Ever wonder why you have the number of friends that you do? Would a tax on soda really reduce obesity? What is going on with the financial problems in Greece? Is a tax rebate is better than a tax bonus? ECONOMICS, 12E answers these questions and many more as this book opens up the world of economic analysis. This edition offers more detailed coverage of the financial and economic crisis than any other economics book of its kind on the market. Memorable examples from pop culture illustrate the unexpected places economics occur and show how economic forces link to every day events. The book plus printed access card for Aplia offers complete video assets ideal for online courses, self-study and ultimate teaching flexibility. "Video Office Hours" digital lectures walk students through worked problems, while new Progression Graphs demonstrate key concepts in graphing for student clarification. Access to Aplia with this package provides interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises further promote hands-on applications without adding to your workload. These resources work with the book's latest content to reflect today's changing economy and equip students with a thorough understanding of contemporary economics.
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About the Author
Dr. Roger A. Arnold is Professor of Economics at California State University San Marcos, where his fields of specialization include general microeconomic theory and monetary theory. A widely respected authority on economic issues, Dr. Arnold is a regularly featured expert on talk radio discussing the state of the economy. He is also a proven author, who has written numerous academic articles, hundreds of newspaper columns, as well as the popular ECONOMICS: NEW WAYS OF THINKING and principles of macroeconomics supplementary text, HOW TO THINK LIKE AN ECONOMIST. Dr. Arnold has been a member of the economics faculty at California State University Northridge, University of Oklahoma, Hillsdale College, University of Nevada Las Vegas, and California State University San Marcos. He served as chair of the economics department for two years at University of Nevada Las Vegas and for seven years at California State University San Marcos. He is currently chair of the economics department at California State University San Marcos. During his tenure at UNLV he was regularly one of the top five finalists for the teacher of the year honor (in the College of Business and Economics), and in 1987 he received the best researcher of the year award. Dr. Arnold earned a B.S. in Economics in 1974 from the University of Birmingham in England and received his M.A. in 1976 and his Ph.D. in 1979 from Virginia Polytechnic Institute and State University.
Table of Contents
AN INTRODUCTION TO ECONOMICS. Part I: ECONOMICS: THE SCIENCE OF SCARCITY. 1. What Economics Is About. Appendix A: Working with Diagrams. Appendix B: Should You Major in Economics? 2. Production Possibilities Frontier Framework. 3. Supply and Demand: Theory. 4. Prices: Free, Controlled, and Relative. 5. Supply, Demand, and Price: Applications. MACROECONOMICS. Part II: MACROECONOMIC FUNDAMENTALS. 6. Macroeconomic Measurements, Part I: Prices and Unemployment. 7. Macroeconomic Measurements, Part II: GDP and Real GDP. Part III: MACROECONOMIC STABILITY, INSTABILITY, AND FISCAL POLICY. 8. Aggregate Demand and Aggregate Supply. 9. Classical Macroeconomics and the Self-Regulating Economy. 10. Keynesian Macroeconomics and Economic Instability: A Critique of the Self-Regulating Economy. 11. Fiscal Policy and the Federal Budget. Part IV: MONEY, THE ECONOMY, AND MONETARY POLICY. 12. Money, Banking, and the Financial System. 13. The Federal Reserve System. Appendix C: The Market for Reserves (or the Federal Funds Market). 14. Money and the Economy. 15. Monetary Policy. Appendix D: Bond Prices and the Interest Rate. Part V: EXPECTATIONS AND GROWTH. 16. Expectations Theory and the Economy. 17. Economic Growth: Resources, Technology, Ideas, and Institutions. Part VI: THE FINANCIAL CRISIS OF 2007-2009. 18. The Financial Crisis of 2007-2009. Part VII: GOVERNMENT AND THE ECONOMY. 19. Debates in Macroeconomics Over the Role and Effects of Government. MICROECONOMICS. Part VIII: MICROECONOMIC FUNDAMENTALS. 20. Elasticity. 21. Consumer Choice: Maximizing Utility and Behavioral Economics. Appendix E: Budget Constraint and Indifference Curve Analysis. 22. Production and Costs. Part IX: PRODUCT MARKETS AND POLICIES. 23. Perfect Competition. 24. Monopoly. 25. Monopolistic Competition, Oligopoly, and Game Theory. 26. Government and Product Markets: Antitrust and Regulation. Part X: FACTOR MARKETS AND RELATED ISSUES. 27. Factor Markets: With Emphasis on the Labor Market. 28. Wages, Union, and Labor. 29. The Distribution of Income and Poverty. 30. Interest, Rent, and Profit. Part XI: PUBLIC CHOICE, AND SPECIAL-INTEREST-GROUP POLITICS. 31. Market Failure: Externalities, Public Goods, and Asymmetric Information. 32. Public Choice and Special-Interest-Group Politics. Part XII: ECONOMICS THEORY-BUILDING AND EVERYDAY LIFE. 33. Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions. THE GLOBAL ECONOMY. Part XIII: INTERNATIONAL ECONOMICS AND GLOBALIZATION. 34. International Trade. 35. International Finance. 36. Globalization and International Impacts on the Economy. WEB CHAPTERS. 37. The Economic Case For and Against Government: Five Topics Considered. 38. Stocks, Bonds, Futures and Options. 39. Agriculture: Problems, Policies, and Unintended Effects.