Principles of Economics / Edition 7by Karl Teresa Case
These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified, logical organization to make economic concepts easy-to-understand and relevant to all readers.… See more details below
These two highly-respected authors have revised this best-selling book to include more current, modern subject matter and events while maintaining those features that have contributed to its great success. It continues to use stories, graphs, and equations and a unified, logical organization to make economic concepts easy-to-understand and relevant to all readers. Users of this book see the connection between growth, trade, comparative advantage, and the production possibilities frontier. When readers understand how a simple competitive market system works, they are ready to focus on problems of real-world markets. Currency data has been updated through the second quarter of 2003, with coverage of deflation, the effects of the war with Iraq and the war on terrorism, and the wars' impact on the national deficit. A comprehensive overview introducing economics begins the book; subsequent topics include: foundations of microeconomics: consumers and firms; market imperfection and the role of government; concepts and problems in macroeconomics; the goods and money markets; macroeconomic analysis; and the world economy. An excellent desk reference for economists; this book will serve any business owner, as an understanding of basic economics will prove helpful in all ventures.
Table of ContentsI. INTRODUCTION TO ECONOMICS.
1. The Scope and Method of Economics.
2. The Economic Problem: Scarcity and Choice.
3. Demand, Supply, and Market Equilibrium.
4. Demand and Supply Applications and Elasticity.
II. FOUNDATIONS OF MICROECONOMICS: CONSUMERS AND FIRMS.
5. Household Behavior and Consumer Choice.
6. The Production Process: The Behavior of Profit-Maximizing Firms.
7. Short-Run Costs and Output Decisions.
8. Long-Run Costs and Output Decisions.
9. Input Demand: The Labor and Land Markets.
10. Input Demand: The Capital Market and the Investment Decision.
11. General Equilibrium and the Efficiency of Perfect Competition.
III. MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT.
12. Monopoly and Antitrust Policy.
13. Monopolistic Competition and Oligopoly.
14. Externalities, Public Goods, Imperfect Information, and Social Choice.
15. Income Distribution and Poverty.
16. Public Finance: The Economics of Taxation.
IV. CONCEPTS AND PROBLEMS IN MACROECONOMICS.
17. Introduction to Macroeconomics.
18. Measuring National Output and National Income.
19. Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, andInflation.
V. THE GOODS AND MONEY MARKETS.
20. Aggregate Expenditure and Equilibrium Output.
21. The Government and Fiscal Policy.
22. The Money Supply and the Federal Reserve System.
23. Money Demand, the Equilibrium Interest Rate, and Monetary Policy.
VI. MACROECONOMIC ANALYSIS.
24. Money, the Interest Rate, and Output: Analysis and Policy.
25. Aggregate Demand, Aggregate Supply, and Inflation.
26. The Labor Market, Unemployment, and Inflation.
27. Macroeconomic Issues and Policy.
28. The Stock Market and the Economy.
29. Household and Firm Behavior in the Macroeconomy: A Further Look.
30. Long-Run Growth.
31. Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics.
VII. THE WORLD ECONOMY.
32. International Trade, Comparative Advantage, and Protectionism.
33. Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates.
35. Economic Growth in Developing and Transitional Economies.
Solutions to Even-Numbered Problems.
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