Survey of Economics (with Bind-In InfoTrac Printed Access Card)

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  • Edition: 5th
  • Format: Paperback
  • Copyright: 2005-07-07
  • Publisher: South-Western College Pub
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Supplemental Materials

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  • 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.


This highly successful 5th edition text makes basic economics readable, sensible, and interesting by placing an emphasis on application and student learning. This book provides the most comprehensive and pedagogically-rich treatment of introductory economics available for the non-majors course. It focuses on the most basic tools in economics and applies them clearly to explain real-world economic issues. Better than any other text, Tucker implements teaching tools and methodologies that drive the student learning process and development of critical analysis skills. The 5th edition is known for its lively and informative writing style; emphasis on critical thinking; applications; active learning environment; use of unique, highly motivational, student-oriented pedagogy; unparalleled visual learning support; and numerous in-chapter review and application opportunities.

Table of Contents

Introduction to Economicsp. 1
Introducing the Economic Way of Thinkingp. 3
The Problem of Scarcityp. 4
Scarce Resources and Productionp. 4
Economics: The Study of Scarcity and Choicep. 6
The Methodology of Economicsp. 7
Hazards of the Economic Way of Thinkingp. 8
You Make the Call: Can You Prove There Is No Trillion-Dollar Person?p. 10
You Make the Call: Should Minnesota State Join a Big-Time Athletic Conference?p. 11
Why Do Economists Disagree?p. 11
Economics in Practice: Mops and Brooms, the Boston Snow Index, the Super Bowl, and Other Economic Indicatorsp. 12
Analyze the Issuep. 12
Economics in Practice: Does Raising the Minimum Wage Help the Working Poor?p. 14
Applying Graphs to Economicsp. 21
A Direct Relationshipp. 21
An Inverse Relationshipp. 22
The Slope of a Straight Linep. 23
A Three-Variable Relationship in One Graphp. 24
A Helpful Study Hint for Using Graphsp. 26
Production Possibilities and Opportunity Costp. 31
The Three Fundamental Economic Questionsp. 31
Opportunity Costp. 32
Marginal Analysisp. 33
The Production Possibilities Curvep. 34
The Law of Increasing Opportunity Costsp. 36
Shifting the Production Possibilities Curvep. 37
Economics in Practice: Federal Express Wasn't an Overnight Successp. 39
Analyze the Issuep. 40
Present Investment and the Future Production Possibilities Curvep. 40
You Make the Call: What Does the Peace Dividend Really Mean?p. 40
International Economics: When Japan Stumbles, Where Is It on the Curve?p. 42
The Microeconomyp. 49
Market Demand and Supplyp. 51
The Law of Demandp. 51
The Distinction Between Changes in Quantity Demanded and Changes in Demandp. 53
Nonprice Determinants of Demandp. 54
You Make the Call: Can Gasoline Become an Exception to the Law of Demand?p. 57
The Law of Supplyp. 58
You Make the Call: Can the Law of Supply be Repealed?p. 61
The Distinction Between Changes in Quantity Supplied and Changes in Supplyp. 61
Nonprice Determinants of Supplyp. 62
You Make the Call: Can the Price System Eliminate Scarcity?p. 64
A Market Supply and Demand Analysisp. 65
Economics in Practice: PC Prices Fall Below $400p. 67
Analyze the Issuep. 67
International Economics: The Market Approach to Organ Shortagesp. 70
Markets in Actionp. 77
Changes in Market Equilibriump. 77
You Make the Call: Why the Higher Price for Lower Cholesterol?p. 81
Can the Laws of Supply and Demand be Repealed?p. 81
Market Failurep. 85
Economics in Practice: Rigging the Market for Milkp. 86
Analyze the Issuep. 86
You Make the Call: Is There Price-Fixing at the Ticket Window?p. 87
You Make the Call: Should There Be a War on Drugs?p. 90
Economics in Practice: Can Vouchers Fix Our Schools?p. 91
Applying Supply and Demand Analysis to Health Carep. 97
The Impact of Health Insurancep. 97
Shifts in the Demand for Health Carep. 99
Shifts in the Supply of Health Carep. 100
Health Care Reform Proposalsp. 100
