Free

Boundless Economics

By Boundless
Free
Book Description
Table of Contents
  • 1: Principles of Economics
    • 1.1: The Study of Economics
      • 1.1.0: The Magic of the Economy
      • 1.1.1: Is Economics a Science?
    • 1.2: Individual Decision Making
      • 1.2.0: Scarcity Leads to Tradeoffs and Choice
      • 1.2.1: Individuals Face Opportunity Costs
      • 1.2.2: Individuals Make Decisions at the Margins
      • 1.2.3: Individuals Respond to Incentives
    • 1.3: Interaction of Individuals, Firms, and Societies
      • 1.3.0: Introducing the Firm
      • 1.3.1: Trade Leads to Gains
      • 1.3.2: Thinking about Efficiency
      • 1.3.3: The Function and Nature of Markets
      • 1.3.4: Markets are Typically Efficient
      • 1.3.5: Government Intervention May Fix Inefficient Markets
      • 1.3.6: Full Economy Interactions
    • 1.4: Basic Economic Questions
      • 1.4.0: Production Outputs
      • 1.4.1: Production Inputs and Process
      • 1.4.2: Production Recipients
      • 1.4.3: Differences Between Centrally Planned and Market Economies
      • 1.4.4: Mixed Economies
    • 1.5: Economic Models
      • 1.5.0: Math Review
      • 1.5.1: Assumptions
      • 1.5.2: Hypotheses and Tests
      • 1.5.3: Economic Models
      • 1.5.4: Normative and Positive Economics
    • 1.6: Differences Between Macroeconomics and Microeconomics
      • 1.6.0: Macroeconomics
      • 1.6.1: Microeconomics
      • 1.6.2: Key Differences
  • 2: The Market System
    • 2.1: Introducing the Market System
      • 2.1.0: Defining a Market System
      • 2.1.1: Gains from Markets
      • 2.1.2: Production Possibility Frontier
      • 2.1.3: The Circular Flow Model
  • 3: Introducing Supply and Demand
    • 3.1: Demand
      • 3.1.0: The Law of Demand
      • 3.1.1: Demand Schedules and Demand Curves
      • 3.1.2: Market Demand
      • 3.1.3: Ceteris Paribus
      • 3.1.4: Changes in Demand and Shifts in the Demand Curve
    • 3.2: Supply
      • 3.2.0: The Law of Supply
      • 3.2.1: Supply Schedules and Supply Curves
      • 3.2.2: Market Supply
      • 3.2.3: Determinants of Supply
      • 3.2.4: Changes in Supply and Shifts in the Supply Curve
    • 3.3: Market Equilibrium
      • 3.3.0: Clearing the Market at Equilibrium Price and Quantity
      • 3.3.1: Impacts of Surpluses and Shortages on Market Equilibrium
      • 3.3.2: Changes in Demand and Supply and Impacts on Equilibrium
    • 3.4: Government Intervention and Disequilibrium
      • 3.4.0: Why Governments Intervene In Markets
      • 3.4.1: Price Ceilings
      • 3.4.2: Price Ceiling Impact on Market Outcome
      • 3.4.3: Price Floors
      • 3.4.4: Price Floor Impact on Market Outcome
      • 3.4.5: Introduction to Deadweight Loss
      • 3.4.6: Arguments for and Against Government Price Controls
      • 3.4.7: Taxes
      • 3.4.8: Taxation Impact on Economic Output
  • 4: Economic Surplus
    • 4.1: Consumer Surplus
      • 4.1.0: Willingness to Pay and the Demand Curve
      • 4.1.1: The Demand Curve and Consumer Surplus
      • 4.1.2: Impacts of Price Changes on Consumer Surplus
    • 4.2: Producer Surplus
      • 4.2.0: Market Power
      • 4.2.1: Defining Producer Surplus
      • 4.2.2: Impact of Changing Price on Producer Surplus
  • 5: Consumer Choice and Utility
    • 5.1: The Demand Curve and Utility
