Introductory Economics (Third Edition) / Edition 3

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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.
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Editorial Reviews

Emphasizing fundamental concepts in the study of economics, this textbook features 29 one-topic chapters, yet highlights the relationships between the ideas discussed in the various chapters. Organized around themes like "the economic problem," "price determination," "behind the supply curve," "the level of income," "money," and "trade," the chapters focus on topics like production, demand, supply, market equilibrium, price elasticity, diminishing returns, cost, revenue, profit, perfectly competitive supply, monopoly, imperfect competition, unemployment and inflation, gross domestic product, price indexes, business cycles, consumption and investment, macro equilibrium, government, fiscal policy, monetary tools, and economic policy. Arleen Hoag teaches at Owens Community College. John Hoag teaches at Bowling Green State University. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9789810248093
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 6/6/2002
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 476
  • Product dimensions: 6.40 (w) x 9.70 (h) x 1.10 (d)

Table of Contents

Preface (To the Instructor) xv
Introduction (For the Student) xix
Acknowledgments xxi
Module 1 The Economic Problem 1
Chapter 1 The Meaning of Economics 3
Goods and Services 4
Resources 4
Scarcity 5
Choices 6
Alternative Uses 7
Opportunity Cost 8
Present and Future Consumption 9
Social Science 9
Summary 10
Chapter 2 Production Possibilities 13
A Model of Scarcity 13
Scarcity, Choice, and Opportunity Cost 16
Increasing Costs 18
Increasing Costs Explored 20
Changing the Assumptions--Employment 22
Changing the Assumptions--Resources and Technology 24
Summary 27
Chapter 3 Economic Systems 31
Allocation of Resources 31
Alternatives and Goals 33
Economic Systems 34
The Circular Flow Model 36
Summary 38
Module 2 Price Determination 43
Chaos and Markets 43
Price 44
Overview 45
Chapter 4 Demand 46
Demand 47
The Law of Demand 49
Change in Demand 52
Demand and Quantity Demanded 57
Summary 59
Chapter 5 Supply 63
Supply 63
The Law of Supply 65
Change in Supply 66
Summary 70
Chapter 6 Market Equilibrium 73
Market Demand and Supply 73
Surplus 75
Shortage 78
Equilibrium 79
An Increase in Market Demand 81
Shifts in Market Demand and Supply 84
Summary 86
Chapter 7 Price Elasticity 90
Price Elasticity of Demand 91
Vertical and Horizontal Demand 93
Determinants of Price Elasticity of Demand 94
Price, Elasticity, and Total Revenue 97
Bananas and Oil 98
Summary 100
Module 3 Behind the Supply Curve 103
Chapter 8 Diminishing Returns 106
The Short Run and Variable Inputs 107
Total and Marginal Product 107
The Law of Diminishing Returns 110
Diminishing Returns Explored 112
Summary 114
Chapter 9 Cost 118
Total Cost 118
The Economic Concept of Cost 123
Average Cost 124
Marginal Cost 128
The Average-Marginal Relation 131
Summary 133
Chapter 10 Revenue 137
Revenue and Market Structure 137
Perfect Competition 140
Total and Marginal Revenue 142
Monopoly 144
Summary 147
Chapter 11 Profit 151
The Economic Meaning of Profit 151
Profit Maximization 152
Profit Maximization in Perfect Competition 154
Profit Maximization in Monopoly 156
Perfect Competition in the Short Run 158
Summary 161
Chapter 12 Perfectly Competitive Supply 165
The Shutdown Decision 165
Supply 167
Long-Run Equilibrium 169
An Evaluation of Perfect Competition 171
Summary 175
Chapter 13 Monopoly 178
Barriers to Entry 178
Short- and Long-Run Monopoly 182
Higher Price and Lower Output 182
Misallocation of Resources 184
Summary 186
Chapter 14 Imperfect Competition 190
Monopolistic Competition 190
Oligopoly 193
Oligopoly--Kinked Demand 194
Oligopoly--Cooperative Behavior 197
Antitrust 198
Market Failures 199
Summary 200
Chapter 15 Demand for Inputs 204
Marginal Revenue Product and Marginal Input Cost 205
Profit Maximization 206
Input Demand 208
How Wages are Determined 211
Summary 212
Module 4 The Level of Income 215
Chapter 16 Unemployment and Inflation 217
Unemployment 218
Causes of Unemployment 220
Full Employment 221
Inflation 223
Causes of Inflation 224
Summary 227
Chapter 17 Gross Domestic Product 231
Micro- and Macroeconomics 232
Income, Output, and Employment 233
Gross Domestic Product 235
Expenditure Approach to GDP 237
Shortcomings of GDP 239
Summary 241
Chapter 18 Price Indexes 245
When Prices Change 245
Constructing a Price Index 246
Consumer Price Index 248
Limitations of the CPI 250
Real GDP 251
Understanding Real GDP 252
Summary 254
Chapter 19 Business Cycles 258
Business Cycles 258
Theories of Business Cycles 260
Classical Economics 261
The Great Depression 264
Lord Keynes 265
The Keynesian Revolution 266
Summary 267
Chapter 20 Consumption and Investment 271
Consumption 272
The Marginal Propensity to Consume 272
Saving 274
Investment 277
Summary 279
Chapter 21 Macro Equilibrium 282
Equilibrium Identified in the Macro Model 282
Why Equilibrium Occurs Where it Does 283
Another View of Equilibrium 286
Aggregate Demand and Aggregate Supply 290
Summary 291
Chapter 22 Government 295
Taxes 296
Government Spending 297
Equilibrium Again 298
The Income Multiplier 301
The Multiplier Process 303
Automatic Stabilizers 305
Summary 306
Chapter 23 Fiscal Policy 310
What Fiscal Policy is 310
How Fiscal Policy Works 311
The Federal Budget 313
Evaluation of Fiscal Policy 314
Perspectives on Fiscal Policy 315
The National Debt 317
Costs and Burdens of the Debt 320
Summary 322
Module 5 Money 327
Chapter 24 Money 329
What is Money? 329
What Counts as Money 331
Fractional Reserves 332
The Creation of Money 333
The Money Multiplier 336
Summary 338
Chapter 25 Monetary Tools 341
The Federal Reserve System 341
Changing the Reserve Requirement 343
Discount Rate Policy 344
Open Market Operations 345
Bond Prices and Interest Rates 347
Summary 348
Chapter 26 Money and the Level of Income 352
The Money Market 353
Money and Income 356
The Link From Money to Income 357
Monetary Policy 358
Evaluation of Monetary Policy 361
Summary 363
Chapter 27 Economic Policy 366
Economic Goals 367
Phillips Curve 368
Stagflation 369
Policy Failure 371
Classical, Keynesian, and Monetarist 372
Supply Side and Rational Expectations 374
Goal Trade-Offs 377
Summary 378
Module 6 Trade 381
Chapter 28 Trade Without Money 383
Absolute Advantage 383
Comparative Advantage 385
Potential for Trade 387
Production Possibilities 388
Summary 391
Chapter 29 Trade With Money 394
Foreign Exchange Rate 394
Foreign Exchange Market 395
Balance of Payments 398
Barriers to Trade 400
Free Trade versus Protectionism 402
Summary 405
Module 7 Conclusion 409
Glossary 413
Index 429
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