Introductory Economics (Third Edition) / Edition 3

Introductory Economics (Third Edition) / Edition 3

by John H Hoag
     
 

ISBN-10: 9810248083

ISBN-13: 9789810248086

Pub. Date: 06/06/2002

Publisher: World Scientific Publishing Company, Incorporated

This textbook is carefully designed to provide the reader with a good understanding of the fundamental concepts of economics. The writing is lucid and at the student's level. There are twenty-nine "one-concept" chapters. Each chapter is suitably short, highlighting one economic principle. The student can study one concept and be reinforced by the learning process…  See more details below

Overview

This textbook is carefully designed to provide the reader with a good understanding of the fundamental concepts of economics. The writing is lucid and at the student's level. There are twenty-nine "one-concept" chapters. Each chapter is suitably short, highlighting one economic principle. The student can study one concept and be reinforced by the learning process before proceeding to another chapter. Self review exercises conclude each chapter. The one-concept chapters also provide organizational flexibility for the instructor. The text is well integrated to show the relationship among the basic concepts and to offer a comprehensive overview of economics. There are six modules: The Economic Problem; Price Determination; Behind the Supply Curve; Level of Income; Money; and Trade.

Product Details

ISBN-13:
9789810248086
Publisher:
World Scientific Publishing Company, Incorporated
Publication date:
06/06/2002
Edition description:
Third Edition
Pages:
476
Product dimensions:
6.62(w) x 10.26(h) x 1.22(d)

Table of Contents

Preface (To the Instructor)xv
Introduction (For the Student)xix
Acknowledgmentsxxi
Module 1The Economic Problem1
Chapter 1The Meaning of Economics3
Goods and Services4
Resources4
Scarcity5
Choices6
Alternative Uses7
Opportunity Cost8
Present and Future Consumption9
Social Science9
Summary10
Chapter 2Production Possibilities13
A Model of Scarcity13
Scarcity, Choice, and Opportunity Cost16
Increasing Costs18
Increasing Costs Explored20
Changing the Assumptions--Employment22
Changing the Assumptions--Resources and Technology24
Summary27
Chapter 3Economic Systems31
Allocation of Resources31
Alternatives and Goals33
Economic Systems34
The Circular Flow Model36
Summary38
Module 2Price Determination43
Chaos and Markets43
Price44
Overview45
Chapter 4Demand46
Demand47
The Law of Demand49
Change in Demand52
Demand and Quantity Demanded57
Summary59
Chapter 5Supply63
Supply63
The Law of Supply65
Change in Supply66
Summary70
Chapter 6Market Equilibrium73
Market Demand and Supply73
Surplus75
Shortage78
Equilibrium79
An Increase in Market Demand81
Shifts in Market Demand and Supply84
Summary86
Chapter 7Price Elasticity90
Price Elasticity of Demand91
Vertical and Horizontal Demand93
Determinants of Price Elasticity of Demand94
Price, Elasticity, and Total Revenue97
Bananas and Oil98
Summary100
Module 3Behind the Supply Curve103
Chapter 8Diminishing Returns106
The Short Run and Variable Inputs107
Total and Marginal Product107
The Law of Diminishing Returns110
Diminishing Returns Explored112
Summary114
Chapter 9Cost118
Total Cost118
The Economic Concept of Cost123
Average Cost124
Marginal Cost128
The Average-Marginal Relation131
Summary133
Chapter 10Revenue137
Revenue and Market Structure137
Perfect Competition140
Total and Marginal Revenue142
Monopoly144
Summary147
Chapter 11Profit151
The Economic Meaning of Profit151
Profit Maximization152
Profit Maximization in Perfect Competition154
Profit Maximization in Monopoly156
Perfect Competition in the Short Run158
Summary161
Chapter 12Perfectly Competitive Supply165
The Shutdown Decision165
Supply167
Long-Run Equilibrium169
An Evaluation of Perfect Competition171
Summary175
Chapter 13Monopoly178
Barriers to Entry178
Short- and Long-Run Monopoly182
Higher Price and Lower Output182
Misallocation of Resources184
Summary186
Chapter 14Imperfect Competition190
Monopolistic Competition190
Oligopoly193
Oligopoly--Kinked Demand194
Oligopoly--Cooperative Behavior197
Antitrust198
Market Failures199
Summary200
Chapter 15Demand for Inputs204
Marginal Revenue Product and Marginal Input Cost205
Profit Maximization206
Input Demand208
How Wages are Determined211
Summary212
Module 4The Level of Income215
Chapter 16Unemployment and Inflation217
Unemployment218
Causes of Unemployment220
Full Employment221
Inflation223
Causes of Inflation224
Summary227
Chapter 17Gross Domestic Product231
Micro- and Macroeconomics232
Income, Output, and Employment233
Gross Domestic Product235
Expenditure Approach to GDP237
Shortcomings of GDP239
Summary241
Chapter 18Price Indexes245
When Prices Change245
Constructing a Price Index246
Consumer Price Index248
Limitations of the CPI250
Real GDP251
Understanding Real GDP252
Summary254
Chapter 19Business Cycles258
Business Cycles258
Theories of Business Cycles260
Classical Economics261
The Great Depression264
Lord Keynes265
The Keynesian Revolution266
Summary267
Chapter 20Consumption and Investment271
Consumption272
The Marginal Propensity to Consume272
Saving274
Investment277
Summary279
Chapter 21Macro Equilibrium282
Equilibrium Identified in the Macro Model282
Why Equilibrium Occurs Where it Does283
Another View of Equilibrium286
Aggregate Demand and Aggregate Supply290
Summary291
Chapter 22Government295
Taxes296
Government Spending297
Equilibrium Again298
The Income Multiplier301
The Multiplier Process303
Automatic Stabilizers305
Summary306
Chapter 23Fiscal Policy310
What Fiscal Policy is310
How Fiscal Policy Works311
The Federal Budget313
Evaluation of Fiscal Policy314
Perspectives on Fiscal Policy315
The National Debt317
Costs and Burdens of the Debt320
Summary322
Module 5Money327
Chapter 24Money329
What is Money?329
What Counts as Money331
Fractional Reserves332
The Creation of Money333
The Money Multiplier336
Summary338
Chapter 25Monetary Tools341
The Federal Reserve System341
Changing the Reserve Requirement343
Discount Rate Policy344
Open Market Operations345
Bond Prices and Interest Rates347
Summary348
Chapter 26Money and the Level of Income352
The Money Market353
Money and Income356
The Link From Money to Income357
Monetary Policy358
Evaluation of Monetary Policy361
Summary363
Chapter 27Economic Policy366
Economic Goals367
Phillips Curve368
Stagflation369
Policy Failure371
Classical, Keynesian, and Monetarist372
Supply Side and Rational Expectations374
Goal Trade-Offs377
Summary378
Module 6Trade381
Chapter 28Trade Without Money383
Absolute Advantage383
Comparative Advantage385
Potential for Trade387
Production Possibilities388
Summary391
Chapter 29Trade With Money394
Foreign Exchange Rate394
Foreign Exchange Market395
Balance of Payments398
Barriers to Trade400
Free Trade versus Protectionism402
Summary405
Module 7Conclusion409
Glossary413
Index429

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