is the National Debt Bad?
255(4)
Current Consumer Issues: When Should Consumers Borrow?
259(1)
Review
260(3)
Developing Your Economic Skills: Using a Percent-of-Total Graph
263(2)
Inflation, Unemployment, and the Distribution of Income
265(24)
The Costs of Unemployment
267(4)
Unemployment, What Kind?
268(3)
Life with Inflation
271(6)
Personal Narrative: When I Was Your Age, I Earned a Dollar Forty an Hour
271(1)
What Is Inflation?
272(1)
Types of Inflation
272(2)
Who Wins? Who Loses?
274(3)
The Distribution of Wealth and Income
277(12)
Personal Narrative: I'd Like to Try Being Rich
277(1)
What Is Poverty?
278(1)
Income and Wealth
278(1)
Income Distribution
279(4)
Current Economic Issues: Should Welfare Recipients Be Required to Train for Work?
283(1)
Review
284(3)
Developing Your Economic Skills: Constructing an Index
287(2)
Money and the Economy
289(30)
What Money Is and Where It Came From
291(6)
Personal Narrative: I Don't Know Much About Money, But I'd Like Some On-the-Job Training
291(1)
What is Money?
The Functions of Money
292(1)
The Characteristics of Money
292(2)
Money and Prices
294(1)
Inflation and Deflation
294(3)
Checks, Money, and the Economy
297(5)
Personal Narrative: My Father Paid the Bills Today
297(1)
Checking Accounts and the Supply of Money
298(1)
The Expansion of Money
299(2)
What Limits and Controls the Expansion Process?
301(1)
Banks Are in Business to Make a Profit
302(4)
Personal Narrative: If You Really Need a Loan, the Bank Won't Give You One
302(1)
Banks as Businesses
303(1)
Insuring Depositors
304(2)
What the Federal Reserve System Does
306(13)
Personal Narrative: Give Me the Sports Section, You Can Have the Rest
306(1)
The History of the Federal Reserve System
307(1)
Tools of the Fed
307(1)
The Reserve Requirement
308(1)
The Discount Rate
308(1)
Open Market Operations
308(1)
Monetary Policy
309(3)
Profile
312(1)
Paul Volcker
Current Economic Issues: Should Controls Be Placed on the Powers of the Federal Reserve System?
313(1)
Review
314(3)
Developing Your Economic Skills: Using Tables to Compare Interest Costs
317(2)
Government Decisions and Economic Success
319(46)
The Laissez-Faire System
319(1)
The Role of Government
320(2)
Government Spending and Jobs
322(10)
Personal Narrative: My Mother Got a Job with the Country
322(1)
Theories of Government Involvement in the Economy
323(1)
The Classical Theory
323(1)
The Keynesian Theory
324(2)
Fiscal Policy
326(1)
Weaknesses in Keynesian Theory
327(4)
Profile
331(1)
John Maynard Keynes
Government Policies and Inflation
332(6)
Personal Narrative: Why Don't They Do Something About Prices?
332(1)
Controlling Inflation Through Fiscal Policy
333(1)
Price Controls
333(1)
A Policy for Unemployment and Inflation?
334(4)
Government Policy in a Global Economy
338(5)
Personal Narrative: When Iraq Invaded Kuwait I Lost My Job
338(1)
What the Government Can't Do
339(1)
The Reduced Power of the Federal Reserve
339(1)
Economic Conditions Flow from Nation to Nation
340(2)
The International Economy
342(1)
Government Social Programs
343(22)
Personal Narrative: Dignity at the City Mission
343(1)
Searching for Security
344(1)
Retirement Benefits
344(2)
Unemployment Insurance
346(1)
Welfare
346(3)
Profile
349(2)
Paul Samuelson
Milton Friedman
Current Economic Issues: Has Tax Reform Been Fair for All Americans?
351(1)
Review
352(3)
Developing Your Economic Skills: Interpreting Pie Graphs
355(1)
Review
356(1)
Summary of Major Economic Principles
356(1)
Understanding Economic Concepts
357(1)
Writing About Economics
358(1)
Discussing Economics
359(1)
