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What does CORE mean?

CoreEconomics is based on an extensive survey conducted by the author, Gerald Stone. Professor Stone asked several hundred instructors which chapters of their principles books they actually cover in their courses. Two important points emerged:

• One chapter/one week. Instructors typically cover one chapter per week, or 15 chapters in a 15-week semester.

• The majority of instructors teach the same 2/3 of a standard economics textbook.

The overwhelming majority of instructors covers the same chapters in the bulk of their course and then spend minimal time covering additional chapters. Over 90% of professors cover a maximum of 15 chapters in their microeconomics or macroeconomics text, which typically includes 19-22 chapters.

Based on this he decided to write a textbook that covers the core topics of economics in the sequence they are most commonly taught. The result is CoreEconomics, a text that provides everything you need to cover in your course in one chapter per week at 2/3 the cost of the average principles of Economics text.

In this sense, “core” does not mean brief or abridged. Rather, it means that the textbook contains the chapters that most instructors need, but very few additional chapters or special-interest topics, such as agricultural economics, urban economics, insurance, and risk.

Because CoreEconomics focuses on the core principles, it includes very few boxes, sidebars, or additional features. Rather, examples are incorporated into the main narrative of each chapter. The result is a more satisfying reading and learning experience for the student.

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Product Details

  • ISBN-13: 9780716799009
  • Publisher: Worth Publishers, Incorporated
  • Publication date: 12/27/2007
  • Edition description: Older Edition
  • Edition number: 1
  • Pages: 800

Table of Contents

Note: Each chapter concludes with a Chapter Summary and Questions and Problems.

Chapter 1: Exploring Economics

What is Economics About?

Microeconomics versus Macroeconomics

Economic Theories and Reality

Equity vs. Efficiency

Key Ideas of Economics

Choice and Scarcity Force Tradeoffs

Opportunity Costs Dominate Our Lives

Rational Behavior Requires Thinking at the Margin

People Follow Incentives

Markets are Efficient

Government Must Deal with Market Failure

Information is Important

Specialization and Trade Improve Our Lives

Productivity Determines Our Standard of Living

Government can Smooth the Fluctuations in the Overall Economy

Appendix: Working with Graphs and Formulas

Chapter 2: Production, Economic Growth and Trade

Basic Economic Questions and Production

Basic Economic Questions

Resources, Production and Efficiency

Production Possibilities and Economic Growth

Specialization, Comparative Advantage, and Trade

Absolute and Comparative Advantage

The Gains from Trade

Limits on Trade and Globalization

Is There a Moral Dimension to Economic Growth?

Chapter 3: Supply and Demand


The Price System


The Relationship Between Quantity Demanded and Price

The Law of Demand

The Demand Curve

Market Demand Curves

Determinants of Demand

Changes in Demand Versus Changes in Quantity Demanded


The Relationship Between Quantity Supplied and Price

The Law of Supply

The Supply Curve

Market Supply Curves

Determinants of Supply

Changes in Supply Versus Changes in Quantity Supplied

Market Equilibrium

Moving to a New Equilibrium: Changes in Supply and Demand

Putting Supply and Demand to Work

Excess Grape Supply and Two-Buck Chuck

Trek Bicycles and Lance Armstrong

Chapter 4: Market Efficiency, Market Failure, and Government Intervention

Markets and Efficiency

Efficient Market Requirements

The Discipline of Markets

Consumer and Producer Surplus: A Tool for Measuring Economic Efficiency

Market Failures

1. Accurate Information is Not Widely Available: Asymmetric Information

2. Problems with Property Rights

3. Contract Enforcement Is Problematical

4. There Are Significant External Costs or Benefits: Externalities

5. Competitive Markets do Not Prevail: Monopoly Power

Government Controlled Prices

Price Ceilings

Price Floors

Taxes and Deadweight Loss

Who Is Watching Your Money? Bank Regulation and Information Problems

Chapter 5: Elasticity

Elasticity of Demand

Elasticity as an Absolute Value

Measuring Elasticity with Percentages

Elastic and Inelastic Demand

Determinants of Elasticity

Computing Price Elasticities

Elasticity and Total Revenue

Other Elasticities of Demand

Elasticity of Supply

Time and Price Elasticity of Supply

Taxes and Elasticity

Elasticity of Demand and Tax Burdens

Elasticity of Supply and Tax Burdens

Hubbert’s Peak: Are We Running Out of Oil?

