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• Title Page
• Copyright
• Dedication
• About the Authors
• Brief Contents
• Contents
• Preface
• Part 1: Introduction
• Chapter 1. Getting Started
• Chapter Checklist
• 1.1 Definition and Questions
• Scarcity
• Economics Defined
• What, How, and For Whom?
• Can the Pursuit of Self-Interest Be in the Social Interest?
• Checkpoint 1.1
• 1.2 The Economic Way of Thinking
• A Choice Is a Tradeoff
• Cost: What You Must Give Up
• Benefit: What You Gain
• Rational Choice
• How Much? Choosing at the Margin
• Choices Respond to Incentives
• Checkpoint 1.2
• 1.3 Economics as a Social Science and Policy Tool
• Economics as a Social Science
• Economics as a Policy Tool
• Checkpoint 1.3
• 1.4 Economics as a Life Skill and Job Skill
• Jobs for an Economics Major
• Will the Number of Economics Jobs Grow?
• How Much Do Economics Majors Earn?
• Skills Needed for Economics Jobs
• Economics for Life
• Checkpoint 1.4
• Chapter Summary
• Chapter Checkpoint
• Appendix: Making and Using Graphs
• Interpreting Data Graphs
• Interpreting Graphs Used in Economic Models
• The Slope of a Relationship
• Relationships Among More Than Two Variables
• Appendix Checkpoint
• Eye on the Benefit And Cost Of School: Did You Make the Right Decision?
• Eye on Your Life: Your Time Allocation
• Eye on the Past: Adam Smith and the Birth of Economics as a Social Science
• Chapter 2. The U.S. and Global Economies
• Chapter Checklist
• 2.1 What, How, and For Whom?
• What Do We Produce?
• How Do We Produce?
• For Whom Do We Produce?
• Checkpoint 2.1
• 2.2 The Global Economy
• The People
• The Economies
• What in the Global Economy
• How in the Global Economy
• For Whom in the Global Economy
• Checkpoint 2.2
• 2.3 The Circular Flows
• Households and Firms
• Markets
• Real Flows and Money Flows
• Governments
• Governments in the Circular Flow
• Circular Flows in the Global Economy
• Checkpoint 2.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: What We Produce
• Eye on the Past: Changes in What We Produce
• Eye on the U.S. Economy: Changes in How We Produce in the Information Economy
• Eye on the Dreamliner: Who Makes the Dreamliner?
• Eye on the Global Economy: Differences in How We Produce
• Eye on Your Life: The U.S. and Global Economies in Your Life
• Eye on the Past: Growing Government
• Eye on the Global Economy: The Ups and Downs in International Trade
• Chapter 3. The Economic Problem
• Chapter Checklist
• 3.1 Production Possibilities
• Production Possibilities Frontier
• How the PPF Illustrates Scarcity and Its Consequences
• Checkpoint 3.1
• 3.2 Opportunity Cost
• The Opportunity Cost of a Smartphone
• Opportunity Cost and the Slope of the PPF
• Opportunity Cost Is a Ratio
• Increasing Opportunity Costs Are Everywhere
• Your Increasing Opportunity Cost
• Checkpoint 3.2
• 3.3 Economic Growth
• Checkpoint 3.3
• 3.4 Specialization and Trade
• Absolute Advantage and Comparative Advantage
• Comparative Advantage: A Model
• Achieving Gains from Trade
• The Economy’s Production Possibilities Frontier
• Checkpoint 3.4
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life: Your Production Possibilities Frontier
• Eye on the Environment: Is Wind Power Free?
• Eye on the U.S. Economy: Expanding Our Production Possibilities
• Eye on the Global Economy: Hong Kong’s Rapid Economic Growth
• Eye on the U.S. Economy: No One Knows How to Make a Pencil
• Eye on Your Life: Your Comparative Advantage
• Chapter 4. Demand and Supply
• Chapter Checklist
• Competitive Markets
• 4.1 Demand
• The Law of Demand
• Demand Schedule and Demand Curve
• Individual Demand and Market Demand
• Changes in Demand
• Change in Quantity Demanded Versus Change in Demand
• Checkpoint 4.1
• 4.2 Supply
• The Law of Supply
• Supply Schedule and Supply Curve
• Individual Supply and Market Supply
• Changes in Supply
• Change in Quantity Supplied Versus Change in Supply
• Checkpoint 4.2
• 4.3 Market Equilibrium
• Price: A Market’s Automatic Regulator
• Predicting Price Changes: Three Questions
• Effects of Changes in Demand
• Effects of Changes in Supply
• Effects of Changes in Both Demand and Supply
• Checkpoint 4.3
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life: Understanding and Using Demand and Supply
• Eye on the Global Economy: The Markets for Cocoa and Chocolate
• Eye on the Price Of Avocados: Why Does the Price of Avocados Fluctuate?
