Contemporary Economics: An Applications Approach / Edition 5

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Overview

Like the author's best-selling, highly regarded International Economics text, this book integrates a clear and concise presentation of economic theory with an abundance of real-world cases and applications. Rather than discussing economic theory in the abstract, and then including real-world applications in separate sections, the text weaves applications into all theoretical discussions. There is no other Survey text that emphasizes real-world applications to this degree.
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Product Details

  • ISBN-13: 9780765620842
  • Publisher: M E Sharpe Inc
  • Publication date: 12/28/2007
  • Edition description: REV
  • Edition number: 5
  • Pages: 437
  • Product dimensions: 7.90 (w) x 9.60 (h) x 1.00 (d)

Table of Contents

Part 1 Introduction 1
Chapter 1 Scarcity and Choice 3
What Is Economics? 4
The Economic Way of Thinking 6
Scarcity 9
Scarcity and Opportunity Cost 10
Opportunity Costs and Choices 12
The Production Possibilities Curve and Opportunity Cost 13
Economic Growth 17
Economic Decline 20
Economic Growth: Trade-Offs Between Present and Future Consumption 21
Economic Sanctions and Production Possibilities 25
Fundamental Economic Questions and Economic Systems 28
Part 2 The Microeconomy 39
Chapter 2 Market Transactions: Demand and Supply Analysis 41
Markets 42
Demand 42
Supply 48
Demand, Supply, and Equilibrium 53
Shifts in Demand and Supply 56
Supply and Demand Applications 59
Chapter 3 Demand and Supply Applications 71
Price Elasticity of Demand 72
Determinants of Price Elasticity of Demand 73
Price Elasticity of Demand and Total Revenue 76
Applications of Price Elasticity of Demand and Total Revenue 77
Price Elasticity of Supply 80
Price Ceilings and Price Floors 82
Chapter 4 Production and the Costs of Production 99
Short Run Versus Long Run 100
Production Function 100
Short-Run Production 101
Short-Run Production Costs 105
Long-Run Production Costs 111
Organizing Production: Is Bigger Better? 113
Shifts in Cost Curves 116
Cost Adjustments in Autos, Steel, and Airlines 118
Costs and Profit 123
Chapter 5 Competition and Monopoly: Virtues and Vices 133
Perfect Competition 134
Perfect Competition: Profit Maximization and Loss Minimization in the Short Run 136
Perfect Competition: Long-Run Adjustments and Economic Efficiency 143
Monopoly 146
Barriers to Entry 146
De Beers: The Diamond Monopoly 151
Profit Maximization for a Monopoly 152
The Case Against Monopoly 156
Crane's Monopoly in the Currency Paper Market 158
Legal Monopoly Examples 160
Chapter 6 Imperfect Competition 173
Concentration Ratios 174
Monopolistic Competition 175
Advertising 179
Price Discrimination 182
Oligopoly 185
Game Theory and Oligopoly Behavior 188
Price and Output Under Oligopoly 190
Mergers and Oligopoly 195
Competition in the Commercial Jetliner Industry: Boeing Versus Airbus 196
Potential Competition and Contestable Markets 198
Chapter 7 Government and Markets 207
Market Failure 208
Monopoly Power 209
Antitrust Policy 209
Economic Regulation and Deregulation 215
Public Utility Regulation 217
Spillover Effects 221
Social Regulation 225
Environmental Regulatory Policies and International Competitiveness 228
Public Goods 232
Inadequate Information 233
Economic Inequality 236
Chapter 8 Labor Markets 243
Labor Market Equilibrium 244
The Minimum Wage 250
Popeyes' Restaurants Fret over How to Handle a Minimum-Pay Rise 253
Labor Unions 256
Are International Trade and Immigration an Opportunity or a Threat to Workers? 266
Part 3 The Macroeconomy 281
