Principles of Economics 2e
Free

Principles of Economics 2e

By Unknown
Free
Book Description
Table of Contents
  • Preface
    • 1. About OpenStax
    • 2. About OpenStax resources
    • 3. About Principles of Economics 2e
    • 4. Additional resources
    • 5. About the authors
  • Chapter 1. Welcome to Economics!
    • 1.1. What Is Economics, and Why Is It Important?*
    • 1.2. Microeconomics and Macroeconomics*
    • 1.3. How Economists Use Theories and Models to Understand Economic Issues*
    • 1.4. How To Organize Economies: An Overview of Economic Systems*
    • Glossary
  • Chapter 2. Choice in a World of Scarcity
    • 2.1. How Individuals Make Choices Based on Their Budget Constraint*
    • 2.2. The Production Possibilities Frontier and Social Choices*
    • 2.3. Confronting Objections to the Economic Approach*
    • Glossary
  • Chapter 3. Demand and Supply
    • 3.1. Demand, Supply, and Equilibrium in Markets for Goods and Services*
    • 3.2. Shifts in Demand and Supply for Goods and Services*
    • 3.3. Changes in Equilibrium Price and Quantity: The Four-Step Process*
    • 3.4. Price Ceilings and Price Floors*
    • 3.5. Demand, Supply, and Efficiency*
    • Glossary
  • Chapter 4. Labor and Financial Markets
    • 4.1. Demand and Supply at Work in Labor Markets*
    • 4.2. Demand and Supply in Financial Markets*
    • 4.3. The Market System as an Efficient Mechanism for Information*
    • Glossary
  • Chapter 5. Elasticity
    • 5.1. Price Elasticity of Demand and Price Elasticity of Supply*
    • 5.2. Polar Cases of Elasticity and Constant Elasticity*
    • 5.3. Elasticity and Pricing*
    • 5.4. Elasticity in Areas Other Than Price*
    • Glossary
  • Chapter 6. Consumer Choices
    • 6.1. Consumption Choices*
    • 6.2. How Changes in Income and Prices Affect Consumption Choices*
    • 6.3. Behavioral Economics: An Alternative Framework for Consumer Choice*
    • Glossary
  • Chapter 7. Production, Costs, and Industry Structure
    • 7.1. Explicit and Implicit Costs, and Accounting and Economic Profit*
    • 7.2. Production in the Short Run*
    • 7.3. Costs in the Short Run*
    • 7.4. Production in the Long Run*
    • 7.5. Costs in the Long Run*
    • Glossary
  • Chapter 8. Perfect Competition
    • 8.1. Perfect Competition and Why It Matters*
    • 8.2. How Perfectly Competitive Firms Make Output Decisions*
    • 8.3. Entry and Exit Decisions in the Long Run*
    • 8.4. Efficiency in Perfectly Competitive Markets*
    • Glossary
  • Chapter 9. Monopoly
    • 9.1. How Monopolies Form: Barriers to Entry*
    • 9.2. How a Profit-Maximizing Monopoly Chooses Output and Price*
    • Glossary
  • Chapter 10. Monopolistic Competition and Oligopoly
    • 10.1. Monopolistic Competition*
    • 10.2. Oligopoly*
    • Glossary
  • Chapter 11. Monopoly and Antitrust Policy
    • 11.1. Corporate Mergers*
    • 11.2. Regulating Anticompetitive Behavior*
    • 11.3. Regulating Natural Monopolies*
    • 11.4. The Great Deregulation Experiment*
    • Glossary
  • Chapter 12. Environmental Protection and Negative Externalities
    • 12.1. The Economics of Pollution*
    • 12.2. Command-and-Control Regulation*
    • 12.3. Market-Oriented Environmental Tools*
    • 12.4. The Benefits and Costs of U.S. Environmental Laws*
    • 12.5. International Environmental Issues*
    • 12.6. The Tradeoff between Economic Output and Environmental Protection*
    • Glossary
  • Chapter 13. Positive Externalities and Public Goods
    • 13.1. Why the Private Sector Underinvests in Innovation*
    • 13.2. How Governments Can Encourage Innovation*
    • 13.3. Public Goods*
    • Glossary
  • Chapter 14. Labor Markets and Income
    • 14.1. The Theory of Labor Markets*
    • 14.2. Wages and Employment in an Imperfectly Competitive Labor Market*
    • 14.3. Market Power on the Supply Side of Labor Markets: Unions*
    • 14.4. Bilateral Monopoly*
    • 14.5. Employment Discrimination*
    • 14.6. Immigration*