Price Elasticity of Demandp. 103
Price Elasticity of Demandp. 104
Price Elasticity of Demand Variations along a Demand Curvep. 109
You Make the Call: Will Fliers Flock to Low Summer Fares?p. 111
Determinants of Price Elasticity of Demandp. 111
You Make the Call: Can Trade Sanctions Affect Elasticity of Demand for Cars?p. 113
International Economics: Cigarette Smoking around the Worldp. 114
Production Costsp. 121
Costs and Profitp. 121
You Make the Call: Should the Professor Go or Stay?p. 123
Economics in Practice: Publishers Experiment with Lower Pricesp. 124
Analyze the Issuep. 124
Short-Run Production Costsp. 125
Short-Run Cost Formulasp. 128
Long-Run Production Costsp. 131
Different Scales of Productionp. 134
Economics in Practice: Invasion of the Monster Movie Theatersp. 136
Perfect Competitionp. 143
Perfect Competitionp. 143
Short-Run Profit Maximization for a Perfectly Competitive Firmp. 146
Short-Run Loss Minimization for a Perfectly Competitive Firmp. 149
You Make the Call: Should Motels Offer Rooms at the Beach for Only $20 a Night?p. 153
Short-Run Supply Curves Under Perfect Competitionp. 153
Long-Run Supply Curves Under Perfect Competitionp. 155
Economics in Practice: Gators Snapping up Profitsp. 158
Analyze the Issuep. 159
You Make the Call: Are You in Business for the Long Run?p. 159
Monopolyp. 165
The Monopoly Market Structurep. 166
Price and Output Decisions for a Monopolistp. 168
International Economics: Monopolies around the Worldp. 169
Price Discriminationp. 173
Economics in Practice: The Standard Oil Monopolyp. 174
You Make the Call: Why Don't Adults Pay More for Popcorn at the Movies?p. 176
Comparing Monopoly and Perfect Competitionp. 176
The Case against and for Monopolyp. 178
Economics in Practice: New York Taxicabs: Where Have All the Fare Flags Gone?p. 179
Monopolistic Competition and Oligopolyp. 187
The Monopolistic Competition Market Structurep. 188
Price and Output Decisions for a Monopolistically Competitive Firmp. 189
Economics in Practice: The Advertising Gamep. 190
Analyze the Issuep. 190
Comparing Monopolistic Competition and Perfect Competitionp. 193
The Oligopoly Market Structurep. 194
Price and Output Decisions for an Oligopolistp. 196
International Economics: Major Cartels in Global Marketsp. 198
An Evaluation of Oligopolyp. 199
Review of the Four Market Structuresp. 199
Economics in Practice: An Economist Goes to the Final Fourp. 200
Analyze the Issuep. 200
You Make the Call: Which Model Fits the Cereal Aisle?p. 201
Labor Markets and Income Distributionp. 207
The Labor Market Under Perfect Competitionp. 208
Labor Unionsp. 213
Union Membership Around the Worldp. 216
The Distribution of Incomep. 217
Equality Versus Efficiencyp. 219
Povertyp. 220
Discriminationp. 224
Economics in Practice: Pulling on the Strings of the Welfare Safety Netp. 225
Analyze the Issuep. 226
Economics in Practice: Is a Librarian Worth an Electrician?p. 227
Analyze the Issuep. 228
You Make the Call: Should the Law Protect Females?p. 228
The Macroeconomy and Fiscal Policyp. 233
Gross Domestic Productp. 235
Gross Domestic Productp. 236
Measuring GDPp. 237
You Make the Call: How Much Does Mario Add to GDP?p. 242
GDP in Other Countriesp. 242
GDP Shortcomingsp. 243
Other National Accountsp. 244
Economics in Practice: Is GDP a False Beacon Steering Us onto the Rocks?p. 245
Analyze the Issuep. 245
Changing Nominal GDP to Real GDPp. 249
You Make the Call: Is the Economy Up or Down?p. 251
Business Cycles and Unemploymentp. 257
The Business-Cycle Roller Coasterp. 258
You Make the Call: Where are We on the Business-Cycle Roller Coaster?p. 262
Total Spending and the Business Cyclep. 263
Unemploymentp. 264
Types of Unemploymentp. 268
The Goal of Full Employmentp. 270
You Make the Call: What Kind of Unemployment Did the Invention of the Wheel Cause?p. 271
International Economics: Is it a Robot's World?p. 272
Analyze the Issuep. 272
The GDP Gapp. 273
Economics In Practice: Brother Can You Spare a Dime?p. 274
Inflationp. 281
Meaning and Measurement of Inflationp. 282
You Make the Call: The College Education Price Indexp. 285
Economics in Practice: Does It Cost More to Laugh?p. 286