Chapter 9 The Mixed Economy of the United States 283
Households as Income Receivers 284
Households as Spenders 286
The Business Sector 287
Government in the Mixed Economy 289
Social Security and Medicare 294
Can the Stock Market Save Social Security? 296
Government Finance 300
Principles of Taxation 304
Progressive, Regressive, and Proportional Taxes 305
The U.S. Tax Structure 307
Reforming the U.S. Tax System 310
Chapter 10 Gross Domestic Product and Economic Growth 321
Measuring an Economy's Output 322
Gross Domestic Product 322
The Components of GDP 324
What GDP Does Not Measure 326
Real GDP Versus Nominal GDP 327
Long-Run Economic Growth 329
What Determines Economic Growth 331
The Productivity Slowdown 335
Achieving Faster Growth: The Role of Government 338
Industrial Policy: Targeting and Subsidizing Specific Industries 341
Concerns over Future Economic Growth 342
East Asia's Growth Strategy 344
Chapter 11 The Business Cycle, Unemployment, and Inflation 353
Business Cycles 354
Unemployment 363
Inflation 373
Who Benefits from and Who Is Hurt by Inflation 378
Effects of Severe Inflation 383
Causes of Inflation 384
Cost of Living: These Are the Good Old Days 385
Chapter 12 Macroeconomic Instability: Aggregate Demand and Aggregate Supply 393
Stability of the Macroeconomy 394
Aggregate Demand and Aggregate Supply 396
Aggregate Demand 396
The Multiplier Effect 400
Aggregate Supply 402
The Origins of Recession 406
The Origins of Inflation Revisited 409
Chapter 13 Fiscal Policy and the Federal Budget 421
The Federal Budget 422
Fiscal Policy 422
Fiscal Policy and Aggregate Demand 423
Fiscal Policy in Action 427
Automatic Stabilizers 429
Problems of Fiscal Policy 431
Fiscal Policy and Aggregate Supply 435
Federal Deficit and Federal Debt 438
Trends in Federal Debt 439
Is the Federal Debt Good or Bad? 442
Would a Balanced-Budget Amendment Help? 445
Do Americans Really Want a Balanced Federal Budget? 446
Chapter 14 Money and the Banking System 455
The Meaning of Money 456
Shopping for a Credit Card 458
U.S. Money Supply 461
What Backs the Money Supply? 468
Measuring the Money Supply 470
The Banking System 473
Types of Savings Accounts 474
The Business of Banking 478
The Process of Money Creation 480
Why Are Banks Regulated? 482
The Federal Deposit Insurance Corporation 482
Chapter 15 The Federal Reserve and Monetary Policy 491
The Federal Reserve System 492
Monetary Policy Instruments 497
Shifting Aggregate Demand 505
Preventing Financial Panics 508
Monetary Policy in an International Economy 512
Monetary Policy: Advantages and Disadvantages 513
Free Money Didn't Nudge the Japanese Economy 516
Fixed Rules or Discretion? 520
Should Congress Reduce the Independence of the Federal Reserve? 521
Part 4 The International Economy 529
Chapter 16 The United States and the Global Economy 531
The United States as an Open Economy 532
The Advantages of Specialization and Trade 534
Comparative Advantage and International Trade 536
Sources of Comparative Advantage 539
Why Is Free Trade Controversial? 540
Tariffs 542
Quotas 546
Arguments for Trade Restrictions 549
Pursuing Trade Liberalization 554
North American Free Trade Agreement 554
Chapter 17 International Finance 565
The Balance of Payments 566
The U.S. Balance of Payments 569
Does the United States Borrow Too Much? 570
Foreign Exchange Market 572
Foreign Exchange Quotations 573
Is a Strong Dollar Always Good? Is a Weak Dollar Always Bad? 574
Exchange Rate Determination 576
What Makes Exchange Rates Change? 578
Exchange Rate Systems 580
Challenges to the International Monetary System 586
Glossary 597
Index 611
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