• Part 2: A Closer Look At Markets
• Chapter 5. Elasticities of Demand and Supply
• Chapter Checklist
• 5.1 The Price Elasticity of Demand
• Percentage Change in Price
• Percentage Change in Quantity Demanded
• Comparing the Percentage Changes in Price and Quantity
• Elastic and Inelastic Demand
• Influences on the Price Elasticity of Demand
• Computing the Price Elasticity of Demand
• Interpreting the Price Elasticity of Demand Number
• Elasticity Along a Linear Demand Curve
• Total Revenue and the Price Elasticity of Demand
• Checkpoint 5.1
• 5.2 The Price Elasticity of Supply
• Elastic and Inelastic Supply
• Influences on the Price Elasticity of Supply
• Computing the Price Elasticity of Supply
• Checkpoint 5.2
• 5.3 Cross Elasticity and Income Elasticity
• Cross Elasticity of Demand
• Income Elasticity of Demand
• Checkpoint 5.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy: Price Elasticities of Demand
• Eye on Elasticity At The Coffee Shop: What Do You Do When Starbucks Raises the Price of a Latte?
• Eye on the U.S. Economy: Two Applications of the Price Elasticity of Demand
• Eye on Your Life: Your Price Elasticities of Demand
• Eye on the Price Of Avocados: Why Does the Price of Avocados Fluctuate?
• Chapter 6. Efficiency and Fairness of Markets
• Chapter Checklist
• 6.1 Allocation Methods and Efficiency
• Resource Allocation Methods
• Using Resources Efficiently
• Checkpoint 6.1
• 6.2 Value, Price, and Consumer Surplus
• Demand and Marginal Benefit
• Consumer Surplus
• Checkpoint 6.2
• 6.3 Cost, Price, and Producer Surplus
• Supply and Marginal Cost
• Producer Surplus
• Checkpoint 6.3
• 6.4 Are Markets Efficient?
• Marginal Benefit Equals Marginal Cost
• Total Surplus Is Maximized
• The Invisible Hand
• Market Failure
• Sources of Market Failure
• Alternatives to the Market
• Checkpoint 6.4
• 6.5 Are Markets Fair?
• It’s Not Fair If the Rules Aren’t Fair
• It’s Not Fair If the Result Isn’t Fair
• Compromise
• Checkpoint 6.5
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: The Invisible Hand and e-Commerce
• Eye on Ticket Scalping: Should Ticket Scalping Be Illegal?
• Eye on Your Life: Allocation Methods, Efficiency, and Fairness
• Part 3: How Governments Influence The Economy
• Chapter 7. Government Actions in Markets
• Chapter Checklist
• 7.1 Price Ceilings
• A Rent Ceiling
• Are Rent Ceilings Efficient?
• Are Rent Ceilings Fair?
• If Rent Ceilings Are So Bad, Why Do We Have Them?
• Checkpoint 7.1
• 7.2 Price Floors
• The Minimum Wage
• Is the Minimum Wage Efficient?
• Is the Minimum Wage Fair?
• If the Minimum Wage Is So Bad, Why Do We Have It?
• Checkpoint 7.2
• 7.3 Production Quotas
• Production Quota: An Example
• Checkpoint 7.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Minimum Wages and Employment
• Eye on Price Regulation: Can Governments Repeal the Law of Market Forces?
• Eye on the Global Economy: Production Quotas
• Eye on Your Life Price: Ceilings and Price Floors You Encounter
• Chapter 8. Taxes
• Chapter Checklist
• 8.1 Taxes on Buyers and Sellers
• Tax Incidence
• Taxes and Efficiency
• Tax Burden
• Incidence, Inefficiency, and Elasticity
• Incidence, Inefficiency, and the Elasticity of Demand
• Incidence, Inefficiency, and the Elasticity of Supply
• Checkpoint 8.1
• 8.2 Income Taxes and Social Security Taxes
• The Effects of the Income Tax
• The Social Security Tax
• Checkpoint 8.2
• 8.3 Fairness and the Big Tradeoff
• The Benefits Principle
• The Ability-to-Pay Principle
• Ability to Pay and Tax Progressivity
• The Big Tradeoff and Alternative Tax Proposals
• Checkpoint 8.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Taxes in the United States Today
• Eye on Congress: Does Congress Decide Who Pays the Taxes?
• Eye on the Past: The Origins and History of the U.S. Income Tax
• Eye on Your Life: Tax Freedom Day
• Eye on the U.S. Economy: The Progressive Income Tax
• Chapter 9. Global Markets in Action
• Chapter Checklist
• 9.1 How Global Markets Work
• International Trade Today
• What Drives International Trade?
