Principles of Economics
[Author removed at request of original publisher]
Business & Money
Principles of Economics
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This book is intended for a two-semester course in Economics taught out of the social sciences or business school. Principles of Economics aims to teach considerable range and depth of Economic concepts through an approachable style and methodology. The authors take a three-pronged approach to every chapter: The concept is covered with a “Heads Up” to ward off confusion, a real-world application for that concept, and a “You Try It” section to make sure students are staying on top of the concept.
ISBN: 978-1-946135-16-2

Title Page
Table Of Contents
Publisher Information
About the Authors
Chapter 1: Economics: The Study of Choice
1.1 Defining Economics
1.2 The Field of Economics
1.3 The Economists’ Tool Kit
1.4 Review and Practice
Chapter 2: Confronting Scarcity: Choices in Production
2.1 Factors of Production
2.2 The Production Possibilities Curve
2.3 Applications of the Production Possibilities Model
2.4 Review and Practice
Chapter 3: Demand and Supply
3.1 Demand
3.2 Supply
3.3 Demand, Supply, and Equilibrium
3.4 Review and Practice
Chapter 4: Applications of Demand and Supply
4.1 Putting Demand and Supply to Work
4.2 Government Intervention in Market Prices: Price Floors and Price Ceilings
4.3 The Market for Health-Care Services
4.4 Review and Practice
Chapter 5: Elasticity: A Measure of Response
5.2 Responsiveness of Demand to Other Factors
5.3 Price Elasticity of Supply
5.4 Review and Practice
5.1 The Price Elasticity of Demand
Chapter 6: Markets, Maximizers, and Efficiency
6.1 The Logic of Maximizing Behavior
6.2 Maximizing in the Marketplace
6.3 Market Failure
6.4 Review And Practice
Chapter 7: The Analysis of Consumer Choice
7.1 The Concept of Utility
7.2 Utility Maximization and Demand
7.3 Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
7.4 Review and Practice
Chapter 8: Production and Cost
8.1 Production Choices and Costs: The Short Run
8.2 Production Choices and Costs: The Long Run
8.3 Review and Practice
Chapter 9: Competitive Markets for Goods and Services
9.1 Perfect Competition: A Model
9.2 Output Determination in the Short Run
9.3 Perfect Competition in the Long Run
9.4 Review and Practice
Chapter 10: Monopoly
10.2 The Monopoly Model
10.3 Assessing Monopoly
10.4 Review and Practice
10.1 The Nature of Monopoly
Chapter 11: The World of Imperfect Competition
11.1 Monopolistic Competition: Competition Among Many
11.2 Oligopoly: Competition Among the Few
11.3 Extensions of Imperfect Competition: Advertising and Price Discrimination
11.4 Review and Practice
Chapter 12: Wages and Employment in Perfect Competition
12.1 The Demand for Labor
12.2 The Supply of Labor
12.3 Labor Markets at Work
12.4 Review and Practice
Chapter 13: Interest Rates and the Markets for Capital and Natural Resources
13.1 Time and Interest Rates
13.2 Interest Rates and Capital
13.3 Natural Resources and Conservation
13.4 Review and Practice
Chapter 14: Imperfectly Competitive Markets for Factors of Production
14.1 Price-Setting Buyers: The Case of Monopsony
14.2 Monopsony and the Minimum Wage
14.3 Price Setters on the Supply Side
14.4 Review and Practice
Chapter 15: Public Finance and Public Choice
15.2 Financing Government
15.3 Choices in the Public Sector
15.4 Review and Practice
15.1 The Role of Government in a Market Economy
Chapter 16: Antitrust Policy and Business Regulation
16.1 Antitrust Laws and Their Interpretation
16.2 Antitrust and Competitiveness in a Global Economy
16.3 Regulation: Protecting People from the Market
16.4 Review and Practice
Chapter 17: International Table
17.1 The Gains from Trade
17.2 Two-Way Trade