Chapter 6: Consumer Choice and Demand

Marginal Utility Analysis

The Budget Line

Preferences and Utility

Using Marginal Utility Analysis

Deriving Demand Curves

Consumer Surplus

Marginal Utility Analysis: A Critique

Tipping and Consumer Behavior

Irrational Consumers: Investing, Gambling, and Saving

Appendix: Indifference Curve Analysis

Indifference Curves and Consumer Preferences

Optimal Consumer Choice

Using Indifference Curves

Using Indifference Curves: Economic Analysis of Terrorism

Auto Advertisements: Utility versus Indifference Curves

Chapter 7: Production and Costs

Firms, Profits, and Economic Costs




Economic Costs

Short Run versus Long Run

Production in the Short Run

Total Product

Marginal and Average Product

Increasing and Diminishing Returns

Costs of Production

Short Run Costs

Short Run Cost Curves

Long Run Costs

Innovation and the Development of the iPod

Chapter 8: Competition

Market Structure Analysis

Primary Market Structures

Defining Competitive Markets

The Short Run and the Long Run (A Reminder)

Competition: Short Run Decisions

Marginal Revenue

Profit Maximizing Output

Economic Profits

Normal Profits

Loss Minimization and Plant Shutdown

The Short Run Supply Curve

Competition: Long Run Adjustments

Adjusting to Profits and Losses in the Short Run

Competition and the Public Interest

Long Run Industry Supply

Globalization, Long Run Adjustments, and “The Box”

Chapter 9: Monopoly

Monopoly Markets

Sources of Monopoly Power

Monopoly Pricing and Output Decisions

Comparing Monopoly and Competition

Monopoly Market Issues

Price Discrimination

Regulating the Natural Monopolist

Antitrust Policy

Brief History of Antitrust Policy

The Major Antitrust Laws

Defining the Relevant Market and Monopoly Power

Contestable Markets

The Future of Antitrust Policy

California Power Shortages and Deregulation

Chapter 10: Monopolistic Competition, Oligopoly, and Game Theory

Monopolistic Competition

Product Differentiation and the Firm’s Demand Curve

Price and Output under Monopolistic Competition

Comparing Monopolistic Competition to Competition


Defining Oligopoly

Cartels: Joint Profit Maximization

1990s Aluminum Cartel: Government Sponsored Oligopoly

The Kinked Demand Curve Model

Game Theory

Types of Games

The Prisoner’s Dilemma

Nash Equilibrium

One-Off Games: Applying Game Theory

Repeated Games

Summary of Market Structures

Merging Brands and Monopoly Power

Chapter 11: Theory of Input Markets

Competitive Labor Supply

Individual Labor Supply

Market Labor Supply Curves

Factors that Change Labor Supply

Competitive Labor Demand

Marginal Revenue Product

Value of the Marginal Product

Factors that Change Labor Demand

Elasticity of Demand for Labor

Competitive Labor Market Equilibrium

Imperfect Labor Markets and Other Input Markets

Imperfect Labor Markets

Capital Markets



Chapter 12: Labor Market Issues

Investment in Human Capital

Education and Earnings

Education as Investment

Computing the Rate of Return to Education

Equilibrium Levels of Human Capital

Implications of Human Capital Theory

Human Capital as Screening/Signaling

On-the-Job Training

Economic Discrimination

Becker’s Theory of Economic Discrimination

Segmented Labor Markets

Public Policy to Combat Discrimination

Empirical Evidence of Discrimination

Labor Unions and Collective Bargaining

Types of Unions

Benefits and Costs of Union Membership

Brief History of American Unionism

Union-Nonunion Wage Differentials

Evolving Labor Markets and Issues

Unions in the 21st Century: Pledge Cards, Neutrality Agreements, and Organizing Success

Chapter 13: Public Goods, Common Resources, and Externalities

Market Failure

A Brief Refresher on Producer and Consumer Surplus

Public Goods

Common Property Resources


Environmental Policy

Government Failure

Overview of Environmental Policies

Command and Control Policies

Market-Based Policies

Public Pressure to Achieve Environmental Goals

The Economics of Climate Change

Chapter 14: Poverty and Income Distribution

The Distribution of Income and Wealth

Life Cycle Effects

The Distribution of Income

Personal and Family Distribution of Income

Lorenz Curves

Gini Coefficient

The Impact of Redistribution

Causes of Income Inequality


Measuring Poverty

The Incidence of Poverty

Eliminating Poverty

Income Mobility and Poverty

Chapter 15: Introduction to Macroeconomics

The Scope of Macroeconomics

Major Events that Shaped Macroeconomic Ideas

Macroeconomic Goals

Business Cycles

Is the New Economy Producing Micro Recessions?