• Why the United States Imports T-Shirts
• Why the United States Exports Airplanes
• Checkpoint 9.1
• 9.2 Winners, Losers, and Net Gains From Trade
• Gains and Losses from Imports
• Gains and Losses from Exports
• Checkpoint 9.2
• 9.3 International Trade Restrictions
• Tariffs
• Import Quotas
• Other Import Barriers
• Export Subsidies
• Checkpoint 9.3
• 9.4 The Case Against Protection
• Three Traditional Arguments for Protection
• Four Newer Arguments for Protection
• Why Is International Trade Restricted?
• Checkpoint 9.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: U.S. Exports and Imports
• Eye on Globalization: Who Wins and Who Loses from Globalization?
• Eye on the Past: The History of U.S. Tariffs
• Eye on the U.S. Economy: A Tariff on Softwood Lumber
• Eye on the U.S. Economy: An Import Quota on Sugar
• Eye on Your Life: International Trade
• Part 4: Market Failure And Public Policy
• Chapter 10. Externalities
• Chapter Checklist
• Externalities in Our Daily Lives
• Negative Production Externalities
• Positive Production Externalities
• Negative Consumption Externalities
• Positive Consumption Externalities
• 10.1 Negative Externalities: Pollution
• Private Costs and Social Costs
• Production and Pollution: How Much?
• Property Rights
• Command-and-Control Regulation
• Pollution Taxes
• Cap-and-Trade
• Checkpoint 10.1
• 10.2 Positive Externalities: Education
• Private Benefits and Social Benefits
• Government Actions in the Face of External Benefits
• Checkpoint 10.2
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life: Externalities in Your Life
• Eye on the U.S. Economy: U.S. Air Pollution Trends
• Eye on Climate Change: How Can We Limit Carbon Emissions?
• Chapter 11. Public Goods and Common Resources
• Chapter Checklist
• 11.1 Classifying Goods and Resources
• Excludable
• Rival
• A Fourfold Classification
• Checkpoint 11.1
• 11.2 Public Goods and The Free-Rider Problem
• The Free-Rider Problem
• The Marginal Benefit of a Public Good
• The Marginal Cost of a Public Good
• The Efficient Quantity of a Public Good
• Private Provision: Underproduction
• Public Provision: Efficient Production
• Obstacles to Efficient Public Provision
• Checkpoint 11.2
• 11.3 The Tragedy of The Commons
• Unsustainable Use of a Common Resource
• Inefficient Use of a Common Resource
• Using the Commons Efficiently
• Checkpoint 11.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Past: Is a Lighthouse a Public Good?
• Eye on Your Life: A Student’s Free-Rider Problem and a Market Solution
• Eye on the U.S. Infrastructure: Should America Spend More on Transportation Infrastructure?
• Eye on the Past: The Commons of England’s Middle Ages
• Eye on the Global Economy: The North Atlantic Cod Tragedy of the Commons
• Eye on the Global Economy: ITQs Work
• Chapter 12. Private Information and Healthcare Markets
• Chapter Checklist
• 12.1 The Lemons Problem and Its Solution
• A Market for Used Cars with a Lemons Problem
• A Used-Car Market with Dealers’ Warranties
• Checkpoint 12.1
• 12.2 Information Problems in Insurance Markets
• Insurance Markets
• Asymmetric Information in Insurance
• Screening in Insurance Markets
• Separating Equilibrium with Screening
• Checkpoint 12.2
• 12.3 The Economics of Healthcare
• Healthcare Market Failure
• Alternative Public Choice Solutions
• A Reform Idea?
• Checkpoint 12.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Market For Used Cars: How Do You Avoid Buying a Lemon?
• Eye on the U.S. Economy: Insurance in the United States
• Eye on the U.S. Economy: Healthcare in the United States: A Snapshot
• Eye on the Global Economy: Healthcare Expenditures and Health Outcomes
• Eye on Your Life: Signaling Your Ability
• Part 5: A Closer Look At Decision Makers
• Chapter 13. Consumer Choice and Demand
• Chapter Checklist
• 13.1 Consumption Possibilities
• The Budget Line
• A Change in the Budget
• Changes in Prices
• Prices and the Slope of the Budget Line
• Checkpoint 13.1
• 13.2 Marginal Utility Theory
• Total Utility
• Marginal Utility
• Graphing Tina’s Utility Schedules
• Maximizing Total Utility
• Finding an Individual Demand Curve
• Checkpoint 13.2
• 13.3 Efficiency, Price, and Value
• Consumer Efficiency
• The Paradox of Value
• Checkpoint 13.3
• Chapter Summary
• Chapter Checkpoint
• Appendix: Indifference Curves
• An Indifference Curve
• Marginal Rate of Substitution
• Consumer Equilibrium
• Deriving the Demand Curve
• Appendix Checkpoint
• Eye on the U.S. Economy: Relative Prices on the Move
• Eye on the Past: Jeremy Bentham, William Stanley Jevons, and the Birth of Utility
• Eye on Song Downloads And Streaming: How Much Would You Pay for a Song?