      • 5.1.0: Defining Utility
      • 5.1.1: Theory of Utility
      • 5.1.2: Marginal Utility
      • 5.1.3: Principle of Diminishing Marginal Utility
    • 5.2: Theory of Consumer Choice
      • 5.2.0: Introducing the Budget Constraint
      • 5.2.1: Mapping Preferences with Indifference Curves
      • 5.2.2: Properties of Indifference Curves
      • 5.2.3: Impact of Income on Consumer Choices
      • 5.2.4: Impact of Price on Consumer Choices
      • 5.2.5: Deriving the Demand Curve
      • 5.2.6: Applications of Principles on Consumer Choices
  • 6: Elasticity and its Implications
    • 6.1: Price Elasticity of Demand
      • 6.1.0: Defining Price Elasticity of Demand
      • 6.1.1: Measuring the Price Elasticity of Demand
      • 6.1.2: Interpretations of Price Elasticity of Demand
      • 6.1.3: Determinants of Price Elasticity of Demand
    • 6.2: Other Demand Elasticities
      • 6.2.0: Cross-Price Elasticity of Demand
      • 6.2.1: Income Elasticity of Demand
      • 6.2.2: Calculating Elasticities
    • 6.3: Price Elasticity of Supply
      • 6.3.0: Definition of Price Elasticity of Supply
      • 6.3.1: Measuring the Price Elasticity of Supply
      • 6.3.2: Applications of Elasticities
  • 7: Market Failure: Externalities
    • 7.1: Introducing Market Failure
      • 7.1.0: Defining Market Failure
      • 7.1.1: Causes of Market Failure
      • 7.1.2: Introducing Externalities
      • 7.1.3: Externality Impacts on Efficiency
    • 7.2: Externalities in Depth
      • 7.2.0: Negative Externalities
      • 7.2.1: Positive Externalities
    • 7.3: Government Policy Options
      • 7.3.0: Regulation
      • 7.3.1: Tax
      • 7.3.2: Quotas
    • 7.4: Private Solutions
      • 7.4.0: Types of Private Solutions
      • 7.4.1: The Coase Theorem
  • 8: Market Failure: Public Goods and Common Resources
    • 8.1: Public Goods
      • 8.1.0: Defining a Good
      • 8.1.1: Private Goods
      • 8.1.2: Public Goods
      • 8.1.3: Optimal Quantity of a Public Good
      • 8.1.4: Demand for Public Goods
      • 8.1.5: Cost-Benefit Analysis
    • 8.2: Common Resources
      • 8.2.0: The Tragedy of the Commons
      • 8.2.1: The Free-Rider Problem
  • 9: Production
    • 9.1: The Production Function
      • 9.1.0: Defining the Production Function
      • 9.1.1: The Law of Diminishing Returns
      • 9.1.2: Inputs and Outputs of the Function
    • 9.2: Production Cost
      • 9.2.0: Types of Costs
      • 9.2.1: Average and Marginal Cost
      • 9.2.2: Short Run and Long Run Costs
      • 9.2.3: Economies and Diseconomies of Scale
      • 9.2.4: Economic Costs
    • 9.3: Economic Profit
      • 9.3.0: Difference Between Economic and Accounting Profit
      • 9.3.1: Sources and Determinants of Profit
  • 10: Competitive Markets
    • 10.1: Perfect Competition
      • 10.1.0: Definition of Perfect Competition
      • 10.1.1: Conditions of Perfect Competition
      • 10.1.2: The Demand Curve in Perfect Competition
    • 10.2: Production Decisions in Perfect Competition
      • 10.2.0: Relationship Between Output and Revenue
      • 10.2.1: Marginal Cost Profit Maximization Strategy
      • 10.2.2: Shut Down Case
      • 10.2.3: The Supply Curve in Perfect Competition
      • 10.2.4: Short Run Firm Production Decision
    • 10.3: Long-Run Outcomes