    • Glossary
  • Chapter 15. Poverty and Economic Inequality
    • 15.1. Drawing the Poverty Line*
    • 15.2. The Poverty Trap*
    • 15.3. The Safety Net*
    • 15.4. Income Inequality: Measurement and Causes*
    • 15.5. Government Policies to Reduce Income Inequality*
    • Glossary
  • Chapter 16. Information, Risk, and Insurance
    • 16.1. The Problem of Imperfect Information and Asymmetric Information*
    • 16.2. Insurance and Imperfect Information*
    • Glossary
  • Chapter 17. Financial Markets
    • 17.1. How Businesses Raise Financial Capital*
    • 17.2. How Households Supply Financial Capital*
    • 17.3. How to Accumulate Personal Wealth*
    • Glossary
  • Chapter 18. Public Economy
    • 18.1. Voter Participation and Costs of Elections*
    • 18.2. Special Interest Politics*
    • 18.3. Flaws in the Democratic System of Government*
    • Glossary
  • Chapter 19. The Macroeconomic Perspective
    • 19.1. Measuring the Size of the Economy: Gross Domestic Product*
    • 19.2. Adjusting Nominal Values to Real Values*
    • 19.3. Tracking Real GDP over Time*
    • 19.4. Comparing GDP among Countries*
    • 19.5. How Well GDP Measures the Well-Being of Society*
    • Glossary
  • Chapter 20. Economic Growth
    • 20.1. The Relatively Recent Arrival of Economic Growth*
    • 20.2. Labor Productivity and Economic Growth*
    • 20.3. Components of Economic Growth*
    • 20.4. Economic Convergence*
    • Glossary
  • Chapter 21. Unemployment
    • 21.1. How Economists Define and Compute Unemployment Rate*
    • 21.2. Patterns of Unemployment*
    • 21.3. What Causes Changes in Unemployment over the Short Run*
    • 21.4. What Causes Changes in Unemployment over the Long Run*
    • Glossary
  • Chapter 22. Inflation
    • 22.1. Tracking Inflation*
    • 22.2. How to Measure Changes in the Cost of Living*
    • 22.3. How the U.S. and Other Countries Experience Inflation*
    • 22.4. The Confusion Over Inflation*
    • 22.5. Indexing and Its Limitations*
    • Glossary
  • Chapter 23. The International Trade and Capital Flows
    • 23.1. Measuring Trade Balances*
    • 23.2. Trade Balances in Historical and International Context*
    • 23.3. Trade Balances and Flows of Financial Capital*
    • 23.4. The National Saving and Investment Identity*
    • 23.5. The Pros and Cons of Trade Deficits and Surpluses*
    • 23.6. The Difference between Level of Trade and the Trade Balance*
    • Glossary
  • Chapter 24. The Aggregate Demand/Aggregate Supply Model
    • 24.1. Macroeconomic Perspectives on Demand and Supply*
    • 24.2. Building a Model of Aggregate Demand and Aggregate Supply*
    • 24.3. Shifts in Aggregate Supply*
    • 24.4. Shifts in Aggregate Demand*
    • 24.5. How the AD/AS Model Incorporates Growth, Unemployment, and Inflation*
    • 24.6. Keynes’ Law and Say’s Law in the AD/AS Model*
    • Glossary
  • Chapter 25. The Keynesian Perspective
    • 25.1. Aggregate Demand in Keynesian Analysis*
    • 25.2. The Building Blocks of Keynesian Analysis*
    • 25.3. The Phillips Curve*
    • 25.4. The Keynesian Perspective on Market Forces*
    • Glossary
  • Chapter 26. The Neoclassical Perspective
    • 26.1. The Building Blocks of Neoclassical Analysis*
    • 26.2. The Policy Implications of the Neoclassical Perspective*
    • 26.3. Balancing Keynesian and Neoclassical Models*
    • Glossary
  • Chapter 27. Money and Banking
    • 27.1. Defining Money by Its Functions*
    • 27.2. Measuring Money: Currency, M1, and M2*
    • 27.3. The Role of Banks*
    • 27.4. How Banks Create Money*
    • Glossary
  • Chapter 28. Monetary Policy and Bank Regulation
    • 28.1. The Federal Reserve Banking System and Central Banks*
    • 28.2. Bank Regulation*
    • 28.3. How a Central Bank Executes Monetary Policy*
    • 28.4. Monetary Policy and Economic Outcomes*
    • 28.5. Pitfalls for Monetary Policy*
    • Glossary
  • Chapter 29. Exchange Rates and International Capital Flows