• Eye on Your Life: Do You Maximize Your Utility?
• Chapter 14. Production and Cost
• Chapter Checklist
• 14.1 Economic Cost and Profit
• The Firm’s Goal
• Accounting Cost and Profit
• Opportunity Cost
• Economic Profit
• Checkpoint 14.1
• Short Run and Long Run
• 14.2 Short-Run Production
• Total Product
• Marginal Product
• Average Product
• Checkpoint 14.2
• 14.3 Short-Run Cost
• Total Cost
• Marginal Cost
• Average Cost
• Why the Average Total Cost Curve Is U-Shaped
• Cost Curves and Product Curves
• Shifts in the Cost Curves
• Checkpoint 14.3
• 14.4 Long-Run Cost
• Plant Size and Cost
• The Long-Run Average Cost Curve
• Checkpoint 14.4
• Chapter Summary
• Chapter Checkpoint
• Eye on Your Life: Your Average and Marginal Grades
• Eye on Retailers’ Costs: Which Store Has the Lower Costs: Walmart or 7-Eleven?
• Part 6: Prices, Profits, And Industry Performance
• Chapter 15. Perfect Competition
• Chapter Checklist
• Market Types
• Perfect Competition
• Other Market Types
• 15.1 A Firm’s Profit-Maximizing Choices
• Price Taker
• Revenue Concepts
• Profit-Maximizing Output
• Marginal Analysis and the Supply Decision
• Temporary Shutdown Decision
• The Firm’s Short-Run Supply Curve
• Checkpoint 15.1
• 15.2 Output, Price, and Profit in the Short Run
• Market Supply in the Short Run
• Short-Run Equilibrium in Normal Times
• Short-Run Equilibrium in Good Times
• Short-Run Equilibrium in Bad Times
• Checkpoint 15.2
• 15.3 Output, Price, and Profit in the Long Run
• Entry and Exit
• The Effects of Exit
• Change in Demand
• Technological Change
• Is Perfect Competition Efficient?
• Is Perfect Competition Fair?
• Checkpoint 15.3
• Chapter Summary
• Chapter Checkpoint
• Eye on Record Stores: Where Have All the Record Stores Gone?
• Eye on Your Life: The Perfect Competition That You Encounter
• Chapter 16. Monopoly
• Chapter Checklist
• 16.1 Monopoly and How It Arises
• No Close Substitute
• Barrier to Entry
• Monopoly Price-Setting Strategies
• Checkpoint 16.1
• 16.2 Single-Price Monopoly
• Price and Marginal Revenue
• Marginal Revenue and Elasticity
• Output and Price Decision
• Checkpoint 16.2
• 16.3 Monopoly and Competition Compared
• Output and Price
• Is Monopoly Efficient?
• Is Monopoly Fair?
• Rent Seeking
• Checkpoint 16.3
• 16.4 Price Discrimination
• Price Discrimination and Consumer Surplus
• Profiting by Price Discriminating
• Perfect Price Discrimination
• Price Discrimination and Efficiency
• Checkpoint 16.4
• 16.5 Monopoly Regulation
• Efficient Regulation of a Natural Monopoly
• Second-Best Regulation of a Natural Monopoly
• Checkpoint 16.5
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Information-Age Monopolies
• Eye on the U.S. Economy: Airline Price Discrimination
• Eye on Microsoft: Are Microsoft’s Prices Too High?
• Eye on Your Life: Monopoly in Your Everyday Life
• Chapter 17. Monopolistic Competition
• Chapter Checklist
• 17.1 What Is Monopolistic Competition?
• Describing Monopolistic Competition
• Identifying Monopolistic Competition
• Checkpoint 17.1
• 17.2 Output and Price Decisions
• The Firm’s Profit-Maximizing Decision
• Profit Maximizing Might Be Loss Minimizing
• Long Run: Zero Economic Profit
• Monopolistic Competition and Perfect Competition
• Is Monopolistic Competition Efficient?
• Checkpoint 17.2
• 17.3 Innovation and Advertising
• Design and Quality Decision
• Advertising
• The Demand for Advertising
• The Supply of Advertising
• Equilibrium and Efficiency in the Advertising Market
• Checkpoint 17.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Examples of Monopolistic Competition
• Eye on Smartphones: Which Smartphone?
• Eye on Your Life: Some Selling Costs You Pay
• Chapter 18. Oligopoly
• Chapter Checklist
• 18.1 What Is Oligopoly?
• Small Number of Firms
• Barriers to Entry
• Identifying Oligopoly
• Checkpoint 18.1
• 18.2 The Oligopolists’ Dilemma
• Monopoly Outcome
• Perfect Competition Outcome
• Other Possible Cartel Breakdowns
• The Oligopoly Cartel Dilemma
• Checkpoint 18.2
• 18.3 Game Theory
• What Is a Game?