17.3 Restrictions on International Trade
17.4 Review and Practice
Chapter 18: The Economics of the Environment
18.1 Maximizing the Net Benefits of Pollution
18.2 Alternatives in Pollution Control
18.3 Review and Practice
Chapter 19: Inequality, Poverty, and Discrimination
19.1 Income Inequality
19.2 The Economics of Poverty
19.3 The Economics of Discrimination
19.4 Review and Practice
Chapter 20: Macroeconomics: The Big Picture
20.1 Growth of Real GDP and Business Cycles
20.2 Price-Level Changes
20.3 Unemployment
20.4 Review and Practice
Chapter 21: Measuring Total Output and Income
21.1 Measuring Total Output
21.2 Measuring Total Income
21.3 GDP and Economic Well-Being
21.4 Review and Practice
Chapter 22: Aggregate Demand and Aggregate Supply
22.1 Aggregate Demand
22.2 Aggregate Demand and Aggregate Supply: The Long Run and the Short Run
22.3 Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium
22.4 Review and Practice
Chapter 23: Economic Growth
23.1 The Significance of Economic Growth
23.2 Growth and the Long-Run Aggregate Supply Curve
23.3 Determinants of Economic Growth
23.4 Review and Practice
Chapter 24: The Nature and Creation of Money
24.1 What Is Money?
24.2 The Banking System and Money Creation
24.3 The Federal Reserve System
24.4 Review and Practice
Chapter 25: Financial Markets and the Economy
25.1 The Bond and Foreign Exchange Markets
25.2 Demand, Supply, and Equilibrium in the Money Market
25.3 Review and Practice
Chapter 26: Monetary Policy and the Fed
26.1 Monetary Policy in the United States
26.2 Problems and Controversies of Monetary Policy
26.3 Monetary Policy and the Equation of Exchange
26.4 Review and Practice
Chapter 27: Government and Fiscal Policy
27.1 Government and the Economy
27.2 The Use of Fiscal Policy to Stabilize the Economy
27.3 Issues in Fiscal Policy
27.4 Review and Practice
Chapter 28: Consumption and the Aggregate Expenditures Model
28.1 Determining the Level of Consumption
28.2 The Aggregate Expenditures Model
28.3 Aggregate Expenditures and Aggregate Demand
28.4 Review and Practice
Chapter 29: Investment and Economic Activity
29.1 The Role and Nature of Investment
29.2 Determinants of Investment
29.3 Investment and the Economy
29.4 Review and Practice
Chapter 30: Net Exports and International Finance
30.1 The International Sector: An Introduction
30.2 International Finance
30.3 Exchange Rate Systems
30.4 Review and Practice
Chapter 31: Inflation and Unemployment
31.1 Relating Inflation and Unemployment
31.2 Explaining Inflation–Unemployment Relationships
31.3 Inflation and Unemployment in the Long Run
31.4 Review and Practice
Chapter 32: A Brief History of Macroeconomic Thought and Policy
32.1 The Great Depression and Keynesian Economics
32.2 Keynesian Economics in the 1960s and 1970s
32.3. An Emerging Consensus: Macroeconomics for the Twenty-First Century
32.4 Review and Practice
Chapter 33: Economic Development
33.4 Review and Practice
33.1 The Nature and Challenge of Economic Development
33.2 Population Growth and Economic Development
33.3 Keys to Economic Development
Chapter 34: Socialist Economies in Transition
34.1 The Theory and Practice of Socialism
34.2 Socialist Systems in Action
34.3 Economies in Transition: China and Russia
34.4 Review and Practice
Appendix A: Graphs in Economics
Appendix A.1: How to Construct and Interpret Graphs
Appendix A.2: Nonlinear Relationships and Graphs without Numbers
Appendix A.3: Using Graphs and Charts to Show Values of Variables
Appendix B: Extensions of the Aggregate Expenditures Model
Appendix B.1: The Algebra of Equilibrium
Appendix B.2: The Aggregate Expenditures Model and Fiscal Policy
Appendix B.3: Review and Practice
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