      • 10.3.0: Long Run Supply Decisions
      • 10.3.1: Long Run Market Equilibrium
      • 10.3.2: Productive Efficiency
      • 10.3.3: Allocative Efficiency
      • 10.3.4: Entry and Exit of Firms
  • 11: Monopoly
    • 11.1: Introduction to Monopoly
      • 11.1.0: Defining Monopoly
    • 11.2: Barriers to Entry: Reasons for Monopolies to Exist
      • 11.2.0: Resource Control
      • 11.2.1: Economies of Scale and Network Externalities
      • 11.2.2: Government Action
      • 11.2.3: Legal Barriers
      • 11.2.4: Natural Monopolies
      • 11.2.5: Other Barriers to Entry
    • 11.3: Monopoly Production and Pricing Decisions and Profit Outcome
      • 11.3.0: Market Differences Between Monopoly and Perfect Competition
      • 11.3.1: Marginal Revenue and Marginal Cost Relationship for Monopoly Production
      • 11.3.2: Profit Maximization Function for Monopolies
      • 11.3.3: Monopoly Production Decision
      • 11.3.4: Monopoly Price and Profit
    • 11.4: Impacts of Monopoly on Efficiency
      • 11.4.0: Reasons for Efficiency Loss
      • 11.4.1: Understanding and Finding the Deadweight Loss
    • 11.5: Price Discrimination
      • 11.5.0: Elasticity Conditions for Price Discrimination
      • 11.5.1: Analysis of Price Discrimination
      • 11.5.2: Examples of Price Discrimination
    • 11.6: Monopoly in Public Policy
      • 11.6.0: Social Impacts of Monopoly
      • 11.6.1: Antitrust Laws
      • 11.6.2: Regulation of Natural Monopoly
  • 12: Monopolistic Competition
    • 12.1: Monopolistic Competition
      • 12.1.0: Defining Monopolistic Competition
      • 12.1.1: Product Differentiation
      • 12.1.2: Demand Curve
      • 12.1.3: Short Run Outcome of Monopolistic Competition
      • 12.1.4: Long Run Outcome of Monopolistic Competition
      • 12.1.5: Monopolistic Competition Compared to Perfect Competition
      • 12.1.6: Efficiency of Monopolistic Competition
      • 12.1.7: Advertising and Brand Management in Monopolistic Competition
  • 13: Oligopoly
    • 13.1: Prerequisites of Oligopoly
      • 13.1.0: Few Sellers
      • 13.1.1: Product Differentiation
      • 13.1.2: Entry Barriers
      • 13.1.3: Price Leadership
    • 13.2: Oligopoly in Practice
      • 13.2.0: Collusion and Competition
      • 13.2.1: Game Theory Applications to Oligopoly
      • 13.2.2: The Prisoner's Dilemma and Oligopoly
      • 13.2.3: Duopoly Example
      • 13.2.4: Cartel Example
  • 14: Inputs to Production: Labor, Natural Resources, and Technology
    • 14.1: Demand for Labor
      • 14.1.0: Marginal Product of Labor (Physical)
      • 14.1.1: Marginal Product of Labor (Revenue)
      • 14.1.2: Deriving the Labor Demand Curve
    • 14.2: Labor Market Equilibrium and Wage Determinants
      • 14.2.0: Conditions of Equilibrium
      • 14.2.1: The Wage Rate
      • 14.2.2: Compensation Differentials
      • 14.2.3: Performance and Pay
      • 14.2.4: Marginal Revenue Productivity and Wages
      • 14.2.5: Changes in Equilibrium for Shifts in Market Supply and Market Demand
      • 14.2.6: Labor Union Impacts on Equilibrium
    • 14.3: Income Distribution
      • 14.3.0: How Income is Allocated
      • 14.3.1: Current Topics in Income Distribution
    • 14.4: Capital and Natural Resource Markets
      • 14.4.0: Other Factors of Production
      • 14.4.1: The Importance of Factor Prices