• The Prisoners’ Dilemma
• The Duopolists’ Dilemma
• The Payoff Matrix
• Advertising and Research Games in Oligopoly
• Repeated Games
• Is Oligopoly Efficient?
• Checkpoint 18.3
• 18.4 Antitrust Law
• The Antitrust Laws
• Three Antitrust Policy Debates
• Recent Antitrust Showcase: The United States Versus Microsoft
• Merger Rules
• Checkpoint 18.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Examples of Oligopoly
• Eye on the Global Economy: The OPEC Global Oil Cartel
• Eye on Your Life: A Game You Might Play
• Eye on the Wireless Oligopoly: Is Three Too Few?
• Eye on the U.S. Economy: Wireless Service Merger Decisions
• Part 7: Incomes And Inequality
• Chapter 19. Markets for Factors of Production
• Chapter Checklist
• The Anatomy of Factor Markets
• 19.1 The Demand for a Factor of Production
• Value of Marginal Product
• A Firm’s Demand for Labor
• A Firm’s Demand for Labor Curve
• Changes in the Demand for Labor
• Checkpoint 19.1
• 19.2 Labor Markets
• The Supply of Labor
• Influences on the Supply of Labor
• Competitive Labor Market Equilibrium
• Labor Unions
• Checkpoint 19.2
• 19.3 Capital and Natural Resource Markets
• Capital Markets
• Land Markets
• Nonrenewable Natural Resource Markets
• Checkpoint 19.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Coach: Why Is a Coach Worth $8.3 Million?
• Eye on Your Life: Job Choice and Income Prospects
• Eye on the Global Economy: Oil and Metal Prices
• Chapter 20. Economic Inequality
• Chapter Checklist
• 20.1 Measuring Economic Inequality
• Lorenz Curves
• Inequality over Time
• Poverty
• Economic Mobility
• Checkpoint 20.1
• 20.2 How Economic Inequality Arises
• Human Capital
• Discrimination
• Financial and Physical Capital
• Entrepreneurial Ability
• Personal and Family Characteristics
• Checkpoint 20.2
• 20.3 Income Redistribution
• How Governments Redistribute Income
• The Scale of Income Redistribution
• Why We Redistribute Income
• The Major Welfare Challenge
• Checkpoint 20.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy: Global Inequality
• Eye on Inequality: Who Are the Rich and the Poor?
• Eye on the U.S. Economy: Does Education Pay?
• Eye on the U.S. Economy: Sex and Race Earnings Differences
• Eye on Your Life: What You Pay and Gain Through Redistribution
• Part 8: Monitoring The Macroeconomy
• Chapter 21. GDP: A Measure of Total Production and Income
• Chapter Checklist
• 21.1 GDP, Income, and Expenditure
• GDP Defined
• Circular Flows in the U.S. Economy
• Expenditure Equals Income
• Checkpoint 21.1
• 21.2 Measuring U.S. GDP
• The Expenditure Approach
• The Income Approach
• GDP and Related Measures of Production and Income
• Real GDP and Nominal GDP
• Calculating Real GDP
• Using the Real GDP Numbers
• Checkpoint 21.2
• 21.3 The Uses and Limitations of Real GDP
• The Standard of Living over Time
• Tracking the Course of the Business Cycle
• The Standard of Living Among Countries
• Goods and Services Omitted from GDP
• Other Influences on the Standard of Living
• Checkpoint 21.3
• Chapter Summary
• Chapter Checkpoint
• Appendix: Measuring Real GDP
• The Problem with Base Year Prices
• Value Production in the Prices of Adjacent Years
• Appendix Checkpoint
• Eye on the U.S. Economy: Is a Computer Program an Intermediate Good or a Final Good?
• Eye on Booms And Busts: How Do We Track Economic Booms and Busts?
• Eye on Your Life: Making GDP Personal
• Eye on the Global Economy: Which Country Has the Highest Standard of Living?
• Chapter 22. Jobs and Unemployment
• Chapter Checklist
• 22.1 Labor Market Indicators
• Current Population Survey
• Population Survey Criteria
• Three Labor Market Indicators
• Alternative Measures of Unemployment
• Checkpoint 22.1
• 22.2 Labor Market Trends and Fluctuations
• The Unemployment Rate
• The Participation Rate
• Alternative Measures of Unemployment
• Checkpoint 22.2
• 22.3 Unemployment and Full Employment
• Frictional Unemployment
• Structural Unemployment
• Cyclical Unemployment
• “Natural” Unemployment
• Unemployment and Real GDP
• Checkpoint 22.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: The Current Population Survey
• Eye on the Global Economy: Unemployment and Labor Force Participation
• Eye on the U.S. Economy: How Long Does It Take to Find a Job?
• Eye on Full Employment: Are We at Full Employment?
