Principles of Macroeconomics Active Book

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  • Edition: 7th
  • Format: Paperback
  • Copyright: 2005-01-01
  • Publisher: Prentice Hall
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The authorstwo highly respected economists and educatorshave revised this best-selling book to include more current topics and events while maintaining its hallmark features.The macro split has a SHORT RUN FIRST organization with updated data and policy issues throughout. The AD/AS MODEL is placed late in the macro discussion. Starting with an introduction to economics, this book looks at concepts and problems in macroeconomics, the goods and money markets, macroeconomic analysis, and the world economy.Financial professionals making pecuniary decisions and analyses.

Table of Contents

Introduction to Economicsp. 1
The Scope and Method of Economicsp. 1
Why Study Economics?p. 2
The Scope of Economicsp. 6
The Methods of Economicsp. 8
The Economic Problem: Scarcity and Choicep. 25
Scarcity, Choice, and Opportunity Costp. 26
Economic Systemsp. 36
Demand, Supply, and Market Equilibriump. 45
Firms and Households: The Basic Decision-Making Unitsp. 46
Input Markets and Output Markets: The Circular Flowp. 46
Demand in Product/Output Marketsp. 48
Supply in Product/Output Marketsp. 57
Market Equilibriump. 62
Demand and Supply in Product Markets: A Reviewp. 68
Looking Ahead: Markets and the Allocation of Resourcesp. 68
The Price System and Demand and Supplyp. 75
The Price System: Rationing and Allocating Resourcesp. 75
Supply and Demand Analysis: An Oil Import Feep. 82
Concepts and Problems in Macroeconomicsp. 89
Introduction to Macroeconomicsp. 89
The Roots of Macroeconomicsp. 90
Macroeconomic Concernsp. 92
Government in the Macroeconomyp. 94
The Components of the Macroeconomyp. 95
The Methodology of Macroeconomicsp. 98
The U.S. Economy in the Twentieth Century: Trends and Cyclesp. 100
Measuring National Output and National Incomep. 107
Gross Domestic Productp. 107
Calculating Gdpp. 110
The Income Approachp. 114
From Gdp to Disposable Personal Incomep. 116
Nominal Versus Real Gdpp. 118
Limitations of the Gdp Conceptp. 121
Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflationp. 127
Long-Run Output and Productivity Growthp. 127
Recessions, Depressions, and Unemploymentp. 130
Inflationp. 138
The Goods and Money Marketsp. 145
Aggregate Expenditure and Equilibrium Outputp. 145
Aggregate Output and Aggregate Income (Y)p. 146
Equilibrium Aggregate Output (Income)p. 154
The Multiplierp. 159
The Government and Fiscal Policyp. 169
Government in the Economyp. 170
Fiscal Policy at Work: Multiplier Effectsp. 175
Adding the International Sectorp. 180
The Federal Budgetp. 180
The Economy's Influence on the Government Budgetp. 185
The Money Supply and the Federal Reserve Systemp. 193
An Overview of Moneyp. 193
How Banks Create Moneyp. 197
The Federal Reserve Systemp. 203
How The Federal Reserve Controls the Money Supplyp. 208
Money Demand, the Equilibrium Interest Rate, and Monetary Policyp. 219
The Demand for Moneyp. 220
The Equilibrium Interest Ratep. 227
Looking Ahead: The Federal Reserve and Monetary Policyp. 230
Macroeconomic Analysisp. 237
Money, the Interest Rate, and Output: Analysis and Policyp. 237
The Links Between the Goods Market and the Money Marketp. 238
Combining the Goods Market and the Money Marketp. 242
Other Determinants of Planned Investmentp. 248
Aggregate Demand, Aggregate Supply, and Inflationp. 255
The Aggregate Demand Curvep. 255
The Aggregate Supply Curvep. 261
The Equilibrium Price Levelp. 266
The Long-Run Aggregate Supply Curvep. 267
Aggregate Demand, Aggregate Supply, and Monetary and Fiscal Policyp. 268
Causes of Inflationp. 271
The Labor Market, Unemployment, and Inflationp. 281
The Labor Market: Basic Conceptsp. 281
The Classical View of the Labor Marketp. 282
Explaining the Existence of Unemploymentp. 285
The Short-Run Relationship Between the Unemployment Rate and Inflationp. 287
The Long-Run Aggregate Supply Curve, Potential GDP, and the Natural Rate of Unemploymentp. 293
Macroeconomic Issues and Policyp. 301
The Effects of the Stock Market on the Economyp. 301
The Federal Reserve's Respoinse to the State of the Economyp. 303
Lags in the Economy's Response to Monetary and Fiscal Policyp. 306
Government Budget Policyp. 310
Business Cycles in other Countriesp. 314
Household and Firm Behavior in the Macroeconomy: A Further Lookp. 319
Households: Consumption and Labor Supply Decisionsp. 320
Firms: Investment and Employment Decisionsp. 330
Productivity and the Business Cyclep. 337
The Relationship Between Output and Unemploymentp. 338
The Size of the Multiplierp. 339
Long-Run Growthp. 345
The Growth Process: From Agriculture to Industryp. 345
The Sources of Economic Growthp. 347
Growth and Productivity in the United Statesp. 351
Economic Growth and Public Policyp. 354
The Pros and Cons of Growthp. 358
Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economicsp. 365
Keynesian Economicsp. 365
Monetarismp. 366
New Classical Macroeconomicsp. 371
Supply-Side Economicsp. 375
Testing Alternative Macroeconomic Modelsp. 377
International Economics
The World Economyp. 381
International Trade, Comparative Advantage, and Protectionismp. 381
Trade Surpluses and Deficitsp. 382
The Economic Basis for Trade: Comparative Advantagep. 383
The Sources of Comparative Advantagep. 391
Trade Barriers: Tariffs, Export Subsidies, and Quotasp. 392
Free Trade or Protection?p. 395
An Economic Consensusp. 400
Open-Economy Macroeconomics: The Balance of Payments and Exchange Ratesp. 405
The Balance of Paymentsp. 407
Equilibrium Output (Income) in an Open Economyp. 410
The Open Economy with Flexible Exchange Ratesp. 414
An Interdependent World Economyp. 424
Economic Growth in Developing and Transitional Economiesp. 433
Life in the Developing Nations: Population and Povertyp. 434
Economic Development: Sources and Strategiesp. 436
Issues in Economic Developmentp. 443
Economies in Transitionp. 447
The End of the Soviet Unionp. 449
The Transition to a Market Economyp. 451
Glossaryp. 1
Solutions to Even-Numbered Problemsp. 1
Indexp. 1
Photo Creditsp. 1
Table of Contents provided by Syndetics. All Rights Reserved.

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