      • 14.4.2: Marginal Productivity and Resource Demand
      • 14.4.3: Marginal Productivity and Income Distribution
      • 14.4.4: Capital Market
      • 14.4.5: Natural Resource Market
    • 14.5: Capital, Productivity, and Technology
      • 14.5.0: Capital and Technology
      • 14.5.1: Total Factor Productivity
      • 14.5.2: Changes in Technology Over Time
  • 15: Challenges to Efficient Outcomes
    • 15.1: Sources of Inefficiency
      • 15.1.0: Asymmetric Information: Adverse Selection and Moral Hazard
      • 15.1.1: Principle-Agent Problem
      • 15.1.2: Public Choice: Median Voters and Inefficient Voting Outcomes
      • 15.1.3: Behavioral Economics: Irrational Actions
      • 15.1.4: Government Failure
  • 16: Taxes and Public Finance
    • 16.1: Introduction to Taxes
      • 16.1.0: What Taxes Do
      • 16.1.1: How Taxes Impact Efficiency: Deadweight Losses
    • 16.2: Deploying and Measuring Taxes
      • 16.2.0: How Taxes Work in the United States
    • 16.3: Progressive, Proportional, and Regressive Taxes
      • 16.3.0: Comparing Marginal and Average Tax Rates
      • 16.3.1: Tax Incidence, Efficiency, and Fairness
      • 16.3.2: Tax Incidence and Elasticity
      • 16.3.3: Trading off Equity and Efficiency
    • 16.4: Taxation in the United States
      • 16.4.0: Financing the US Government
      • 16.4.1: Financing State and Local Government
    • 16.5: Personal, Property, and Sales Taxes
      • 16.5.0: Corporate and Payroll Taxes
  • 17: Income Inequality and Poverty
    • 17.1: Defining and Measuring Inequality, Mobility, and Poverty
      • 17.1.0: Defining and Measuring Poverty
      • 17.1.1: Defining and Measuring Income Inequality
      • 17.1.2: Defining and Measuring Economic Mobility
      • 17.1.3: Measurement Problems
    • 17.2: Policies for Reducing Poverty
      • 17.2.0: Social Insurance
      • 17.2.1: Public Assistance
  • 18: Introduction to Macroeconomics
    • 18.1: Key Topics in Macroeconomics
      • 18.1.0: Defining Macroeconomics
      • 18.1.1: The Importance of Aggregate Decisions about Consumption versus Saving and Investment
      • 18.1.2: The Role of the Financial System
      • 18.1.3: The Business Cycle: Definition and Phases
      • 18.1.4: Recessions
      • 18.1.5: Managing the Business Cycle
      • 18.1.6: Long Run Growth
  • 19: Measuring Output and Income
    • 19.1: Measuring Output Using GDP
      • 19.1.0: Defining GDP
      • 19.1.1: Learning from GDP
      • 19.1.2: The Circular Flow and GDP
      • 19.1.3: GDP Equation in Depth (C+I+G+X)
      • 19.1.4: Calculating GDP
      • 19.1.5: Other Approaches to Calculating GDP
      • 19.1.6: Evaluating GDP as a Measure of the Economy
    • 19.2: Other Measures of Output
      • 19.2.0: National Income
      • 19.2.1: Personal Income
      • 19.2.2: Disposable Income
      • 19.2.3: GDP per capita
    • 19.3: Comparing Real and Nominal GDP
      • 19.3.0: Calculating Real GDP
      • 19.3.1: The GDP Deflator
    • 19.4: Cost of Living
      • 19.4.0: Introduction to Inflation
      • 19.4.1: Defining and Calculating CPI
  • 20: Economic Growth
    • 20.1: Comparing Economies
      • 20.1.0: Economic Growth as a Measuring Stick
      • 20.1.1: How to Compare Economies Throughout History
      • 20.1.2: Is Economic Growth a Good Goal?