• Eye on Your Life: Your Labor Market Status and Activity
• Chapter 23. The CPI and the Cost of Living
• Chapter Checklist
• 23.1 The Consumer Price Index
• Reading the CPI Numbers
• Constructing the CPI
• The CPI Market Basket
• The Monthly Price Survey
• Calculating the CPI
• Measuring Inflation and Deflation
• The Price Level, Inflation, and Deflation in the United States
• Checkpoint 23.1
• 23.2 The CPI and Other Price Level Measures
• Sources of Bias in the CPI
• The Magnitude of the Bias
• Two Consequences of the CPI Bias
• Alternative Consumer Price Indexes
• Checkpoint 23.2
• 23.3 Nominal and Real Values
• Dollars and Cents at Different Dates
• Nominal and Real Values in Macroeconomics
• Nominal GDP and Real GDP
• Nominal Wage Rate and Real Wage Rate
• Nominal Interest Rate and Real Interest Rate
• Checkpoint 23.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Past: 700 Years of Inflation and Deflation
• Eye on the U.S. Economy: Measuring and Forecasting Inflation: The Sticky-Price CPI
• Eye on the U.S. Economy: Deflating the GDP Balloon
• Eye on the Past: The Nominal and Real Wage Rates of Presidents of the United States
• Eye on Box Office Hits: Which Movie Really Was the Biggest Box Office Hit?
• Eye on Your Life: A Student’s CPI
• Part 9: The Real Economy
• Chapter 24. Potential GDP and the Natural Unemployment Rate
• Chapter Checklist
• Macroeconomic Approaches and Pathways
• The Three Main Schools of Thought
• Today’s Consensus
• The Road Ahead
• 24.1 Potential GDP
• The Production Function
• The Labor Market
• Checkpoint 24.1
• 24.2 The Natural Unemployment Rate
• Job Search
• Job Rationing
• Checkpoint 24.2
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: The Lucas Wedge and the Okun Gap
• Eye on the Global Economy: Potential GDP in the United States and the European Union
• Eye on Potential GDP: Why Do Americans Earn More and Produce More Than Europeans?
• Eye on the Past: The Natural Unemployment Rate over Seven Decades
• Eye on the Global Economy: Unemployment Benefits and the Natural Unemployment Rate
• Eye on the U.S. Economy: The Federal Minimum Wage
• Eye on Your Life: Natural Unemployment
• Chapter 25. Economic Growth
• Chapter Checklist
• 25.1 The Basics of Economic Growth
• Calculating Growth Rates
• The Magic of Sustained Growth
• Checkpoint 25.1
• 25.2 Labor Productivity Growth
• Labor Productivity
• Saving and Investment in Physical Capital
• Expansion of Human Capital and Discovery of New Technologies
• Combined Influences Bring Labor Productivity Growth
• Checkpoint 25.2
• 25.3 Causes and Effects of Economic Growth
• Old Growth Theory
• New Growth Theory
• Economic Growth and the Distribution of Income
• Checkpoint 25.3
• 25.4 Achieving Faster Growth
• Preconditions for Economic Growth
• Policies to Achieve Faster Growth
• How Much Difference Can Policy Make?
• Checkpoint 25.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the Past: How Fast Has Real GDP per Person Grown?
• Eye on the U.S. Economy: U.S. Growth Is Slowing
• Eye on the U.S. Economy: U.S. Labor Productivity Growth Since 1960
• Eye on the U.S. Economy: The Changing Shares in the Gains from Economic Growth
• Eye on Your Life: How You Influence and Are Influenced by Economic Growth
• Eye on Rich And Poor Nations: Why Are Some Nations Rich and Others Poor?
• Chapter 26. Finance, Saving, and Investment
• Chapter Checklist
• 26.1 Financial Markets and Financial Institutions
• Some Finance Definitions
• Markets for Financial Capital
• Financial Institutions
• Interest Rates and Bond and Stock Prices
• The Economic Benefits of Financial Markets and Institutions
• Checkpoint 26.1
• 26.2 The Loanable Funds Market
• Flows in the Loanable Funds Market
• The Demand for Loanable Funds
• The Supply of Loanable Funds
• Equilibrium in the Loanable Funds Market
• Changes in Demand and Supply
• Checkpoint 26.2
• 26.3 Government in Loanable Funds Market
• A Government Budget Surplus
• A Government Budget Deficit
• Checkpoint 26.3
• Appendix: Present Value
• Comparing Current and Future Dollars
• Compound Interest
• Present Value of a Sequence of Future Sums
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Interest Rate Patterns
• Eye on the U.S. Economy: The Scale of Lending and Borrowing
• Eye on the U.S. Economy: Cryptocurrencies and Blockchain Technology
• Eye on Your Life: Your Participation in the Loanable Funds Market
• Eye on Fintech: What Is Fintech and How Is Technology Changing Financial Markets?