Problem-Solving in Economics
360(5)
PART 4 Understanding International Economics 365(76)
Why Countries Trade
367(24)
The Benefits of Trade
369(8)
Personal Narrative: My Father Sells Nissans for a Living
369(1)
Why Trade?
370(1)
Barriers to Trade
371(1)
Tariffs
371(1)
Quotas
371(1)
U.S. Trade Policy
371(1)
Voluntary Export Restraints (VER)
372(1)
Regulations and Certification
373(1)
The Costs and Benefits of Trade Barriers
373(1)
Why Restrict Trade?
373(1)
Keeping Trade Balanced
374(1)
Protectionism and Politics
375(2)
The Value of The Dollar and Trade
377(4)
Personal Narrative: Sometimes Business Conditions Are Beyond Our Control
377(1)
Exchange Rates
378(1)
Causes of Changing Rates
378(2)
Basic Solution
380(1)
Multinational Corporations
381(10)
Personal Narrative: What's American?
381(1)
Multinational Corporations
381(1)
Types of Organizations
382(1)
What are the Benefits of Multinationals?
382(1)
What Harm May Multinationals Cause?
383(1)
Current Consumer Issues: Should the United StateS Use Trade Barriers to Help Its Industries?
384(1)
Review
385(3)
Developing Your Economic Skills: Positive and Negative Values on a Line Graph
388(3)
Nations, Growth, and Population
391(24)
The Problems of Developing Nations
393(6)
Personal Narrative: Why Don't They Help Themselves?
393(1)
What Are the Problems?
393(1)
A Traditional Economy
394(1)
What Is Needed for Change?
394(2)
What Has Happened to Growth in Developing Nations?
396(2)
Profile
398(1)
Sir William Arthur Lewis
The Relationship Between ``Have'' and ``Have Not'' Nations
399(5)
Personal Narrative: Is There Anything We Could Do?
399(1)
The Changing Nature of Aid
400(1)
Other Sources of Aid
401(1)
The Debt Crisis
402(1)
Whose Attitude Is Right?
402(2)
The Population Explosion
404(11)
Personal Narrative: Will There Be Enough Resources for Tomorrow?
404(1)
Poverty and Population Control
404(1)
Conflicts in Values
405(1)
Effects of Growing Population
406(2)
Current Consumer Issues: Should the United States Increase Its Aid to Developing Nations?
408(1)
Review
409(3)
Developing Your Economic Skills: Interpreting Economic Data on Maps
412(3)
Alternative Economic Systems
415(26)
A Variety of Economic Systems
416(5)
Personal Narrative: An Island of Socialism
416(2)
Answering the Basic Questions
418(1)
The Importance of Political Systems
419(2)
Economic Theory vs. Economic Reality
421(7)
Personal Narrative: The Theory and the Reality
421(1)
Communism: The Theory
422(1)
Communism: The Reality
422(2)
Socialism: The Reality
424(1)
Capitalism: The Reality
425(1)
Present and Future Systems
426(1)
Profile
427(1)
Karl Marx
Joseph Alois Schumpeter
Different Kinds of Capitalism
428(13)
Personal Narrative: Two Views of Japan's Economy
428(1)
Testing for Capitalism
429(1)
Different Trade Responsibilities for the Government
429(1)
Different Labor-Management Relations
430(1)
Other Differences
430(1)
Defending Japan
431(1)
Current Consumer Issues: Should Our Government Provide Medical Insurance for all Americans?
432(1)
Review
432(4)
Developing Your Economic Skills: Interpreting a Bar Graph To Compare Related Information
436(1)
Review
436(1)
Summary of Major Economic Concepts
437(1)
Understanding Economic Concepts
438(1)
Writing About Economics
438(1)
Discussing Economics
439(1)
Problem-Solving with Economics
439(2)
Careers 441(16)
Glossary 457(12)
Index 469

Supplemental Materials

What is included with this book?

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 access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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