    • 20.2: Assessing Growth
      • 20.2.0: Calculating Economic Growth
      • 20.2.1: Growth in the United States
      • 20.2.2: Growth in the Rest of the World
      • 20.2.3: Catch-Up: Possible, but not Certain
    • 20.3: Productivity
      • 20.3.0: The Importance of Productivity
      • 20.3.1: Measuring Productivity
      • 20.3.2: Impacts of Technological Change on Productivity
    • 20.4: Long-Run Growth
      • 20.4.0: Determinants of Long-Run Growth
      • 20.4.1: Aggregate Production
      • 20.4.2: Changing Worker Productivity
      • 20.4.3: Technological Change
      • 20.4.4: Government Activity
      • 20.4.5: Arguments in Favor and Opposed to Economic Growth
    • 20.5: The Impact of Policy on Growth
      • 20.5.0: Incentivizing Saving and Investment
      • 20.5.1: Improving Education and Health Outcomes
      • 20.5.2: Defining and Defending Property Rights
      • 20.5.3: Promoting Free Trade
      • 20.5.4: Investing in Research and Development
  • 21: Inflation
    • 21.1: Defining, Measuring, and Assessing Inflation
      • 21.1.0: Defining Inflation
      • 21.1.1: Measuring Inflation
      • 21.1.2: Price Indices and the Rate of Change of Prices
      • 21.1.3: The Costs of Inflation
      • 21.1.4: Distribution Effects of Inflation
      • 21.1.5: Deflation
  • 22: Unemployment
    • 22.1: Introduction to Unemployment
      • 22.1.0: Defining Unemployment
      • 22.1.1: Defining Full Employment
      • 22.1.2: Types of Unemployment: Frictional, Structural, Cyclical
    • 22.2: Measuring Unemployment
      • 22.2.0: Measuring the Unemployment Rate
      • 22.2.1: Shortcomings of the Measurement
      • 22.2.2: Typical Lengths of Unemployment
    • 22.3: Understanding Unemployment
      • 22.3.0: Reasons for Unemployment
      • 22.3.1: Impact of Public Policy on Unemployment
      • 22.3.2: Impact of Unions on Unemployment
      • 22.3.3: Efficiency Wage Theory
      • 22.3.4: Job Creation and Destruction
  • 23: Inflation and Unemployment
    • 23.1: The Relationship Between Inflation and Unemployment
      • 23.1.0: The Phillips Curve
      • 23.1.1: The Relationship Between the Phillips Curve and AD-AD
      • 23.1.2: The Long-Run Phillips Curve
      • 23.1.3: The Short-Run Phillips Curve
      • 23.1.4: Relationship Between Expectations and Inflation
      • 23.1.5: Shifting the Phillips Curve with a Supply Shock
      • 23.1.6: Disinflation
  • 24: Aggregate Demand and Supply
    • 24.1: Introducing Aggregate Expenditure
      • 24.1.0: Defining Aggregate Expenditure: Components and Comparison to GDP
      • 24.1.1: Aggregate Expenditure at Economic Equilibrium
      • 24.1.2: Graphing Equilibrium
      • 24.1.3: The Multiplier Effect
    • 24.2: Introducing Aggregate Demand and Aggregate Supply
      • 24.2.0: Explaining Fluctuations in Output
      • 24.2.1: Classical Theory
      • 24.2.2: Keynesian Theory
    • 24.3: Aggregate Demand
      • 24.3.0: Introducing Aggregate Demand
      • 24.3.1: The Slope of the Aggregate Demand Curve
      • 24.3.2: Reasons for and Consequences of Shifts in the Aggregate Demand Curve
    • 24.4: Aggregate Supply
      • 24.4.0: Introducing Aggregate Supply
      • 24.4.1: The Slope of the Short-Run Aggregate Supply Curve
      • 24.4.2: The Slope of the Long-Run Aggregate Supply Curve
      • 24.4.3: Moving from Short-Run to Long-Run
      • 24.4.4: Reasons for and Consequences of Shifts in the Short-Run Aggregate Supply Curve
    • 24.5: The Aggregate Demand-Supply Model
      • 24.5.0: Macroeconomic Equilibrium
      • 24.5.1: Reasons for and Consequences of Shift in Aggregate Demand
      • 24.5.2: Reasons for and Consequences of Shift in Aggregate Supply
  • 25: Major Macroeconomic Theories
    • 25.1: Major Theories in Macroeconomics
      • 25.1.0: Keynesian Theory