• Part 10: The Money Economy
• Chapter 27. The Monetary System
• Chapter Checklist
• 27.1 What Is Money?
• Definition of Money
• The Functions of Money
• Money Today
• Official Measures of Money: M1 and M2
• Checks, Credit Cards, Debit Cards, and Mobile Wallets
• An Embryonic New Money: E-Cash
• Checkpoint 27.1
• 27.2 The Banking System
• Commercial Banks
• Thrift Institutions
• Money Market Funds
• Checkpoint 27.2
• 27.3 The Federal Reserve System
• The Structure of the Federal Reserve
• The Fed’s Policy Tools
• How the Fed’s Policy Tools Work
• Checkpoint 27.3
• 27.4 Regulating the Quantity of Money
• Creating Deposits by Making Loans
• How Open Market Operations Change the Monetary Base
• The Multiplier Effect of an Open Market Operation
• The Money Multiplier
• Checkpoint 27.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the Past: The “Invention” of Banking
• Eye on the U.S. Economy: Commercial Banks Under Stress in the Financial Crisis
• Eye on Your Life: Money and Your Role in Its Creation
• Eye on Creating Money: How Does the Fed Create Money and Regulate Its Quantity?
• Chapter 28. Money, Interest, and Inflation
• Chapter Checklist
• Where We Are and Where We’re Heading
• The Real Economy
• The Money Economy
• Real and Money Interactions and Policy
• 28.1 Money and the Interest Rate
• The Demand for Money
• Changes in the Demand for Money
• The Supply of Money
• The Nominal Interest Rate
• Changing the Interest Rate
• Checkpoint 28.1
• 28.2 Money, the Price Level, and Inflation
• The Money Market in the Long Run
• A Change in the Quantity of Money
• The Price Level in a Baby-Sitting Club
• The Quantity Theory of Money
• Inflation and the Quantity Theory of Money
• Hyperinflation
• Checkpoint 28.2
• 28.3 The Cost of Inflation
• Tax Costs
• Shoe-Leather Costs
• Confusion Costs
• Uncertainty Costs
• How Big Is the Cost of Inflation?
• Checkpoint 28.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: Credit Cards and Money
• Eye on Your Life: Money Holding and Fed Watching
• Eye on Inflation: What Causes Inflation?
• Eye on the Past: Hyperinflation in Germany in the 1920s
• Part 11: Economic Fluctuations
• Chapter 29. Aggregate Supply and Aggregate Demand
• Chapter Checklist
• 29.1 Aggregate Supply
• Aggregate Supply Basics
• Changes in Aggregate Supply
• Checkpoint 29.1
• 29.2 Aggregate Demand
• Aggregate Demand Basics
• Changes in Aggregate Demand
• The Aggregate Demand Multiplier
• Checkpoint 29.2
• 29.3 Explaining Economic Trends and Fluctuations
• Macroeconomic Equilibrium
• Three Types of Macroeconomic Equilibrium
• Economic Growth and Inflation Trends
• The Business Cycle
• Inflation Cycles
• Deflation and the Great Depression
• Checkpoint 29.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: U.S. Economic Growth, Inflation, and the Business Cycle
• Eye on Your Life: Using the AS-AD Model
• Eye on Recession: What Causes a Recession?
• Chapter 30. Aggregate Expenditure Multiplier
• Chapter Checklist
• 30.1 Expenditure Plans and Real GDP
• The Consumption Function
• Imports and Real GDP
• Checkpoint 30.1
• 30.2 Equilibrium Expenditure
• Induced Expenditure and Autonomous Expenditure
• Aggregate Planned Expenditure and Real GDP
• Equilibrium Expenditure
• Convergence to Equilibrium
• Checkpoint 30.2
• 30.3 Expenditure Multipliers
• The Basic Idea of the Multiplier
• The Size of the Multiplier
• The Multiplier and the MPC
• The Multiplier, Imports, and Income Taxes
• Business-Cycle Turning Points
• Checkpoint 30.3
• 30.4 The AD Curve and Equilibrium Expenditure
• Deriving the AD Curve from Equilibrium Expenditure
• Checkpoint 30.4
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: The U.S. Consumption Function
• Eye on the Past: Say’s Law and Keynes’ Principle of Effective Demand
• Eye on Your Life: Looking for Multipliers
• Eye on the Multiplier: How Big Is the Government Expenditure Multiplier?
• Chapter 31. The Short-Run Policy Tradeoff
• Chapter Checklist
• 31.1 The Short-Run Phillips Curve
• Aggregate Supply and the Short-Run Phillips Curve
• Aggregate Demand Fluctuations
• Why Bother with the Phillips Curve?
• Checkpoint 31.1
• 31.2 Short-Run and Long-Run Phillips Curves
• The Long-Run Phillips Curve
• Expected Inflation
• The Natural Rate Hypothesis
• Changes in the Natural Unemployment Rate
• Have Changes in the Natural Unemployment Rate Changed the Tradeoff?