National Income Accounting

The Core of NIPA

Gross Domestic Product

The Expenditures Approach to Calculating GDP

The Income Approach to Calculating GDP

GDP and Our Standard of Living

Chapter 16: Measuring Inflation and Unemployment


Defining Inflation Terms

Measuring Inflation

Adjusting for Inflation: Escalation and Deflation

The Consequences of Inflation



The Historical Record

The Household Survey

Defining and Measuring Unemployment

Problems with Unemployment Statistics

Unemployment and the Economy

Types of Unemployment

Defining Full Employment

Job Gains and Losses: Establishment (or Payroll) Survey versus Household Survey

Chapter 17: Economic Growth

The Classical Model

Aggregate Production Function

Product Markets

Labor Markets

Capital Markets: Saving and Investment

Implications for Economic Growth

Sources of Long Run Economic Growth

Growth in the Labor Force

Productivity Is Important

Sources of Productivity Growth

Modern Growth Theory

Infrastructure and Economic Growth

Public Capital

Protection of Property Rights

Enforcement of Contracts

Stable Financial System

Economic Freedom Index

Chapter 18: Keynesian Macroeconomics

Aggregate Expenditures

Some Simplifying Assumptions

Consumption and Saving


The Simple Keynesian Model

Macroeconomic Equilibrium in the Simple Model

The Multiplier Effect

The Full Keynesian Model

Adding Government Spending and Taxes

Adding Net Exports

Recessionary and Inflationary Gaps

The Great Depression and Keynesian Analysis

Chapter 19: Aggregate Demand and Supply

Aggregate Demand

Why is the Aggregate Demand Curve Negatively Sloped?

Determinants of Aggregate Demand

Aggregate Supply

Depression Period (Horizontal)

Short Run (Upward Sloping)

Long Run (Vertical)

Determinants of Aggregate Supply

Macroeconomic Equilibrium

The Spending Multiplier

Using AD/AS: The Great Depression

Using AD/AS: Demand-Pull Inflation

Using AD/AS: Cost-Push Inflation

Appendix: Deriving the Aggregate Demand Curve

Chapter 20: Fiscal Policy

Demand-Side Fiscal Policy

Discretionary Fiscal Policy

Expansionary and Contractionary Fiscal Policy

Supply-Side Fiscal Policy

Reducing Tax Rates

Expanding Investment and Reducing Regulations

Implementing Fiscal Policy

Automatic Stabilizers

Fiscal Policy Timing Lags

Crowding-Out Effect

The Size of Government Debate

Chapter 21: The Monetary System

What Is Money?

The Functions of Money

Defining the Money Supply

Where did all the One-Dollar Coins Go?

Money: Demand and Supply

The Market for Money and Bonds

How Banks Create Money

The Federal Reserve System

The Structure of the Federal Reserve

The Tools of the Federal Reserve

Chapter 22: Monetary Policy

Monetary Theories

The Long Run: Quantity Theory

The Short Run: Interest Rate Channels

Monetary Policy Lags

Information Lags

Recognition Lags

Decision Lags

Implementation Lags

Implementing Monetary Policy

Monetary Policy Targets

Rules or Discretion?

Simple Rules (Targets) to Guide Monetary Policy

Transparency and the Federal Reserve

Chapter 23: Federal Deficits and Public Debt

Financing the Federal Government

Defining Deficits and the National Debt

Public Choice Analysis

Approaches to Federal Finance

Financing Debt and Deficits

The Government Budget Constraint

The Role of the Federal Reserve

Budget and Trade Deficits

Implications of Deficit Financing in an Open Economy

The Burden of the Public Debt

Internally versus Externally Held Debt

Interest Payments

Crowding-Out Effect

Intergenerational Burdens of Fiscal Policy

Fiscal Sustainability of the Federal Budget

Chapter 24: Macroeconomic Policy Challenges

Unemployment and Inflation: Phillips Curves

Productivity, Prices, and Wages

The Importance of Inflationary Expectations

Natural Rate of Unemployment

Accelerating Inflation

Phillips Curves and Disinflation

Rational Expectations and Policy Formation

Defining Rational Expectations

Policy Implications of Rational Expectations

A Critique of Rational Expectations

Are Recoveries becoming “Jobless Recoveries”?

Chapter 25: International Trade

The Gains from Trade

Absolute and Comparative Advantage

Gains from Trade

The Terms of Trade

Determining the Terms of Trade

The Impact of Trade

How Trade is Restricted

Arguments Against Free Trade

Traditional Economic Arguments

Globalization Concerns

The Dynamics of Trade: Cashmere

Chapter 26: Open Economy Macroeconomics

The Balance of Payments

The Current Account

The Capital Account

Exchange Rates

Defining Exchange Rates

Exchange Rate Determination

Exchange Rates and the Current Account

Exchange Rates and the Capital Account

Exchange Rates and Aggregate Supply and Demand

Monetary and Fiscal Policy in an Open Economy

Fixed and Flexible Exchange Rate Systems

Policies under Fixed Exchange Rates

Policies under Flexible Exchange Rates

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