      • 25.1.1: Monetarist
      • 25.1.2: Austrian
      • 25.1.3: Alternative Views
  • 26: Fiscal Policy
    • 26.1: Introduction to Fiscal Policy
      • 26.1.0: Defining Fiscal Policy
      • 26.1.1: How Fiscal Policy Relates to the AD-AS Model
      • 26.1.2: Expansionary Versus Contractionary Fiscal Policy
      • 26.1.3: Fiscal Levers: Spending and Taxation
      • 26.1.4: How Fiscal Policy Can Impact GDP
      • 26.1.5: Fiscal Policy and the Multiplier
    • 26.2: Evaluating Fiscal Policy
      • 26.2.0: Automatic Stabilizers
      • 26.2.1: Automatic Stabilizers Versus Discretionary Policy
      • 26.2.2: The Role of the Federal Budget
      • 26.2.3: Arguments for and Against Balancing the Budget
      • 26.2.4: Long-Run Implications of Fiscal Policy
      • 26.2.5: Problems of Long-Run Government Debt
      • 26.2.6: Limits of Fiscal Policy
      • 26.2.7: Difficulty in Getting the Timing Right
      • 26.2.8: Crowding-Out Effect
      • 26.2.9: Evaluating the Recent United States Stimulus Package
  • 27: The Monetary System
    • 27.1: Introducing Money
      • 27.1.0: The Definition of Money
      • 27.1.1: The Functions of Money
      • 27.1.2: Measuring the Money Supply: M1
      • 27.1.3: Measuring the Money Supply: M2
      • 27.1.4: Other Measurements of the Money Supply
    • 27.2: Introducing the Federal Reserve
      • 27.2.0: Introduction to Monetary Policy
      • 27.2.1: The Creation of the Federal Reserve
      • 27.2.2: Structure of the Federal Reserve
      • 27.2.3: The Federal Open Market Committee and the Role of the Fed
      • 27.2.4: The Federal Reserve and the Financial Crisis of 2008
      • 27.2.5: The Structure and Function of Other Banks
    • 27.3: Creating Money
      • 27.3.0: The Fractional Reserve System
      • 27.3.1: Example Transactions Showing How a Bank Can Create Money
      • 27.3.2: The Money Multiplier in Theory
      • 27.3.3: The Money Multiplier in Reality
  • 28: Monetary Policy
    • 28.1: Introduction to Monetary Policy
      • 28.1.0: The Demand for Money
      • 28.1.1: Shifts in the Money Demand Curve
      • 28.1.2: The Equilibrium Interest Rate
    • 28.2: Monetary Policy Tools
      • 28.2.0: The Reserve Ratio
      • 28.2.1: The Discount Rate
      • 28.2.2: The Federal Funds Rate
      • 28.2.3: Open Market Operations
      • 28.2.4: Setting and Achieving the Interest Rate Target
      • 28.2.5: Executing Expansionary Monetary Policy
      • 28.2.6: Executing Restrictive Monetary Policy
      • 28.2.7: The Taylor Rule
    • 28.3: Impacts of Federal Reserve Policies
      • 28.3.0: The Impact of Monetary Policy on Aggregate Demand, Prices, and Real GDP
      • 28.3.1: The Effect of Expansionary Monetary Policy
      • 28.3.2: The Effect of Restrictive Monetary Policy
      • 28.3.3: Limitations of Monetary Policy
      • 28.3.4: Using Monetary Policy to Target Inflation
    • 28.4: Historical Federal Reserve Policies
      • 28.4.0: Volcker Disinflation
      • 28.4.1: Greenspan Era
      • 28.4.2: Bernanke Era
  • 29: The Financial System
    • 29.1: Introducing the Financial System
      • 29.1.0: Institutions, Markets, and Intermediaries
      • 29.1.1: Role in Matching Savings and Investment Spending
      • 29.1.2: Role in Providing a Market for Loanable Funds
    • 29.2: Tools of Finance
      • 29.2.0: Present Value and the Time Value of Money
      • 29.2.1: Measuring and Managing Risk
      • 29.2.2: The Value of Diversification
      • 29.2.3: The Relationship Between Risk and Return and the Security Market Line
  • 30: Current Topics in Macroeconomics
    • 30.1: Questions for Debate
      • 30.1.0: Arguments For and Against Discretionary Monetary Policy
      • 30.1.1: Arguments For and Against Fighting Recession with Expansionary Monetary Policy