    • 29.1. How the Foreign Exchange Market Works*
    • 29.2. Demand and Supply Shifts in Foreign Exchange Markets*
    • 29.3. Macroeconomic Effects of Exchange Rates*
    • 29.4. Exchange Rate Policies*
    • Glossary
  • Chapter 30. Government Budgets and Fiscal Policy
    • 30.1. Government Spending*
    • 30.2. Taxation*
    • 30.3. Federal Deficits and the National Debt*
    • 30.4. Using Fiscal Policy to Fight Recession, Unemployment, and Inflation*
    • 30.5. Automatic Stabilizers*
    • 30.6. Practical Problems with Discretionary Fiscal Policy*
    • 30.7. The Question of a Balanced Budget*
    • Glossary
  • Chapter 31. The Impacts of Government Borrowing
    • 31.1. How Government Borrowing Affects Investment and the Trade Balance*
    • 31.2. Fiscal Policy and the Trade Balance*
    • 31.3. How Government Borrowing Affects Private Saving*
    • 31.4. Fiscal Policy, Investment, and Economic Growth*
    • Glossary
  • Chapter 32. Macroeconomic Policy Around the World
    • 32.1. The Diversity of Countries and Economies across the World*
    • 32.2. Improving Countries’ Standards of Living*
    • 32.3. Causes of Unemployment around the World*
    • 32.4. Causes of Inflation in Various Countries and Regions*
    • 32.5. Balance of Trade Concerns*
    • Glossary
  • Chapter 33. International Trade
    • 33.1. Absolute and Comparative Advantage*
    • 33.2. What Happens When a Country Has an Absolute Advantage in All Goods*
    • 33.3. Intra-industry Trade between Similar Economies*
    • 33.4. The Benefits of Reducing Barriers to International Trade*
    • Glossary
  • Chapter 34. Globalization and Protectionism
    • 34.1. Protectionism: An Indirect Subsidy from Consumers to Producers*
    • 34.2. International Trade and Its Effects on Jobs, Wages, and Working Conditions*
    • 34.3. Arguments in Support of Restricting Imports*
    • 34.4. How Governments Enact Trade Policy: Globally, Regionally, and Nationally*
    • 34.5. The Tradeoffs of Trade Policy*
    • Glossary
  • Appendix A. The Use of Mathematics in Principles of Economics*
    • A.1. Algebraic Models
    • A.2. Growth Rates
    • A.3. Displaying Data Graphically and Interpreting the Graph
    • A.4. Key Concepts and Summary
    • A.5. Review Questions
  • Appendix B. Indifference Curves*
    • B.1. What Is an Indifference Curve?
    • B.2. Utility-Maximizing with Indifference Curves
    • B.3. Changes in Income
    • B.4. Responses to Price Changes: Substitution and Income Effects
    • B.5. Indifference Curves with Labor-Leisure and Intertemporal Choices
    • B.6. Sketching Substitution and Income Effects
    • B.7. Key Concepts and Summary
    • B.8. Review Questions
  • Appendix C. Present Discounted Value*
    • C.1. Applying Present Discounted Value to a Stock
    • C.2. Applying Present Discounted Value to a Bond
    • C.3. Other Applications
  • Appendix D. The Expenditure-Output Model*
    • D.1. The Axes of the Expenditure-Output Diagram
    • D.2. Building the Aggregate Expenditure Schedule
    • D.3. Equilibrium in the Keynesian Cross Model
    • D.4. The Multiplier Effect
    • D.5. Key Concepts and Summary
    • D.6. Self-Check Questions
    • D.7. Review Questions
    • D.8. Critical Thinking Questions
    • D.9. References
  • Solutions
    • Chapter 1
    • Chapter 2
    • Chapter 3
    • Chapter 4
    • Chapter 5
    • Chapter 6
    • Chapter 7
    • Chapter 8
    • Chapter 9
    • Chapter 10
    • Chapter 11
    • Chapter 12
    • Chapter 13
    • Chapter 14
    • Chapter 15
    • Chapter 16
    • Chapter 17
    • Chapter 18
    • Chapter 19
    • Chapter 20
    • Chapter 21
    • Chapter 22
    • Chapter 23
    • Chapter 24
    • Chapter 25
    • Chapter 26
    • Chapter 27
    • Chapter 28
    • Chapter 29
    • Chapter 30
    • Chapter 31
    • Chapter 32
    • Chapter 33
    • Chapter 34
  • References
    • Index
  • Blank Page
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