Contemporary Economics

by McEachern, William A.

• ISBN13: 9780538437004
• ISBN10: 0538437006
• Edition: 1st
• Format: Hardcover
• Copyright: 2004-02-03
• Publisher: South-Western Educational Pub

Summary

Contemporary Economics provides solid coverage of fundamental economic topics. Concentrating on the NCEE (National Council on Economic Education) standards, the text moves students from the basic question of ?What Is Economics?? through clear and visual explanations of demand, supply, market equilibrium, decision making, market institutions, the national economy, government?s role, public policy, and the international economy. This brand new high school instructional package combines comprehensive economic content, sound instructional design, and extensive print and media teaching tools. A wealth of print, video, electronic, and online resources make it simple to address varied learning styles, use formal and informal assessment, and integrate technology where it makes sense to you. Take a tour of the online resources available at the Xtra! Web Site by visiting http://econxtra.swlearning.com. Excellent features allow students to learn economics by experiencing economics.

Table of Contents

National Content Standards In Economics	xxiv
Social Studies Skills	xxvi
Reading Skills	xxxiv
Economic Measurement Skills	xxxvi
UNIT 1 INTRODUCTION TO ECONOMICS
What Is Economics?	4	(28)
The Economic Problem	5	(5)
Economic Theory	10	(9)
Opportunity Cost and Choice	19	(13)
Chapter Assessment	28	(4)
Economic Systems and Economic Tools	32	(28)
Economic Questions and Economic Systems	33	(8)
Production Possibilities Frontier	41	(9)
Comparative Advantage	50	(10)
Chapter Assessment	56	(4)
U.S. Private and Public Sectors	60	(38)
The U.S. Private Sector	61	(7)
Regulating the Private Sector	68	(7)
Public Goods and Externalities	75	(7)
Providing a Safety Net	82	(16)
Chapter Assessment	92	(4)
Project 1 Investing in Your Future: Following the Dream	96	(2)
UNIT 2 THE MARKET ECONOMY	98	(124)
Demand	100	(30)
The Demand Curve	101	(8)
Elasticity of Demand	109	(9)
Changes in Demand	118	(12)
Chapter Assessment	126	(4)
Supply	130	(32)
The Supply Curve	131	(9)
Shifts of the Supply Curve	140	(7)
Production and Cost	147	(15)
Chapter Assessment	158	(4)
Market Forces	162	(28)
Price, Quantity, and Market Equilibrium	163	(6)
Shifts of Demand and Supply Curves	169	(9)
Market Efficiency and Gains from Exchange	178	(12)
Chapter Assessment	186	(4)
Market Structure	190	(32)
Perfect Competition and Monopoly	191	(10)
Monopolistic Competition and Oligopoly	201	(7)
Antitrust, Economic Regulation, and Competition	208	(14)
Chapter Assessment	216	(4)
Project 2 Investing in Your Future: Selecting a Life Horizon	220	(2)
UNIT 3 MARKET INSTITUTIONS	222	(96)
Businesses	224	(30)
Entrepreneurs	225	(8)
Sole Proprietorships and Partnerships	233	(8)
Corporations and Other Organizations	241	(13)
Chapter Assessment	250	(4)
Labor Markets	254	(32)
Demand and Supply of Resources	255	(11)
Wage Determination	266	(7)
Labor Unions	273	(13)
Chapter Assessment	282	(4)
Financial Markets and Business Growth	286	(32)
Production, Consumption, and Time	287	(7)
Banks, Interest, and Corporate Finance	294	(9)
Business Growth	303	(15)
Chapter Assessment	312	(4)
Project 3 Investing in Your Future: Investing in Yourself	316	(2)
UNIT 4 THE NATIONAL ECONOMY	318	(108)
Economic Performance	320	(36)
Gross Domestic Product	321	(7)
Limitations of GDP Estimation	328	(7)
Business Cycles	335	(8)
Aggregate Demand and Aggregate Supply	343	(13)
Chapter Assessment	352	(4)
Economic Growth	356	(30)
The PPF, Economic Growth, and Productivity	357	(9)
Living Standards and Labor Productivity Growth	366	(8)
Issues of Technological Change	374	(12)
Chapter Assessment	382	(4)
Economic Challenges	386	(40)
Unemployment	387	(10)
Inflation	397	(6)
Economic Instability	403	(9)
Poverty	412	(14)
Chapter Assessment	420	(4)
Project 4 Investing in Your Future: Keeping the Faith	424	(2)
UNIT 5 PUBLIC POLICY AND THE NATIONAL ECONOMY	426	(124)
Government Spending, Revenue, and Public Choice	428	(30)
Public Goods and Taxation	429	(8)
Federal, State, and Local Budgets	437	(10)
Economics of Public Choice	447	(11)
Chapter Assessment	454	(4)
Fiscal Policy, Deficits, and Debt	458	(30)
The Evolution of Fiscal Policy	459	(9)
Fiscal Policy Reconsidered	468	(7)
Federal Deficits and Federal Debt	475	(13)
Chapter Assessment	484	(4)
Money and Banking	488	(30)
Origins of Money	489	(7)
Origins of Banking and the Federal Reserve System	496	(9)
Money, Near Money, and Credit Cards	505	(13)
Chapter Assessment	514	(4)
Money Creation, the Federal Reserve System, and Monetary Policy	518	(32)
How Banks Work	519	(6)
Monetary Policy in the Short Run	525	(11)
Monetary Policy in the Long Run	536	(14)
Chapter Assessment	544	(4)
Project 5 Investing in Your Future: Shifting Perspectives	548	(2)
UNIT 6 THE INTERNATIONAL ECONOMY	550	(68)
International Trade	552	(34)
Benefits of Trade	553	(6)
Trade Restrictions and Free-Trade Agreements	559	(8)
Balance of Payments	567	(7)
Foreign Exchange Rates	574	(12)
Chapter Assessment	582	(4)
Economic Development	586	(32)
Developing Economies and Industrial Market Economies	587	(10)
Foreign Trade, Foreign Aid, and Economic Development	597	(6)
Rules of the Game, Transition Economies, and Convergence	603	(15)
Chapter Assessment	612	(4)
Project 6 Investing in Your Future: Finding New Frontiers	616	(2)
Economic Data	618	(10)
Glossary	628	(13)
Spanish Glossary	641	(12)
Index	653	(16)
Acknowledgments	669