      • 30.1.2: Arguments For and Against Fighting Recession with Expansionary Fiscal Policy
      • 30.1.3: Arguments For and Against Inflation Targeting Policy Interventions
  • 31: International Trade
    • 31.1: Introduction to International Trade
      • 31.1.0: Reasons for Trade
      • 31.1.1: Understanding Production Possibilities
      • 31.1.2: Defining Absolute Advantage
      • 31.1.3: Defining Comparative Advantage
      • 31.1.4: Absolute Advantage Versus Comparative Advantage
      • 31.1.5: Benefits of Specialization
      • 31.1.6: Relationship Between Specialization and Trade
    • 31.2: Gains from Trade
      • 31.2.0: Exports: The Economic Impacts of Selling Goods to Other Countries
      • 31.2.1: Imports: The Economics Impacts of Buying Goods from Other Countries
      • 31.2.2: Costs of Trade
    • 31.3: The United States in the Global Economy
      • 31.3.0: The Importance of Trade
      • 31.3.1: The Balance of Trade
    • 31.4: Barriers to Trade
      • 31.4.0: Tariffs
      • 31.4.1: Quotas
      • 31.4.2: Other Barriers
    • 31.5: Arguments for and Against Protectionist Policy
      • 31.5.0: National Security Argument
      • 31.5.1: Infant Industry Argument
      • 31.5.2: Unfair Competition Argument
      • 31.5.3: Jobs Argument
      • 31.5.4: A Summary of International Trade Agreements
  • 32: Open Economy Macroeconomics
    • 32.1: Capital Flows
      • 32.1.0: The Balance of Payments
      • 32.1.1: The Current Account
      • 32.1.2: The Financial Account
      • 32.1.3: The Capital Account
      • 32.1.4: Reason for a Zero Balance
    • 32.2: Exchange Rates
      • 32.2.0: Introducing Exchange Rates
      • 32.2.1: Finding an Equilibrium Exchange Rate
      • 32.2.2: Real Versus Nominal Rates
      • 32.2.3: Exchange Rate Policy Choices
      • 32.2.4: Exchange Rate Systems
      • 32.2.5: Fixed Exchange Rates
      • 32.2.6: Managed Float
    • 32.3: Equilibrium
      • 32.3.0: Open Economy Equilibrium
      • 32.3.1: Impacts of Policies and Events on Equilibrium
      • 32.3.2: Effect of a Government Budget Deficit on Investment and Equilibrium
  • 33: Economic Crises
    • 33.1: Fundamentals of Banking Crises
      • 33.1.0: Causes of Banking Crises
      • 33.1.1: Consequences of Banking Crises
    • 33.2: The 2007-2009 Crisis
      • 33.2.0: Causes and Immediate Impacts of the Crisis
      • 33.2.1: Recovery
      • 33.2.2: Global Impacts
  • 34: Interest and Profit
    • 34.1: Interest
      • 34.1.0: Defining Capital
      • 34.1.1: Interest Rates and Economic Rationale
  • 35: Health Care Economics
    • 35.1: Introducing Health Care Economics
      • 35.1.0: Defining Health, Health Care, and Medical Care
      • 35.1.1: Where a Dollar Spent on Health Care Goes: Introducing the Inputs to Health Care
      • 35.1.2: Different Health Care Systems Around the World
      • 35.1.3: Externalities in the Health Care Market
      • 35.1.4: Current Issues in Health Care
  • 36: Natural Resource Economics
    • 36.1: Introduction to Natural Resource Economics
      • 36.1.0: Types of Natural Resources
      • 36.1.1: Basic Economics of Natural Resources
      • 36.1.2: Externalities and Impacts on Resource Allocation
  • 37: Agriculture Economics
    • 37.1: Introduction to the Agriculture Economics
      • 37.1.0: The Agricultural Market Landscape
      • 37.1.1: Subsidies and Income Supports
      • 37.1.2: Price Supports
      • 37.1.3: Supply Reduction
      • 37.1.4: Evaluating Policies
  • 38: Immigration Economics
    • 38.1: Introduction to Immigration Economics
      • 38.1.0: Dimensionalizing Immigration: Numbers of Immigrants around the World
      • 38.1.1: Impact of Immigration on the Immigrant
      • 38.1.2: Impact of Immigration on the Host and Home Country Economies
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