Basic Economics / Edition 16

Basic Economics / Edition 16

by Frank V. Mastrianna
Pub. Date:
Cengage Learning
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Basic Economics / Edition 16

This very successful twelfth edition of Basic Economics provides a streamlined, straightforward introduction to basic macro and microeconomic topics. Its concise 19-chapter format can easily be covered in one quarter or one semester, and is ideal for instructors who wish to supplement the core textbook with additional reading materials.

Product Details

ISBN-13: 2901111826641
Publisher: Cengage Learning
Publication date: 09/24/2012
Edition description: New Edition
Pages: 384
Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

Table of Contents

Chapter 1The Nature and Scope of Economics1
Economics Defined1
Microeconomics and Macroeconomics7
Economics in Relation to Other Sciences7
Economics Is a Science of Choices8
New Terms and Concepts10
Discussion Questions11
Chapter 2Scarcity and Choice12
Scarcity and Choice12
Problems of Scarcity18
Specialization and Exchange20
Absolute and Comparative Advantage21
New Terms and Concepts25
Discussion Questions25
Chapter 3The U.S. Economic System27
Market Economy27
Business Organization in the U.S. Economy31
Competition in the U.S. Economy34
The Changing Role of Government in the U.S. Economy36
Goals for the U.S. Economy40
Other Economic Systems42
New Terms and Concepts44
Discussion Questions45
Chapter 4The Circular-Flow Model46
Circular Flow Demonstrated47
Government and the Circular Flow54
International Trade and the Circular Flow56
New Terms and Concepts60
Discussion Questions60
Chapter 5Price: The Role of Demand and Supply61
The Market Mechanism61
How Demand and Supply Determine Price69
Price Ceilings and Price Floors72
Price Elasticity of Demand75
New Terms and Concepts86
Discussion Questions86
Chapter 6Production, Cost, and Profit87
The Production Function87
Costs of Production91
Revenue and Profit98
Economic Profit102
New Terms and Concepts104
Discussion Questions105
Chapter 7Perfect Competition106
Characteristics of Perfect Competition107
Price and Profit in the Short Run108
Price and Profit in the Long Run113
The Social Impact of Perfect Competition117
New Terms and Concepts118
Discussion Questions118
Chapter 8Imperfect Competition120
Monopoly Price123
Monopolistic Competition128
Perfectly Competitive versus Monopolistic Pricing137
Competition Among Consumers139
Market Structure in the United States140
How Much Monopoly Is Tolerable?140
Antitrust Laws141
New Terms and Concepts145
Discussion Questions146
Chapter 9Money in the U.S. Economy147
Functions and Measurement of Money147
The Supply of Money and Total Income150
Creation of Money154
Changes in the Price Level156
New Terms and Concepts166
Discussion Questions167
Chapter 10The Federal Reserve and the Money Supply168
Structure of the Federal Reserve System169
Federal Reserve Control of the Money Supply173
Federal Reserve Policy182
Critics of the Federal Reserve183
Issues and Concerns in Banking184
New Terms and Concepts190
Discussion Questions191
Chapter 11Measuring Output and Income in the United States192
National Income Accounts192
GDP in the U.S. Economy197
GDP as a Measure of Economic Welfare201
International Comparisons of Gross Domestic Product206
National Wealth207
New Terms and Concepts208
Discussion Questions208
Chapter 12Macroeconomic Models and Analysis210
Aggregate Demand and Aggregate Supply211
Classical Analysis212
Keynesian Analysis213
Aggregate Supply and Aggregate Demand Again226
Monetarists and New Classicals228
New Terms and Concepts230
Discussion Questions231
Chapter 13Employment232
The Labor Force232
Types of Unemployment239
The Employment Act of 1946240
The Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act)243
Unemployment Rates in the United States and Elsewhere244
Minimum Wage and Employment245
Future Employment247
New Terms and Concepts250
Discussion Questions251
Chapter 14Income Distribution252
Individual, Family, and Household Income253
Welfare to Work267
New Terms and Concepts271
Discussion Questions271
Chapter 15Business Cycles273
The Business Cycle274
Factors That May Modify the Business Cycle280
Business Cycle Indicators281
Causes of the Business Cycle282
New Terms and Concepts287
Discussion Questions288
Chapter 16Macroeconomic Policies289
Expansionary Policies290
Expanding the Economy296
Expansionary Policies of the 1960s298
Expansionary Policies of the 1970s, 1980s, and 1990s298
Contractionary Policies301
Measures to Reduce Total Spending302
The Trade-Off Between Unemployment and Inflation305
Contracting the Economy307
New Terms and Concepts314
Discussion Questions314
Chapter 17Taxation, Budgetary Policy, and the National Debt315
The Tax-Rate Structure318
The Tax Burden319
Federal Taxes320
Purposes of Taxation324
Budgetary Policy325
Problems of the National Debt329
The Road to Budget Surplus336
New Terms and Concepts340
Discussion Questions340
Chapter 18International Trade and Aid341
The Purpose of International Trade341
Barriers to Free Trade344
U.S. Trade Policy352
GATT and Multinational Trade Negotiations354
World Trade Organization356
North American Economic Integration357
U.S.-Canada Free Trade Agreement358
European Economic Integration361
Aid Through the World Bank365
New Terms and Concepts368
Discussion Questions368
Chapter 19The Balance of International Payments369
Balance of Trade370
Balance of Payments370
Foreign Exchange Rates375
Fixed Exchange Rates377
Floating Exchange Rates382
International Monetary Fund383
U.S. Balance of Payments384
New Terms and Concepts390
Discussion Questions390

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