Analyze the Issuep. 287
Consequences of Inflationp. 289
Demand-Pull and Cost-Push Inflationp. 292
Inflation in Other Countriesp. 293
International Economics: When the Inflation Rate Is 116,000 Percent, Prices Change by the Hourp. 295
Aggregate Demand and Supplyp. 301
The Aggregate Demand Curvep. 302
Reasons for the Aggregate Demand Curve's Shapep. 303
Nonprice-Level Determinants of Aggregate Demandp. 304
The Aggregate Supply Curvep. 306
Three Ranges of the Aggregate Supply Curvep. 309
Changes in the AD-AS Macroeconomic Equilibriump. 311
Nonprice-Level Determinants of Aggregate Supplyp. 314
Cost-Push and Demand-Pull Inflation Revisitedp. 315
Economics in Practice: Was John Maynard Keynes Right?p. 317
Analyze the Issuep. 318
You Make the Call: Would the Greenhouse Effect Cause Inflation, Unemployment, or Both?p. 319
Fiscal Policyp. 325
Discretionary Fiscal Policyp. 326
Automatic Stabilizersp. 333
You Make the Call: Walking the Balanced Budget Tightropep. 333
Supply-Side Fiscal Policyp. 335
Economics in Practice: The Laffer Curvep. 338
The Public Sectorp. 345
Government Size and Growthp. 346
The Tax Burden in Other Countriesp. 350
The Art of Taxationp. 353
Economics in Practice: Is It Time to Trash the 1040s?p. 358
Analyze the Issuep. 358
Public Choice Theoryp. 359
You Make the Call: What Does Public Choice Say about a Budget Deficit?p. 362
Federal Deficits, Surpluses, and the National Debtp. 369
The Federal Budget Balancing Actp. 370
Economics in Practice: The Great Federal Budget Surplus Debatep. 376
Analyze the Issuep. 377
Why Worry Over the National Debt?p. 377
You Make the Call: What's Behind the National Debt?p. 379
Economics in Practice: How Real Is the National Debt?p. 385
Money, Banking, and Monetary Policyp. 391
Money and the Federal Reserve Systemp. 393
What Makes Money Money?p. 394
Other Desirable Properties of Moneyp. 396
You Make the Call: Are Debit Cards Money?p. 396
International Economics: Fixed Assets, or Why a Loan in Yap Is Hard to Roll Overp. 397
Analyze the Issuep. 397
What Stands Behind Our Money?p. 397
The Three Money-Supply Definitionsp. 398
The Federal Reserve Systemp. 401
What a Federal Reserve Bank Doesp. 404
The U.S. Banking Revolutionp. 406
Economics in Practice: The Wreck of Lincoln Savings and Loanp. 407
Money Creationp. 413
Money Creation Beginsp. 414
How a Single Bank Creates Moneyp. 414
Multiplier Expansion of Money by the Banking Systemp. 419
How Monetary Policy Creates Moneyp. 421
You Make the Call: Who Has More Dollar Creation Power?p. 423
Monetary Policy Shortcomingsp. 426
Economics in Practice: How Does the Fomc Really Work?p. 427
Monetary Policyp. 433
The Keynesian View of the Role of Moneyp. 434
You Make the Call: What Does the Money Supply Curve Look Like When the Fed Targets an Interest Rate?p. 438
The Monetarist View of the Role of Moneyp. 442
You Make the Call: A Horse of Which Color?p. 447
A Comparison of Macroeconomic Viewsp. 447
Economics in Practice: Monetary Policy during the Great Depressionp. 450
The International Economyp. 457
International Trade and Financep. 459
Why Nations Need Tradep. 460
Comparative and Absolute Advantagep. 463
You Make the Call: Do Nations With an Advantage Always Trade?p. 464
Free Trade Versus Protectionismp. 465
Arguments for Protectionp. 466
International Economics: World Trade Slips on Banana Peelp. 468
Analyze the Issuep. 468
The Balance of Paymentsp. 469
You Make the Call: Should Everyone Keep a Balance of Payments?p. 473
Exchange Ratesp. 473
International Economics: Return to the Gold Standard?p. 480
Economies in Transitionp. 489
Basic Types of Economic Systemsp. 490
International Economics: Choosing a Systemp. 496
Analyze the Issuep. 496
The "Isms"p. 497
You Make the Call: To Plan or Not to Plan--That is the Questionp. 501
Comparing Economic Systemsp. 501
Economies in Transitionp. 501
International Economics: China Seeks Free-Market Revolutionp. 504
Analyze the Issuep. 505
International Economics: Hong Kong: A Limping Pacific Rim Tigerp. 506
Answers to Odd-Numbered Questions and Problemsp. 511
Practice Quiz Answersp. 531
Glossaryp. 534
Indexp. 541
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