Business & Money
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Table of Contents
Part One: The Building Blocks
Introduction to key ideas
What's it all about?
Understanding through the use of models
Opportunity cost and the market
A model of exchange and specialization
Economy-wide production possibilities
Aggregate output, growth and business cycles
Key terms
End of chapter exercises
Theories, models and data
Observations, theories and models
Variables, data and index numbers
Testing economic models & analysis
Diagrams and economic analysis
Ethics, efficiency and beliefs
Key terms
End of chapter exercises
The classical marketplace – demand and supply
The market's building blocks
Demand and supply curves
Other influences on demand
Other influences on supply
Simultaneous supply and demand impacts
Market interventions
Individual and market functions
Key terms
End of chapter exercises
Part Two: Responsiveness and the Value of Markets
Measures of response: elasticities
Price responsiveness of demand
Price elasticity and expenditure
The time horizon and inflation
Cross-price elasticities
The income elasticity of demand
Elasticity of supply
Elasticities and tax incidence
Identifying demand and supply elasticities
Key terms
End of chapter exercises
Welfare economics and externalities
Equity and efficiency
Consumer and producer surplus
Efficient market outcomes
Taxation, surplus and efficiency
Market failures – externalities
Other market failures
Environmental policy and climate change
Equity, justice, and efficiency
Key terms
End of chapter exercises
Part Three: Decision Making by Consumer and Producers
Individual choice
Choice with measurable utility
Choice with ordinal utility
Applications of indifference analysis
Key terms
End of chapter exercises
Firms, investors and capital markets
Business organization
Profit, ownership and corporate goals
Risk and the investor
Diminishing marginal utility and risk
Real returns to investment
Financing the risky firm: diversification
Key terms
End of chapter exercises
Production and cost
Efficient production
The time frame
Production in the short run
Costs in the short run
Fixed costs and sunk costs
Long run production and costs
Technological change and globalization
Clusters, learning by doing, scope economies
Key terms
End of chapter exercises
Part Four: Market Structures
Perfect competition
The perfect competition paradigm
Market characteristics
The firm's supply decision
Dynamics: entry and exit
Long run industry supply
Globalization and technological change
Efficient resource allocation
Key terms
End of chapter exercises
Profit maximizing behaviour
Long run choices
Output inefficiency
Price discrimination
Cartels: acting like a monopolist
Technology and innovation
Key terms
End of chapter exercises
Imperfect competition
Imperfect competitors
Performance-based measures of structure – market power
Monopolistic competition
Oligopoly and games
Duopoly and Cournot games
Comparing market structures
Entry, exit & potential competition
Key terms
End of chapter exercises
Part Five: The Factors of Production
Labour and capital
Labour – a derived demand
Firm versus industry demand
The supply side of the market
Labour-market equilibrium and mobility
The market for capital
Capital services
Key terms
End of chapter exercises
Human capital and the income distribution
Human capital
Productivity and education
On-the-job training
Education as signalling
Education returns and quality
The income distribution
Wealth and capitalism
Key terms
End of chapter exercises
Part Six: Government and Trade
Market failure
Fiscal federalism: taxing and spending
Federal-provincial fiscal relations
Government-to-individual transfers
Regulation and competition policy
Key terms
End of chapter exercises
International trade
Trade in our daily lives
Canada in the world economy
Comparative advantage: the gains from trade
Returns to scale
Trade barriers: tariffs, subsidies and quotas
The politics of protection
Institutions governing trade
Key terms
End of chapter exercises
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