• Checkpoint 31.2
• 31.3 Influencing Inflation and Unemployment
• Influencing the Expected Inflation Rate
• Targeting the Unemployment Rate
• Checkpoint 31.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy: Inflation and Unemployment
• Eye on the Past: The U.S. Phillips Curve
• Eye on the Past: A Live Test of the Natural Rate Hypothesis
• Eye on the Tradeoff: Can We Have Low Unemployment and Low Inflation?
• Eye on Your Life: The Short-Run Tradeoff in Your Life
• Part 12: Macroeconomic Policy
• Chapter 32. Fiscal Policy
• Chapter Checklist
• 32.1 The Federal Budget
• The Institutions and Laws
• Budget Balance and Debt
• The Federal Budget in Fiscal 2020
• A Fiscal Policy Challenge
• Generational Accounting
• Checkpoint 32.1
• 32.2 Fiscal Stimulus
• Fiscal Policy and Aggregate Demand
• Automatic Fiscal Policy
• Cyclical and Structural Budget Balances
• Discretionary Fiscal Policy
• A Successful Fiscal Stimulus
• Limitations of Discretionary Fiscal Policy
• Checkpoint 32.2
• 32.3 The Supply Side: Potential GDP and Growth
• Full Employment and Potential GDP
• Fiscal Policy, Employment, and Potential GDP
• Fiscal Policy and Potential GDP: A Graphical Analysis
• Taxes, Deficits, and Economic Growth
• The Supply-Side Debate
• Long-Run Fiscal Policy Effects
• Checkpoint 32.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the Global Economy: The U.S. Budget in Global Perspective
• Eye on the Past: Federal Tax Revenues, Outlays, Deficits, and Debt
• Eye on the U.S. Economy Fiscal and Generational Imbalances
• Eye on the U.S. Economy: The U.S. Structural and Cyclical Budget Balances
• Eye on Fiscal Stimulus: Can Fiscal Stimulus End a Recession?
• Eye on the Global Economy: Some Real-World Tax Wedges
• Eye on Your Life Your Views on Fiscal Policy and How Fiscal Policy Affects You
• Chapter 33. Monetary Policy
• Chapter Checklist
• 33.1 How the Fed Conducts Monetary Policy
• Monetary Policy Objectives
• Operational “Maximum Employment” Goal
• Operational “Stable Prices” Goal
• Responsibility for Monetary Policy
• Policy Instrument
• Hitting the Federal Funds Rate Target
• Restoring Financial Stability in a Financial Crisis
• Checkpoint 33.1
• 33.2 Monetary Policy Transmission
• Quick Overview
• Interest Rate Changes
• Exchange Rate Changes
• Money and Bank Loans
• The Long-Term Real Interest Rate
• Expenditure Plans
• The Fed Fights Recession
• The Fed Fights Inflation
• Loose Links and Long and Variable Lags
• A Final Reality Check
• Checkpoint 33.2
• 33.3 Alternative Monetary Policy Strategies
• An Interest Rate Rule
• A Monetary Base Rule
• Inflation Targeting
• Money Targeting Rule
• Checkpoint 33.3
• Chapter Summary
• Chapter Checkpoint
• Eye on the FED In A Crisis: Did the Fed Save Us from Another Great Depression?
• Eye on the U.S. Economy: The Fed’s Decisions Versus Two Rules
• Eye on the Global Economy: Inflation Targeting Around the World
• Eye on Your Life: Your Views on Monetary Policy and How Monetary Policy Affects You
• Chapter 34. International Finance
• Chapter Checklist
• 34.1 Financing International Trade
• Balance of Payments Accounts
• Borrowers and Lenders, Debtors and Creditors
• Current Account Balance
• Checkpoint 34.1
• 34.2 The Exchange Rate
• Demand in the Foreign Exchange Market
• The Law of Demand for Foreign Exchange
• Changes in the Demand for Dollars
• Supply in the Foreign Exchange Market
• The Law of Supply of Foreign Exchange
• Changes in the Supply of Dollars
• Market Equilibrium
• Exchange Rate Expectations
• Monetary Policy and the Exchange Rate
• Pegging the Exchange Rate
• The People’s Bank of China in the Foreign Exchange Market
• Checkpoint 34.2
• Chapter Summary
• Chapter Checkpoint
• Eye on the U.S. Economy: The U.S. Balance of Payments
• Eye on the Global Economy: Current Account Balances Around the World
• Eye on the Dollar: Why Does Our Dollar Fluctuate?
• Eye on the Global Economy: Purchasing Power Parity
• Eye on the Global Economy: The Managed Yuan
• Eye on Your Life: Your Foreign Exchange Transactions
• Glossary
• Index
• Credits