Title Page
Copyright
Dedication
Tribute to Jerry Stone
About the Author
Vision and Story of Economics
Principles for a Changing World
Rethinking the Connection Between Author, Text, and Technology
Thinking About Data Literacy
Thinking About What Global Means
Thorough Updating
Acknowledgments
Chapter Introduction
BY THE NUMBERS
WHAT IS ECONOMICS ABOUT?
KEY PRINCIPLES OF ECONOMICS
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Appendix
Graphs and Data
Graphs and Models
Linear Relationships
Nonlinear Relationships
Ceteris Paribus, Simple Equations, and Shifting Curves
Correlation Is Not Causation
Chapter Introduction
BY THE NUMBERS
BASIC ECONOMIC QUESTIONS AND PRODUCTION
PRODUCTION POSSIBILITIES AND ECONOMIC GROWTH
SPECIALIZATION, COMPARATIVE ADVANTAGE, AND TRADE
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
MARKETS
DEMAND
SUPPLY
MARKET EQUILIBRIUM
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
CONSUMER AND PRODUCER SURPLUS: A TOOL FOR MEASURING ECONOMIC EFFICIENCY
USING CONSUMER AND PRODUCER SURPLUS: THE GAINS FROM TRADE
PRICE CEILINGS AND PRICE FLOORS
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
ELASTICITY OF DEMAND
TOTAL REVENUE AND OTHER MEASURES OF ELASTICITY
ELASTICITY OF SUPPLY
TAXES AND ELASTICITY
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
THE BUDGET LINE AND CHOICES
MARGINAL UTILITY ANALYSIS
BEHAVIORAL ECONOMICS
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Appendix
Indifference Curves and Consumer Preference
Optimal Consumer Choice
Using Indifference Curves
APPENDIX KEY CONCEPTS
APPENDIX QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
FIRMS, PROFITS, AND ECONOMIC COSTS
PRODUCTION IN THE SHORT RUN
COSTS OF PRODUCTION
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
MARKET STRUCTURE ANALYSIS
PERFECT COMPETITION: SHORT-RUN DECISIONS
PERFECT COMPETITION: LONG-RUN ADJUSTMENTS
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
MONOPOLY MARKETS
COMPARING MONOPOLY AND COMPETITION
PRICE DISCRIMINATION
REGULATION AND ANTITRUST
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
MONOPOLISTIC COMPETITION
OLIGOPOLY
GAME THEORY
APPLICATIONS OF GAME THEORY
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
COMPETITIVE LABOR SUPPLY
COMPETITIVE LABOR DEMAND
ECONOMIC DISCRIMINATION
LABOR UNIONS AND COLLECTIVE BARGAINING
THE CHANGING WORLD OF WORK
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Appendix: Imperfect Labor Markets
Monopoly Power in Product Markets
Monopsony
APPENDIX KEY CONCEPTS
APPENDIX SUMMARY
APPENDIX QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
LAND AND PHYSICAL CAPITAL
FINANCIAL CAPITAL
INVESTMENT IN HUMAN CAPITAL
ENTREPRENEURSHIP AND INNOVATION
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
EXTERNALITIES
PUBLIC GOODS
ENVIRONMENTAL POLICY
THE ECONOMICS OF CLIMATE CHANGE AND SUSTAINABLE DEVELOPMENT
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
WHAT IS A NETWORK GOOD?
DEMAND CURVE FOR A NETWORK GOOD
MARKET EQUILIBRIUM FOR A NETWORK GOOD
COMPETITION AND MARKET STRUCTURE FOR NETWORK GOODS
SHOULD NETWORK GOODS BE REGULATED?
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
THE DISTRIBUTION OF INCOME AND WEALTH
POVERTY
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
BUSINESS CYCLES
NATIONAL INCOME ACCOUNTING
GDP AND OUR STANDARD OF LIVING
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
INFLATION
UNEMPLOYMENT
UNEMPLOYMENT AND THE ECONOMY
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
WHY IS ECONOMIC GROWTH IMPORTANT?
THINKING ABOUT SHORT-RUN AND LONG-RUN ECONOMIC GROWTH
APPLYING THE PRODUCTION FUNCTION: ACHIEVING ECONOMIC GROWTH
THE ROLE OF GOVERNMENT IN PROMOTING ECONOMIC GROWTH
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
AGGREGATE EXPENDITURES
THE SIMPLE AGGREGATE EXPENDITURES MODEL
THE FULL AGGREGATE EXPENDITURES MODEL
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
AGGREGATE DEMAND
AGGREGATE SUPPLY
MACROECONOMIC EQUILIBRIUM
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Appendix: Deriving the Aggregate Demand Curve
Chapter Introduction
BY THE NUMBERS
FISCAL POLICY AND AGGREGATE DEMAND
FISCAL POLICY AND AGGREGATE SUPPLY
IMPLEMENTING FISCAL POLICY
FINANCING THE FEDERAL GOVERNMENT
WHY IS THE PUBLIC DEBT SO IMPORTANT?
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
WHAT IS MONEY?
THE MARKET FOR LOANABLE FUNDS
THE FINANCIAL SYSTEM
FINANCIAL TOOLS FOR A BETTER FUTURE
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
HOW BANKS CREATE MONEY
THE MONEY MULTIPLIER AND ITS LEAKAGES
THE FEDERAL RESERVE SYSTEM
THE FEDERAL RESERVE AT WORK: TOOLS, TARGETS, AND POLICY LAGS
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
WHAT IS MONETARY POLICY?
MONETARY THEORIES
MODERN MONETARY POLICY
NEW MONETARY POLICY CHALLENGES
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
THE GREAT RECESSION AND MACROECONOMIC POLICY
EFFECTIVENESS OF MACROECONOMIC POLICY: PHILLIPS CURVES AND RATIONAL EXPECTATIONS
Unemployment and Inflation: Phillips Curves
MACROECONOMIC ISSUES THAT CONFRONT OUR FUTURE
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
THE GAINS FROM TRADE
THE TERMS OF TRADE
ARGUMENTS AGAINST FREE TRADE
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Chapter Introduction
BY THE NUMBERS
THE BALANCE OF PAYMENTS
EXCHANGE RATES
MONETARY AND FISCAL POLICY IN AN OPEN ECONOMY
Chapter Summary
KEY CONCEPTS
QUESTIONS AND PROBLEMS
Sources for By the Numbers