Economics: Principles, Applications, and Tools

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  • Edition: 5th
  • Format: Paperback
  • Copyright: 2007-01-01
  • Publisher: Prentice Hall
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This modern, Micro first book has a strong foundation in demand and supply. Its thoughtful coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables readers to better visualize and truly understand the difference between these 2 fundamental concepts.Its hallmark feature includes a focus on the 5 Key Principles of Economics: 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), and, 5) The Reality Principle (distinguishing real from nominal magnitudes).For economists, financial analysts and other finance professionals.

Table of Contents

Prefacep. xxi
Introduction and Key Principlesp. 1
Introduction: What Is Economics?p. 1
Key Principles of Economicsp. 23
Markets and Government in the Global Economyp. 41
Supply, Demand, and Market Equilibriump. 63
A Closer Look at Supply and Demandp. 95
Elasticity: A Measure of Responsivenessp. 95
Market Efficiency and Government Interventionp. 119
Consumer Choicep. 145
Market Structures and Pricingp. 163
Production and Costp. 163
Perfect Competition: Short Run and Long Runp. 187
Monopolyp. 213
Entry and Monopolistic Competitionp. 235
Oligopoly and Strategic Behaviorp. 251
Using Market Power: Price Discrimination and Advertisingp. 277
Controlling Market Power: Antitrust Policy and Deregulationp. 293
Spillovers and Informationp. 311
Imperfect Information and Disappearing Marketsp. 311
Public Goods, Taxes, and Public Choicep. 329
Environmental Policyp. 349
The Labor Market and Economic Challengesp. 371
The Labor Marketp. 371
Economic Challenges: Poverty, Aging, and Health Carep. 399
The Basic Concepts in Macroeconomicsp. 417
Measuring a Nation's Production and Incomep. 417
Unemployment and Inflationp. 437
The Economy in the Long Runp. 453
Classical Economics: The Economy at Full Employmentp. 453
Why Do Economies Grow?p. 475
Economic Fluctuationsp. 501
Aggregate Demand and Aggregate Supplyp. 501
Keynesian Economics and Fiscal Policyp. 521
Investment and Financial Intermediationp. 553
Money, Banking, and Monetary Policyp. 571
Money, the Banking System, and the Federal Reservep. 571
Monetary Policy in the Short Runp. 591
Inflation, Unemployment, and Economic Policyp. 611
From the Short Run to the Long Runp. 611
The Dynamics of Inflation and Unemploymentp. 629
Current Issues in Macroeconomic Policyp. 651
The International Economyp. 669
International Trade and Public Policyp. 669
The World of International Financep. 691
Glossaryp. 1
Answers to Odd Numbered Problems and Discussion Questionsp. 1
Indexp. 1
Photo Creditsp. 1
Table of Contents provided by Syndetics. All Rights Reserved.

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